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Registered number: 05660595
EDINA UK LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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EDINA UK LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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EDINA UK LIMITED
COMPANY INFORMATION
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Ricardo Luis De Sousa Alves
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Hugh Kerr Richmond (resigned 1 April 2024)
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Adam Max Bloom (appointed 1 April 2024)
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Shankar Gopal (appointed 1 April 2024)
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Abhishek Gupta (appointed 1 April 2024)
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Stephen Peter Nullis (appointed 1 April 2024)
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Ricardo Luis De Sousa Alves
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S&W Partners Audit (Ireland) Limited
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Chartered Accountants and Statutory Audit Firm
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National Westminster Bank
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Lux Nova Partners Limited
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EDINA UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present the Strategic Report for Edina UK Limited for the year ended 31 March 2025.
The principal activities of the company are the manufacture, installation, containerisation, sale and service of diesel and gas generators and the sale of related spare parts.
Both the level of business and the year end financial position were in line with the directors' expectations of performance for the year.
Principal risks and uncertainties
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In common with many businesses, the company is faced with the risk of increasing competition in the marketplace. Staff retention is also critical, especially in the mechanical and electrical sector. The company has maintained a robust set of benefits and initiatives as well as focus on salary levels in order to reduce the attrition rate of employees.
Economic Risks
The risk of increased interest rates and/or inflation causing a negative impact on served markets and the risk of increased costs adversely impacting on the company's competitiveness.
These risks are managed through carefully considering the interest rate environment and exercising stringent cost controls.
Market Risks
The directors manage market risk by due consideration to the energy and construction industries as they pertain to the company's activities. As a business the directors have recognised the need to respond to the global energy transition with its focus on low carbon technologies, increased energy efficiency and electrification. This response can be clearly seen in 2023 with the introduction of a battery energy storage solution both for grid application as well as the industrial and commercial sectors, along with hybrid solutions using a combination of gas engine technology and energy storage offerings. This approach is essential to maintain the market share.
Edina has been actively involved in the gas peaking market and have now entered the battery storage market, to supply power through batteries into the National Grid, with our first projects being energised in Q1 2023. This year electricity market Capacity Auctions saw a significant move to battery energy storage systems to satisfy the new grid stability contracts.
The war in Ukraine and the consequential lack of gas from Russia also brought concerns about the availability of gas. This has not ultimately affected the UK and Republic of Ireland as they are not reliant on Russian gas.
The global increase in gas pricing initially brought some uncertainty on the future use of gas as an energy source. However, the price of electricity is linked to the gas price and as gas prices have risen so have electricity prices which has maintained the 'spark spread' - the difference between the gas and power prices, which maintains the economic viability of a gas engine Combined Heat and Power solution and still delivers significant cost savings to a client.
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EDINA UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial Risks
The company operate budgetary and financial reporting procedures, which are supported by key performance indicators to manage credit, liquidity and other financial risks.
The directors do not anticipate any change in company strategy during the next financial year. Edina UK Limited will continue to expand its power generation sales network with further investment in its production facilities, installation teams and after sales network.
Progress against strategy
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Edina UK Limited's strategy to diversify into battery energy storage systems and other alternatives has been successful in the year and is in line with its long term strategy implemented in 2018. The directors believe that by offering an increased product range to a diverse range of industrial, commercial and public sector customers, Edina UK Limited has created a strategically important sales mix including an increased volume of long term service contracts.
Both the level of business and the year end financial position were in line with the directors' expectations and the directors anticipate that the present level of activity will increase in the foreseeable future.
The global energy transition will continue to evolve and the company is expanding its offering to meet the needs of the transition. It is now offering a battery energy storage solution hybrid systems, where we offer a combined engine and storage alternative, which helps meet customers needs for decarbonisation with reliable supply. The company is looking at alternative markets and solutions to meet the new needs of the evolving market. The increasing pressures to decarbonise have caused some hesitation in the market but the reality is that natural gas, particularly in the kind of flexible generation systems provided by the company, is highly likely to continue to be a key part of the UK energy sector for many years. National Grid is estimating that the UK's use of gas will continue up to 2050 and that the need for flexibility will grow. There is also a drive to use hydrogen injected into the gas grid as a low carbon fuel. The company sells natural gas engines that are capable of running with up to 20% hydrogen, so if and when hydrogen is available our equipment can be modified accordingly. The engines are 'hydrogen ready'.
