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

The directors are pleased to report that the period to March 2025 was a year of continuing operational growth and profitability.

With a robust 5-year plan, the directors have built additional capacity and resilience during the year to further strengthen the company’s position as the number 1 partner of choice in UK renewable energy. The comprehensive services cover all a client may need from their renewable partner, either as a single service, multi-service choice or complete end to end bespoke partner package and comprise:

• consultancy;

• design and development;

• asset build;

• post-installation aftercare, annual visits and remediation;

• asset management, reporting and optimisation; and

• specialist support over the lifetime (remove and refit, repowering, new technology integrations).

The directors are committed to a holistic end-to-end approach, investing in the best young talent, streamlining systems and processes, and creating new infrastructure. Collectively this further enhances the products and services that can be offered and reliably delivered to keep EvoEnergy as the UK renewable energy partner of choice.

To support this plan, in addition to the strength of the balance sheet of EvoEnergy, the presence of a supportive ultimate holding company Brackley Holdings Limited makes the company one of the strongest in an industry that is dominated by financially weak businesses. This underpins the ability of the company to be there for the whole life of the renewable energy assets and bring the latest and emerging technologies to our clients.

Current projects are performing with positive returns and acceptable cash margins. The business has a good level of secured work going ahead in 2025-26 and an extensive qualified pipeline of competent and innovative project opportunities.

Principal risks and uncertainties

There remain a number of key risks which the Business must remain mindful of and structure its approach to manage. These include:

Market risk

The Board has a portfolio approach of diversification into numerous, associated technologies and services to provide a one-stop-shop to our clients’ individual and bespoke needs. This reduces our overall business risk. The market dynamics are closely watched and the Board responds to utlise opportunities and technologies as they arise.

People risk

EvoEnergy employs leading experts in the industry to deliver innovative, timely and quality project solutions to clients to advance their renewable energy aspirations. We are at our core a family orientated business and our family-centric company values are at the heart of what we do. We are proud to have industry leading retention and this team have been collectively leaders in the development of the UK renewable energy market.

With this tremendous foundation, the Board continues to be strong advocates of development of our teams from within, supported by recruitment and development of young talent and nurturing our long-term experienced employees. We are proud of the diversity in age and gender that we have achieved and continue to promote. In a male-dominated industry, women represent a third of our team and we continue to invest in widening our people reach with apprentices, university paid internships and other paid student experience opportunities. This emphasis reduces our people risk and enhances our capability within our market.

Financial Risk Management

The company produces detailed monthly management accounts to monitor the performance of the company and to enable the directors to have visibility of performance.

The company uses various financial instruments including cash, trade debtors, intergroup loans and trade creditors that arise directly from the company's operations. The existence of these financial instruments expose the company to a number of financial risks, including liquidity risk, interest rate risk, credit risk and foreign currency risk which are managed as described below:

Liquidity risk – The company seeks to manage the liquidity risk by ensuring that there is sufficient liquidity available to meet foreseeable needs and to invest its cash assets safely.

Interest rate risk – The company finances its operations through a mixture of retained profits and cash balances. Cash is managed to maximise income from interest while avoiding inherent risks.

Credit risk – The company's principal financial assets are cash, stock and trade debtors, the latter of which are prone to credit risk. Directors manage this through setting credit limits based on a combination of trading history and third-party credit agencies. The directors also have trading terms aligned to the work undertaken and liabilities committed to individual projects.

Foreign currency risk – The company buys major components from overseas and has principally a EURO currency risk. The directors monitor and proactively manage this risk through hedging when contracts are secured

The company measures its financial performance for the year using the following measures:

• Operating profit as a percentage of turnover represents 2.8% (2024: 3.5%).

• Staff costs as percentage of turnover represents 17.9% (2024: 16.1%).

The company experienced no environmental or health and safety prosecutions (2024: None).

Environmental, social and governance

EvoEnergy recognises its place as part of the community. To ensure its contribution to society our staff are provided full pay days to engage in charity volunteer days, and we ensure that all staff have opportunities to develop in structured career path with readily available company funding for training and qualifications. The company has policies that raise awareness of modern slavery, ethical trading and human rights.

The company has close and long-standing relationships with its suppliers to guarantee superior service levels, product quality and availability, cost competitiveness, and timely deliveries.

We aim to exceed our customers’ expectations through our innovation of their bespoke renewable energy solutions, and to be the long-term asset manager supporting their purpose-built solution through the asset’s two to three decade lifetime.

EvoEnergy is an important job contributor to both directly employed staff, and our trusted, long-term subcontract partners across the UK. We challenge ourselves to reduce our operational environmental impact and we make a huge contribution via our client’s renewable energy solutions.

We are delighted to have received Carbon Neutrality ISO 14068-1:2023 company certification for the period ending March 2025. This certification recognises our rigorous approach to measuring and reporting our carbon footprint. Our latest assessment has measured our carbon emissions (Scope 1 & 2) at 117.33 metric tons of CO₂e, providing a clear benchmark for our direct and energy-related emissions.

