IRIS Accounts Production v25.2.0.378 14353824 Board of Directors 16.12.24 31.12.24 31.12.24 Medium entities 0 0 true true false true true false false true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 0 0 Ordinary 0.01 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 14353824 2024-12-15 14353824 2024-12-31 14353824 2024-12-16 2024-12-31 14353824 2023-12-31 14353824 2024-01-01 2024-12-15 14353824 2024-12-15 14353824 ns15:EnglandWales 2024-12-16 2024-12-31 14353824 ns14:PoundSterling 2024-12-16 2024-12-31 14353824 ns10:Director1 2024-12-16 2024-12-31 14353824 ns10:PrivateLimitedCompanyLtd 2024-12-16 2024-12-31 14353824 ns10:MediumEntities 2024-12-16 2024-12-31 14353824 ns10:Audited 2024-12-16 2024-12-31 14353824 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-16 2024-12-31 14353824 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-12-16 2024-12-31 14353824 ns10:FullAccounts 2024-12-16 2024-12-31 14353824 ns10:OrdinaryShareClass1 2024-12-16 2024-12-31 14353824 ns10:Director3 2024-12-16 2024-12-31 14353824 ns10:RegisteredOffice 2024-12-16 2024-12-31 14353824 ns10:Director2 2024-12-16 2024-12-31 14353824 ns5:CurrentFinancialInstruments 2024-12-31 14353824 ns5:CurrentFinancialInstruments 2024-12-15 14353824 ns5:ShareCapital 2024-12-31 14353824 ns5:ShareCapital 2024-12-15 14353824 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 14353824 ns5:RetainedEarningsAccumulatedLosses 2024-12-15 14353824 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-15 14353824 ns5:RetainedEarningsAccumulatedLosses 2024-12-16 2024-12-31 14353824 1 2024-12-16 2024-12-31 14353824 ns5:Subsidiary1 2024-12-16 2024-12-31 14353824 1 ns5:Subsidiary1 2024-12-16 2024-12-31 14353824 ns5:Subsidiary1 2024-12-31 14353824 ns5:Subsidiary1 2024-12-15 14353824 ns5:Subsidiary1 2024-01-01 2024-12-15 14353824 ns5:Subsidiary2 2024-12-16 2024-12-31 14353824 ns5:Subsidiary2 3 2024-12-16 2024-12-31 14353824 ns5:Subsidiary2 2024-12-31 14353824 ns5:Subsidiary2 2024-12-15 14353824 ns5:Subsidiary2 2024-01-01 2024-12-15 14353824 ns10:OrdinaryShareClass1 2024-12-31 14353824 ns5:RetainedEarningsAccumulatedLosses 2024-12-15

REGISTERED NUMBER: 14353824 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

16 DECEMBER 2024 TO 31 DECEMBER 2024

FOR

POWERSAVING (HOLDINGS) LIMITED

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the period 16 December 2024 to 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 8 |

| Balance Sheet | 9 |

| Statement of Changes in Equity | 10 |

| Notes to the Financial Statements | 11 |

| POWERSAVING (HOLDINGS) LIMITED |

COMPANY INFORMATION

for the period 16 December 2024 to 31 December 2024

| DIRECTORS: | A Richardson

| T Cummins

| REGISTERED OFFICE: | Units 1 - 7 Dukeries Court

| Medenside

| Meden Vale

| Mansfield

| Nottinghamshire

| NG20 9QU

| REGISTERED NUMBER: | 14353824 (England and Wales)

| AUDITORS: | Magma Audit LLP

| 16 Davy Court

| Castle Mound Way

| Rugby, CV23 0UZ

| Magma Audit LLP is part

| Of the Dains Group

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

STRATEGIC REPORT

for the period 16 December 2024 to 31 December 2024

The directors present their strategic report for the period 16 December 2024 to 31 December 2024.

PRINCIPAL ACTIVITIES

Powersaving (Holdings) Limited is the holding company of PR Powersaving Solutions Limited and AR Powersaving Solutions Limited. Its primary activity is to hold investments in subsidiary undertakings engaged in manufacture, hire, and sale of battery energy storage systems ("BESS"). The company also provides strategic oversight, financing, and governance support to its subsidiaries.

REVIEW OF BUSINESS

On 16 December 2024, Lloyds Development Capital Plc acquired a minority interest in the Company's ultimate parent, Project Volta Topco Ltd. This investment will enable increased funding for product development and expansion of the hire fleet.

During the period to 31 December 2024, the company generated turnover of £0 (Period to 15 December 2024: £0), and a loss before tax of £8k (Period to 15 December 2024: £5k). Net liabilities at 31 December 2024 were £13k (Period to 15 December 2024: £5k).