As well as product diversification, we are working on taking the Edina brand overseas to countries who have few alternatives to natural gas power generation and who are less developed in their approaches to decarbonisation.
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EDINA UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Group's environment reporting and sustainability
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We continue to be transparent about our sustainability journey, sharing our goals, progress and innovations. These goals encompass the sustainability of our products, as well as goals related to our operations, employee health & safety, customer safety and manufacturing.
We support the transition to a lower-carbon future, and we are contributing by significantly reducing greenhouse gas (GHG) emissions in our operations and continuing to invest in a diverse portfolio of products, technologies and services that help customers achieve their sustainability goals. We believe the energy transition and growing global energy demand expand opportunities for long-term profitable growth through increasing demand for a variety of Edina’s Power Generation solutions. For example, demand for commodities is expected to increase due to the growing adoption of electric vehicles, battery storage and renewable power. Increasing global energy demand will require investments in renewables and many traditional forms of energy. The energy transition requires significant global infrastructure investment, which expands opportunities. We offer cost effective energy efficient generation solutions capable of operating on alternative fuels, such hydrogen. Allied with our Hybrid and Battery Energy Storage Solutions we are able to support the growing energy demands.
Engagement with customers, suppliers and employees
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Engagement with employees
The views of company employees are gathered at business unit level, where mechanisms include monthly KPIs, regular CEO and Senior Management meetings. People strategies and action plans to address employee views are developed and overseen by the directors in response to feedback received.
Engagement with suppliers, customers and other relationships
The company’s stakeholders are people, communities and organisations with an interest or concern in its purpose, strategy, operations and actions, and who in turn, may be affected by them. This includes shareholders and debt providers; employees; government and regulators, communities and civil society; suppliers, contractors,partners; and customers. The perspectives, insights and opinions of stakeholders are recognised as a key factor in the relevant operational, investment and business decisions taken by the company and its directors, to ensure that as a whole they are more robust and sustainable.
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EDINA UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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Directors' statement of compliance with duty to promote the success of the company
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Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members. In doing this, section 172 requires a director to have regard, amongst other matters, to the:
∙Likely consequences of any decisions in the long-term;
∙Interests of the company’s employees;
∙Need to foster the company’s business relationships with suppliers, customers and others;
∙Impact of the company’s operations on the community and environment;
∙Desirability of the company maintaining a reputation for high standards of business conduct; and
∙Need to act fairly as between members of the company.
The directors of Edina UK Limited are aware of their responsibilities to promote the success of the company in accordance with Section 172 of the Companies Act 2006. Decision making is cognisant of the impact on the wider stakeholders of the company and they have incorporated the stakeholders in formal board meetings to assist with key decision making.
This Report was approved by the Board on 24 June 2025 and signed on its behalf.
Ricardo Luis De Sousa Alves
Director
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EDINA UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the audited financial statements of the company for the year ended 31 March 2025.
The profit for the year, after taxation and before comprehensive income, amounted to £2,574,118 (2024: loss £532,688).
There were no dividends declared or paid in the year.
The directors who served during the year were:
Ricardo Luis De Sousa Alves
Hugh Kerr Richmond
Nitin Wadhwa
Adam Max Bloom
Shankar Gopal
Abhishek Gupta
Stephen Peter Nullis
Disclosures included in the Strategic Report
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Disclosures relating to future developments have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006.
Financial risk management
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Details of the company's financial instruments and its policies with regard to financial risk management are given in notes 22 and 25 to the financial statements.
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EDINA UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK-adopted International Accounting Standards.
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 the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with UK-adopted International Accounting Standards, subject to any material departures disclosed and explained in the financial statements; 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 confirm that they have complied with the above requirements in preparing the financial statements.