This year, we extended our greenhouse gas (GHG) emissions reporting to include a more comprehensive assessment of our Scope 3 emissions, with a particular focus on emissions associated with purchased goods and services. Through this analysis, our Scope 3 emissions were calculated at 6,665 tCO₂e, representing an increase compared to the previous reporting period. This rise is largely due to the expanded scope and by capturing a wider range of procurement data, we have developed a more complete and transparent understanding of our supply chain.

To offset our GHG emissions, we have neutralised our scope 1 and scope 2 emissions, amounting to 117.33 tCO₂e. To achieve this, we have chosen to support the CO2OL Tropical Mix project (Gold Standard), which undertakes the reforestation of degraded pastureland in Panama. We are proud to support carbon reduction projects, however we know offsetting can only go so far. We are very aware that we need to practice what we preach, reducing our corporate emissions and ensuring that we remain at the forefront of combating climate change through our leading renewable energy solutions.

Our Social Value Quality Mark (SVQM) accreditation is a beacon of distinction for values-led businesses. A symbol to others that our organisation stands for the highest ethical, sustainable and community-focused standards. By acquiring the accreditation, we are contributing to equality and social change.

Employee engagement

The directors ensure that all employees are aware of the objectives and results of the company through monthly presentations and day-to-day conversations.

The directors have focused on providing a modern and positive work environment for all employees, and opportunities for all to grow and achieve their individual potential.

Since COVID-19 the business has moved to a flexible basis with use of technology to allow home / collaborative working.

The directors benchmark with comparable employers and believe the company is a fair employer and rewards its staff appropriately. The company is also proud to support its staff as a Real Living Wage employer.

Health and safety

EvoEnergy pride itself on an excellent Health and Safety record allied to staff workforce and well-being. We are transparent with our clients and employ third-party advisors to inspect and report on all our sites and to promote industry best practice. The Board review health, safety and wellbeing weekly and have a comprehensive package of wellbeing support in place.

Future Developments

The directors anticipate the business environment will remain supportive whilst competitive, and they believe the company is in a good financial position to respond to any changes in market conditions.

The company will continue to look for further opportunities for growth in all areas of the business.

The Board continue to adopt a selective approach to tendering and incoming enquiries, selecting those to which its market leading skills base is best suited, and where terms and conditions do not impose unacceptable levels of construction or financing risk. All contracts are reviewed and negotiated in detail before a “Deal / No Deal” decision is made.

We will continue to operate across the UK and focus on service to our clients.

We are proud of our hard-earned reputation for innovation, quality and the meticulous efforts of our teams. This allows us to consistently deliver excellent products and solutions with a low level of latent defects and high levels of customer satisfaction.

We endeavour to be the long-term asset manager partner for our existing clients and others who require our maintenance services, to provide a market leading comprehensive after care proposition and to identify opportunities with new emerging technologies.

The directors have reviewed the detailed financial projections, including both profit and loss forecasts as well as cash-flow forecasts and considered all reasonably foreseeable potential scenarios and uncertainties. They have satisfied themselves that the company will continue in operational existence for a period of at least 12 months from the signing of these financial statements, and have therefore prepared the financial statements on a going concern basis and that no material uncertainty exists.

On behalf of the board

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

The principal activity of the company continued to be that of the design, supply and installation of solar panels.

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

Ordinary dividends were paid amounting to £1,449,561. The directors do not recommend payment of a final dividend.

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

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

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

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

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.

We have audited the financial statements of EvoEnergy Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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 directors' report.

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

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

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

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

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

As explained more fully in the directors' responsibilities statement, 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.

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.

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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of 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.

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

The notes on pages 13 to 28 form part of these financial statements.

The notes on pages 13 to 28 form part of these financial statements.

The notes on pages 13 to 28 form part of these financial statements.

EvoEnergy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Eldon Business Park, Attenborough, Nottingham, United Kingdom, NG9 6DZ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

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

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

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; and

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

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

EvoEnergy Limited is a wholly-owned subsidiary of Brackley Holdings Limited, the parent company. The financial statements of the company are consolidated in the financial statements of Brackley Holdings Limited and these consolidated financial statements are available from its registered office, 27 Eldon Business Park, Attenborough, Nottingham, England, NG9 6DZ.

The directors have reviewed the detailed financial projections, including both profit and loss forecasts as well as cash-flow forecasts and considered all reasonably foreseeable potential scenarios and uncertainties. They have satisfied themselves that the company will continue in operational existence for a period of at least 12 months from the signing of these financial statements, and have therefore prepared the financial statements on a going concern basis and that no material uncertainty exists.true

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when it and the associated costs can be measured reliably, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. Sales of goods are recognised when goods are delivered, and legal title has passed and the company has no continuing managerial involvement associated with ownership or effective control of the goods sold. This is generally when goods have been checked and accepted by customers on delivery at the specified location.

Sale of installation services

Turnover from contracts for the provision of installation services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is assessed by project managers. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised as recoverable. Turnover relating to retentions and warranties is recognised once it is deemed recoverable.