The group, of which the company is part of, continues to be instrumental in the growing use of battery energy storage within the plant hire and construction industry, securing a significant number of new customers and continuing to enhance the design and performance of its BESS fleet, including the launch of our new High Voltage units The Directors are confident that this group is well positioned to deliver further growth in turnover and profitability in 2025 despite the current uncertain economic environment which is creating some short term headwinds for the construction sector.

KEY PERFORMANCE INDICATORS

The Company monitors performance through several key measures, most notably:

| 31/12/2024 |  |  | 15/12/2024 |

| £'000 |  |  | £'000 |

Net liabilities |  |  | (13) |  |  | (5) |

Profit before tax |  |  | (8) |  |  | (5) |

PRINCIPAL RISKS AND UNCERTAINTIES

Business Risk

The key risks facing the Company and the Group relate to general economic conditions and competitive pressures. While the industry currently has a limited number of competitors able to manufacture, sell, and hire BESS products, the competitive landscape is expanding. The Directors monitor market conditions closely and believe the Company and its Group holds a strong position through its established brand, Hussh Pod, which is widely recognised within the sector.

Financial Instruments and Financial Risk

The Company and the wider Group's principal financial instruments comprise cash balances, trade creditors, shareholder funding, and hire purchase arrangements, used primarily to finance ongoing operations.

Liquidity risk is managed by maintaining a prudent balance between working capital elements, regularly monitored by the Directors.

Foreign exchange risk arises from some purchases in foreign currencies. This is managed through forward purchasing arrangements. The maj ority of the company's and its wider group operations are conducted in sterling.

Competitive Risk

Increasing numbers of new entrants could drive pricing pressure and margin compression. The Company and the wider Group mitigates this risk by maintaining strong customer relationships, continuing to invest in product development, and leveraging the Hussh Pod brand's market recognition.

Regulatory Risk

The Company and the wider Group operates within a regulatory environment covering health and safety, employment, and operational compliance. Significant investment has been made in support networks to ensure compliance. The Directors place strong emphasis on fostering a culture of responsibility, supported by clear policies and communication across the workforce.

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

STRATEGIC REPORT

for the period 16 December 2024 to 31 December 2024

ECONOMIC RISK

The market for BESS is expanding rapidly as customers increasingly recognise the economic and environmental benefits. However, global supply chain dependencies, particularly on China, pose risks relating to availability and cost of components. Tariff developments in the US and currency fluctuations also influence procurement costs. The Directors monitor these risks closely and believe the Company and the wider Group's strong supplier relationships, combined with the relative strength of sterling against the US dollar, provide a resilient position.

Credit Risk

The Company and the Wider Group has no significant concentration of credit risk, with exposure spread across a wide customer base. Customer creditworthiness is reviewed regularly, with limits set and monitored to manage exposure.

Future Developments

The Company and the wider Group is proud of its Hussh Pod brand, which has become well established in the market. With continued reinvestment of profits, the support of recent investors, and a strong focus on research and development. Future growth is anticipated from the development of new products and diversification into new sectors, building on the brand's reputation for innovation and reliability.

Sustainability remains at the core of the Company and the wider Group's strategy. By enabling customers to replace traditional diesel generators with clean, silent battery alternatives, the Hussh Pod directly supports carbon reduction, improved air quality, and compliance with tightening environmental regulations. The Company and the wider Group is also committed to embedding ESG principles in its operations, including responsible sourcing of components, extending product lifecycles through refurbishment and redeployment of hire fleet units, and fostering a culture of health, safety, and employee wellbeing.

ON BEHALF OF THE BOARD:

A Richardson - Director

3 December 2025

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

REPORT OF THE DIRECTORS

for the period 16 December 2024 to 31 December 2024

The directors present their report with the financial statements of the company for the period 16 December 2024 to 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of of a holding company.

DIVIDENDS

No dividends will be distributed for the period ended 31 December 2024 (15 December 2024: No dividends).

FUTURE DEVELOPMENTS

The Company and the wider Group is proud of its Hussh Pod brand, which has become well established in the market. With continued reinvestment of profits, the support of recent investors, and a strong focus on research and development, the Company and its wider Group expects to expand its product portfolio further. Future growth is anticipated from the development of new products and diversification into new sectors, building on the brand's reputation for innovation and reliability.

Sustainability remains at the core of the Company and the wider Group's strategy. By enabling customers to replace traditional diesel generators with clean, silent battery alternatives, the Hussh Pod directly supports carbon reduction, improved air quality, and compliance with tightening environmental regulations. The Company and the wider Group is also committed to embedding ESG principles in its operations, including responsible sourcing of components, extending product lifecycles through refurbishment and redeployment of hire fleet units, and fostering a culture of health, safety, and employee wellbeing.