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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Third party indemnity provisions for directors
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The company maintains qualifying third party indemnity insurance for all directors. These insurances were in force throughout the year and remain in force at the date of this Report.
The company is a subsidiary of Energy Efficiency Services Limited, a public company incorporated in Delhi, India. The company has taken the exemption under Part 7A of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
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EDINA UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors value employee engagement in key decision making process. During the year the policy of providing employees with increased information about the company has continued. We maintained ongoing dialogue with our employees and have listened to their concerns and needs. Arrangements are in place to ensure that employees are properly rewarded for performance and loyalty.
Engagement with suppliers, customers and other relationships
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The company's stakeholders are people, communities and organisations with an interest or concern in its purpose, strategy, operations and actions, and who in turn, may be affected by them. This includes: shareholders and debt providers; employees; government and regulators; civil society; suppliers, contractors, partners and customers. The perspectives, insights and opinions of stakeholders are recognised as a key factor in the relevant operational, investment and business decisions taken by the company and the directors, to ensure that as a whole they are more robust and sustainable.
Edina UK Limited is owned by Energy Efficiency Services Limited and is represented at the Board Meeting by a number of directors, including representatives of the parent company. Details of the mechanisms which were used to engage with stakeholders across the Energy Efficiency Services Limited group in order to gain an understanding of the issues which they deem material are set out in the annual report published by Energy Efficiency Services Limited.
The measures taken by the directors to ensure compliance with the requirements of Section 386 of the Companies Act 2006, regarding adequate accounting records are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The books of account of the company are maintained at Rathdown Road, Lissue Industrial Estate West, Lisburn, Co. Antrim, BT28 2RE.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
This information is given and should be interpreted in accordance with the provisions of S418 of the Companies Act 2006.
Post balance sheet events
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There have been no significant events affecting the company since the year end.
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EDINA UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditors, S&W Partners Audit (Ireland) Limited, have indicated their willingness to continue in office in accordance with section 485 of the Companies Act 2006.
This Report was approved by the Board on 24 June 2025 and signed on its behalf.
Ricardo Luis De Sousa Alves
Director
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EDINA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EDINA UK LIMITED
We have audited the financial statements of Edina UK Limited for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and related notes. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted International Accounting Standards.
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 UK-adopted International Accounting Standards; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 United Kingdom, including the Financial Reporting Council'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
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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.
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EDINA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EDINA UK LIMITED (CONTINUED)
The other information comprises the information included in the Directors' Report and financial statements, other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Directors' Report and financial statements. 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.
Opinion on other matters prescribed by the Companies Act 2006
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Based solely on the work undertaken in the course of the audit, in our opinion:
∙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.
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 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.
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EDINA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EDINA UK LIMITED (CONTINUED)
Responsibilities of directors for the financial statements
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.
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 an auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
We obtained a general understanding of the legal and regulatory framework, though enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate, and account for litigation claims. We also drew on our existing understanding of the company’s industry and regulation.
We understand that the company complies with their legal framework through:
∙outsourcing of payroll, accounts preparation and tax compliance to external experts; and
∙the directors' close involvement in the day-to-day running of the business, meaning that any non- compliance, litigation or claims would come to their attention directly.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the parent company's and the company's abilities to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. The key laws and regulations we considered included the Companies Act 2006 and UK-adopted International Accounting Standards in respect of the preparation and presentation of the financial statements.
We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:
∙enquiring of management and those charged with governance as to any non-compliance with the above laws and regulations;
∙obtaining written management representations regarding the adequacy of procedures in place to ensure compliance with laws and regulations;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with the provisions of relevant laws and regulations described as having a direct effect on the financial statements; and
∙communicating with the company’s external legal counsel regarding existing litigation.
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EDINA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EDINA UK LIMITED (CONTINUED)
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur.
The areas identified in this discussion were:
∙manipulation of the financial statements, especially revenue, via fraudulent journal entries, particularly as the size of the company means that there is little opportunity for segregation of duties.