Energy contract supply agreements and Feed in Tariffs (FIT)

Turnover relating to the energy supplied and generation tariffs is accrued as generated. Management has adopted the policy of recognising FIT turnover, based on the price for the relevant period

Consultancy services

Turnover relating to consultancy services is recognised as the service is provided to the customer.

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:

Tangible fixed assets 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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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

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

At each reporting period 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).

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on a first in first out basis.

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

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The company only has financial instruments that are classified as basic financial instruments.

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

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

Basic financial assets, which include debtors ,cash and bank balances, amounts due from contract customers and amounts due from group undertakings are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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

Financial assets are assessed for indicators of impairment at each reporting end date.

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

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, amounts due to contract customers and amounts due to group are initially recognised at transaction. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

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

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

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

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

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

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

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

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Related parties

The company have taken advantage of the exemption available 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.

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

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

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Turnover in relation to installation contracts is recognised based on the stage of completion of each contract. The stage of completion of each such contract requires an estimation of the proportion of services performed to date as a percentage of the overall contract value.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stocks are valued at the lower of cost and sales price less costs to sell. Sales price less costs to sell include, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, including forecast consumer demand and the promotional, competitive and economic environment in which the company operates. The stock provision included in the financial statements as at 31 March 2025 is £181,050 (2024: £181,115).

When turnover is recognised for the sale of goods or installation services, a provision is made for the estimated cost of any warranty obligation. This provision is measured based on the probability weighting of possible outcomes, taking industry specific knowledge into consideration. At the 31 March 2025, the warranty provision was £1,696,539 (2024: £793,988).

Trade debtors are stated at invoice price less an appropriate estimate for bad and doubtful debts. Calculation of the amount of this provision requires judgement of the directors, based on their assessment of the creditworthiness of each customer. At the 31 March 2025, the bad debt provision was £56,968 (2024: £129,047).

The company determinies whether the amounts receivable from group undertakings require impairment or whether a provision against the amounts is required. Determining whether the amounts receivable are impaired is based on the ability of the group undertakings to generate sufficient cash in the future to enable repayment of the debt. Where expected cash generated is lower than the amounts due to the company, an impairment loss may arise, or a provision may be required to reflect the risk that the full amount is not recoverable.

After reviewing as above, management have concluded that no impairment of amounts due from group undertakings is required as at the balance sheet date.

An analysis of the company's turnover is as follows:

An analysis by geographical market is not included as all sales are made to entities based in the United Kingdom.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

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

Details of the company's subsidiaries at 31 March 2025 are as follows:

The year end provision against finished goods and goods for resale was £181,050 (2024: £181,115).

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

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits.

When turnover is recognised for the sale of goods or installation services, a provision is made for the estimated cost of any warranty obligation. This provision is measured based on the probability weighting of possible outcomes, taking industry specific knowledge into consideration.

A provision has been made for potential dilapidation costs of exiting the building the company rents and operates from at the end of the lease term. Refer to the Operating lease commitment note for commitments in respect of this at the balance sheet date.

Provisions made for onerous contracts relate to anticipated penalties in line with contractual terms which the directors consider may be payable.

The ordinary shares of £1 each rank equally for voting purposes and on a show of hands each member shall have one vote or on a poll each member shall have one vote per share held.

The ordinary shares of £1 each rank equally in respect of dividends declared and for any distribution made on a winding up and are not redeemable.

On 25 March 2025, the company reduced the value of its share capital from £2,449,561 to £1,000,000 by cancelling and extinguishing 1,449,561 of the ordinary shares of £1 each. Therefore, £1,449,561 was transferred to the company's profit and loss reserves. This amount is considered by the directors to be distributable as per company law.

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Profit and loss reserves include all current and prior period retained profits and losses.

As at the balance sheet date, the company had no financial commitments, guarantees or contingent liabilities (2024: £Nil) other than those disclosed in the Operating lease commitments note.

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

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

The following amounts were outstanding at the reporting end date:

Balances outstanding at the current and prior balance sheet date with group entities, where 100% owned, are not disclosed under exemptions available as contained with section 33 of FRS 102.

Similalrly, transactions entered into the current and prior year with with group entities, where 100% owned, are not disclosed under exemptions available as contained with section 33 of FRS 102.

The immediate parent company at the prior balance sheet date was Aspen Evo Holdings Limited. The ultimate parent company at the prior balance sheet date was Brackley Holdings Limited.

As a result of a group reorganisation enacted prior to the current balance sheet date, Brackley Holdings Limited is now both the immediate and ultimate parent company.

The directors do not consider there to be any ultimate controlling party.

The smallest and largest group into which the company's financial statements are consolidated is that of the parent company, Brackley Holdings Limited, a company incorporated in England and Wales. The consolidated financial statements of the parent company are available from the registered office of Brackley Holdings Limited which is 27 Eldon Business Park, Attenborough, Nottingham, NG9 6DZ.