DIRECTORS

A Richardson has held office during the whole of the period from 16 December 2024 to the date of this report.

Other changes in directors holding office are as follows:

G H Maxwell - appointed 16 December 2024

T Cummins - appointed 16 December 2024

G H Maxwell ceased to be a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The principal financial instruments of the company comprise VAT receivable, trade creditors, Accruals. The main purpose of these instruments is to raise funds for the company's operations and to finance its continuing operations. Liquidity risk is managed by the use of selective use and active management of credit insurance along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

REPORT OF THE DIRECTORS

for the period 16 December 2024 to 31 December 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Magma Audit LLP, were appointed on 8 May 2025 and will be proposed for re-appointment at the forthcoming Annual General Meeting.

Magma Audit LLP has expressed its willingness to remain in office as auditors

ON BEHALF OF THE BOARD:

A Richardson - Director

3 December 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

POWERSAVING (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of Powersaving (Holdings) Limited (the 'company') for the period ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the period then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

POWERSAVING (HOLDINGS) LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, health and safety regulations and employment law. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- |  | Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation, and fraud; |

- |  | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, or with unusual descriptions; |

- |  | Challenging assumptions made by management in their significant accounting estimates, in particular the carrying value of investments. |

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address

There was no audit of the financial statements in the prior period. The comparatives are therefore unaudited.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

3 December 2025

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

STATEMENT OF COMPREHENSIVE

INCOME

for the period 16 December 2024 to 31 December 2024

| Period |  | Period

| 16/12/24 |  | 1/1/24

| to |  | to

| 31/12/24 |  | 15/12/24

| (Unaudited)

| Notes | £'000 | £'000 |

TURNOVER | - |  | - |  |

Administrative expenses | (8 | ) | (5 | ) |

OPERATING LOSS and |

LOSS BEFORE TAXATION | (8 | ) | (5 | ) |

Tax on loss | 5 | - |  | - |  |

LOSS FOR THE FINANCIAL PERIOD | (8 | ) | (5 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | (8 | ) | (5 | ) |

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

BALANCE SHEET

31 December 2024

| 2024 |  | 2024

| (Unaudited)

| Notes | £'000 | £'000 |

FIXED ASSETS

Investments | 6 | - |  | - |  |

CURRENT ASSETS

Debtors | 7 | 1 |  | 1 |  |

CREDITORS

Amounts falling due within one year | 8 | (14 | ) | (6 | ) |

NET CURRENT LIABILITIES | (13 | ) | (5 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (13 | ) | (5 | ) |

CAPITAL AND RESERVES

Called up share capital | 9 | - |  | - |  |

Retained earnings | 10 | (13 | ) | (5 | ) |

SHAREHOLDERS' FUNDS | (13 | ) | (5 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

A Richardson - Director

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

STATEMENT OF CHANGES IN EQUITY

for the period 16 December 2024 to 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£'000 | £'000 | £'000 |

Changes in equity

Total comprehensive income | - |  | (5 | ) | (5 | ) |

Balance at 15 December 2024 | - |  | (5 | ) | (5 | ) |

Changes in equity

Total comprehensive income | - |  | (8 | ) | (8 | ) |

Balance at 31 December 2024 | - |  | (13 | ) | (13 | ) |

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

NOTES TO THE FINANCIAL STATEMENTS

for the period 16 December 2024 to 31 December 2024

1. | STATUTORY INFORMATION

| Powersaving (Holdings) Limited is a limited company, registered in England and Wales. Its registered office address is Units 1 To 7 Dukeries Court, Medenside, Meden Vale, Mansfield, Nottinghamshire, England, NG20 9QU and the registered number is 14353824.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

| The company is a wholly owned subsidiary of Project Volta Bidco Limited and the results of the company will be included in the consolidated financial statements of Project Volta Topco Limited, the ultimate parent company, which will be available from its registered office, Unit 1-7 Dukeries Court, Medenside, Meden Vale, Nottinghamshire, NG20 9QU.

| These financial statements represent a 16 day accounting period to 31 December 2024 compared to an 11 months and 15 day accounting period to 15 December 2024 in the prior period. As such the comparative figures are not comparable.

| Going concern

| At 31 December 2024 the company had net current liabilities of £13k (15 December 2024: £5k) and net liabilities of £13k (15 December 2024: £5k). For the period ended 31 December 2024 the company made a loss before tax of £8k (15 December 2024: £5k).

| The directors have prepared the financial statements on a going concern basis based upon continued financial support from PR Powersaving Solutions Limited, the immediate subsidiary of the company. PR Powersaving Solutions Limited is considered to have sufficient resources to support the company.

| On this basis the directors are confident that the company can continue as a going concern.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirement of paragraph 33.7.

| Preparation of consolidated financial statements

| The financial statements contain information about Powersaving (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its ultimate parent, Project Volta Topco Limited, Unit 1-7 Dukeries Court, Medenside, Meden Vale, Nottinghamshire, NG20 9QU.

| Critical accounting judgements and key sources of estimation uncertainty

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

| (i) Carrying value of investments

| The investment is held at cost and when assessing annually for impairment management consider factors including but not limited to the cash flows expected to arise from the investments.