The procedures were carried out to gain evidence in the above areas included:
∙testing of journal entries, selected based on specific risk assessments applied based on the company and parent company's processes and controls surrounding journal entries;
∙reviewing the internal controls, the performance of the company;
∙enquiring of management and those charged with governance about their identification of the risks of material misstatement and fraud;
∙challenging management regarding the assumptions used in the estimates identified above, to post-year-end data as appropriate; and
∙substantive work on material areas affecting profits.
Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities. In particular, the senior statutory auditor has a number of years' experience in dealing with this company.
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 Auditors' Report.
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EDINA UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EDINA UK LIMITED (CONTINUED)
This Report is made solely to the company's shareholders, 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 shareholders those matters we are required to state to them in an auditors' 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 shareholders, as a body, for our audit work, for this Report, or for the opinions we have formed.
Gráinne Stewart
Senior Statutory Auditor
for and on behalf of
S&W Partners Audit (Ireland) Limited
Chartered Accountants and Statutory Audit Firm
Paramount Court
Corrig Road
Sandyford Business Park
Dublin 18
Ireland
2 July 2025
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EDINA UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Profit/(loss) from operations
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Profit/(loss) for the year
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Other comprehensive income:
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Gain on property revaluation
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Deferred tax charge for gain on property revaluation
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Total comprehensive income
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All activities are derived from continuing operations. All profits or losses and total comprehensive profits or losses for the period and previous periods are attributable to the owners of the company.
The company has not recognised gains or losses other than those dealt with in the Statement of Comprehensive Income.
The accompanying notes on pages 21 to 47 form an integral part of these financial statements.
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EDINA UK LIMITED
REGISTERED NUMBER: 05660595
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Property, plant and equipment
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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EDINA UK LIMITED
REGISTERED NUMBER: 05660595
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
Issued capital and reserves
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The financial statements on pages 15 to 47 were approved and authorised for issue by the Board of Directors on 24 June 2025 and were signed on its behalf by:
Ricardo Luis De Sousa Alves
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The accompanying notes on pages 21 to 47 form an integral part of these financial statements.
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EDINA UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Total comprehensive income for the year
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Total other comprehensive income
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Total comprehensive income for the year
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The accompanying notes on pages 21 to 47 form an integral part of these financial statements.
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EDINA UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Profit/(loss) for the year
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Depreciation of property, plant and equipment
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Deferred tax (credit)/expense
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Movements in working capital:
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Movement in trade and other receivables
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Movement in group receivables
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Movement in trade and other payables
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Movement in group payables
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Cash generated from operations
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Net cash from/(used in) operating activities
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Cash flows from investing activities
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Purchase of property, plant and equipment
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Net cash used in investing activities
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EDINA UK LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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Cash flows from financing activities
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Net movement in hire purchase
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Proceeds from bank borrowings
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Repayment of bank borrowings
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The accompanying notes on pages 21 to 47 form an integral part of these financial statements.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Edina UK Limited is a private company limited by shares (registered under Companies Act 2006), incorporated in the United Kingdom. The company's registered office and it's principal place of business is Unit 13 Rugby Park, Bletchley Road, Stockport, Cheshire, SK4 3EJ.
2.Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the companies financial statements:
The financial statements have been prepared in accordance with UK-adopted International Accounting Standards.
The financial statements have been prepared on the historical cost convention.
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Functional and presentation currency
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The financial statements are presented in Sterling (£), which is the company's functional currency.
Monetary assets and liabilities denominated in a foreign currency are translated into Sterling at the exchange rate ruling the reporting date, unless specifically covered by foreign exchange contracts whereupon the contract rate is used. Revenues, costs and non monetary assets are translated at the exchange rates ruling at the dates of the transactions. Where consideration is received in advance of revenue being recognised, the date of the transaction reflects the date the consideration is received. All exchange differences are dealt with through the Statement of Comprehensive Income.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Standards and amendments to existing standards effective 1 April 2024.