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 16 December 2024 to 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other receivables, cash and bank balances and investments are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans, other loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Taxation

| The tax expense for the year comprises current and deferred tax.

| Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Investments

| Investment in the subsidiary company is held at cost less accumulated impairment losses.

3. | EMPLOYEES AND DIRECTORS

| There were no staff costs for the period ended 31 December 2024 nor for the period ended 15 December 2024.

| The average number of employees during the period was NIL (2024 - NIL).

| Period |  | Period

| 16/12/24 |  | 1/1/24

| to |  | to

| 31/12/24 |  | 15/12/24

| (Unaudited)

£ | £ |

| Directors' remuneration | - |  | - |  |

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 16 December 2024 to 31 December 2024

4. | OPERATING LOSS

| The operating loss is stated after charging:

| Period |  | Period

| 16/12/24 |  | 1/1/24

| to |  | to

| 31/12/24 |  | 15/12/24

| (Unaudited)

£'000 | £'000 |

| Auditors' remuneration | 6 |  | - |  |

| Auditors' remuneration for non audit work | 1 |  | - |  |

5. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the period ended 31 December 2024 nor for the period ended 15 December 2024.

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| Period |  | Period

| 16/12/24 |  | 1/1/24

| to |  | to

| 31/12/24 |  | 15/12/24

| (Unaudited)

£'000 | £'000 |

| Loss before tax | (8 | ) | (5 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (2 | ) | (1 | ) |

| Effects of:

| Group relief | 2 |  | - |  |

| Losses not utilised | - |  | 1 |  |

| Total tax charge | - |  | - |  |

6. | FIXED ASSET INVESTMENTS

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| PR Powersaving Solutions Limited

| Registered office: Unit 1-7 Dukeries Court, Medenside, Meden Vale, Nottinghamshire, NG20 9QU

| Nature of business: Design, manufacture, hire and sale of battery units

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2024 |

£'000 | £'000 |

| Aggregate capital and reserves | 7,709 |  | 6,005 |  |

| Profit for the period | 2,008 |  | 2,534 |  |

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 16 December 2024 to 31 December 2024

6. | FIXED ASSET INVESTMENTS - continued

| AR Powersaving Solutions Ireland Limited

| Registered office: Ground Floor 71 Baggot Street Lower, Dublin 2 Dublin, D02 P593 Ireland

| Nature of business: Design,manufacture,hire and sale of battery units

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2024 | 2024 |

£'000 | £'000 |

| Aggregate capital and reserves | (10 | ) | (10 | ) |

| Loss for the period | - |  | (10 | ) |

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

2024 | 2024 |

| (Unaudited)

£'000 | £'000 |

| VAT receivable | 1 |  | 1 |  |

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

2024 | 2024 |

| (Unaudited)

£'000 | £'000 |

| Trade creditors | 6 |  | 6 |  |

| Accruals and deferred income | 8 |  | - |  |

14 |  | 6 |  |

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2024 |

| value: | £ | £ |

| 10,100,000 | Ordinary | £0.00001 | 101 |  | 101 |  |

10. | RESERVES

| Retained

| earnings

£'000 |

| At 16 December 2024 | (5 | ) |

| Deficit for the period | (8 | ) |

| At 31 December 2024 | (13 | ) |

POWERSAVING (HOLDINGS) LIMITED (REGISTERED NUMBER: 14353824) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 16 December 2024 to 31 December 2024

11. | ULTIMATE PARENT COMPANY, IMMEDIATE PARENT COMPANY AND CONTROLLING PARTY

| As at 31 December 2024, Project Vale Bidco Limited, a company incorporated and registered in England and Wales, was the immediate parent undertaking.

| As at 31 December 2024, Project Volta Topco Limited, a company incorporated and registered in England and Wales, was the ultimate parent undertaking.

| The registered address of the immediate and ultimate parent undertaking is Units 1 - 7 Dukeries Court, Medenside, Meden Vale, Mansfield, Nottinghamshire, United Kingdom, NG20 9QU.

| The largest group and smallest group in which the results of the Company are consolidated is that headed by Project Volta Topco Limited.

| There is no utlimate controlling party as no one party has control by either voting rights or shareholding.

12. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.