The following standards, amendments and interpretations which became effective from 1 January 2024 are of relevance to the company:
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Applicable for years
beginning on/after
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Presentation of Financial Statements
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Financial Instruments: Disclosures
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General Requirements for Disclosure of Sustainability-related Financial Information
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Climate-related Disclosures
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There was no material impact to the financial statements in the current year from these standards, amendments and interpretations.
Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the company:
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Applicable for years
beginning on/after
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The Effects of Changes in Foreign Exchange Rates
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Financial Instruments: Disclosures
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Presentation and Disclosure in Financial Statements
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In the year ended 31 March 2025, the company did not early adopt any new or amended standards and do not plan to early adopt any of the standards issued but not yet effective.
There would not have been a material impact on the financial statements if these standards had been applied in the current year.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Revenue is measured based on the achievement of performance obligations, as initially assessed, and the transaction price within the contracts, net of discounts, VAT and other sales related taxes.
Contract Revenue
Revenue is recognised based on the input method, using percentage of estimated cost to completion as a measure.
Maintenance Revenue
Maintenance revenue is recognised in the period in which the maintenance is provided and is recognised as revenue when delivered.
Sale of parts
Revenue from the sale of parts is recognised upon delivery to the customer.
Operating segments are reported in a manner consistent with the internal reporting provided to the Board as required by IFRS 8 "Operating Segments". The Board is responsible for allocating resources and assessing the performance of the operating segments.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Retirement benefits for employees are met by payments to a defined contribution pension scheme. Contributions are charged to the Statement of Comprehensive Income in the year in which they fall due. The assets of the scheme are held separately from those of the company in an independently administered fund.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised in Other Comprehensive Income or directly in equity, in which case the tax is also recognised in Other Comprehensive Income or equity respectively.
Current income tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods.
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws
that have been enacted or substantively enacted by the reporting date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Additional income taxes that arise from distributions are recognised at the same time as the liability to pay the related distributions is recognised.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
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Straight line / Over the life of the lease
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The residual value and useful lives of the property, plant and equipment are reviewed annually and adjusted if appropriate at each reporting date.
On disposal of property, plant and equipment the cost and the related accumulated depreciation and impairments are removed from the financial statements and the net amount, less any proceeds, is taken to the Statement of Comprehensive Income.
Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence regularly undertaken by professionally qualified valuers, and assessed by the directors in the intervening periods.
Revaluation gains and losses are recognised in Other Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Leasing and hire purchase
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A right-of-use asset and a lease liability is recognised for all leases except leases of low value assets, which are considered to be those with a fair value below £4,500, and those with a duration of 12 months or less. The right-of-use asset has been measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date.
The company will depreciate the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Where impairment indicators exist, the right-of-use asset will be assessed for impairment. The lease liabilities are measured at the present value of the lease payments due to the lessor over the lease term, discounted using the interest rate implicit in the lease if that rate is readily available or the company’s incremental borrowing rate.
After initial measurement, any payments made will reduce the liability and the interest accrued will increase it. Any reassessment or modification will lead to a remeasurement of the liability. In such case, the corresponding adjustment will be reflected in the right-of-use asset, or profit and loss if the right-of use asset is already reduced to zero.
On the Statement of Financial Position, right-of-use assets have been included in property, plant and equipment.
The carrying amounts of the company's non-financial assets, other than deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists then the assets' recoverable amount is estimated. For intangible assets that have indefinite lives or that are not yet available for use, recoverable amount is estimated at each reporting date.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest identifiable asset group that is expected to generate cash flows that largely are independent from other assets and groups. Impairment losses are recognised in the Statement of Comprehensive Income. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. 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 risk specific to the asset.
Inventory is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving inventory. The cost of inventory and work in progress includes all direct costs and an appropriate proportion of fixed and variable overheads based on normal capacity.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are recognised when the company has a present obligation that arises as a consequence of a past event, it is probable that an outflow of resources will be required to settle that obligation and the obligation can be reliably measured.
Financial assets and financial liabilities are recognised in the Statement of Financial Position when the company becomes a party to the contractual provisions of the instrument.
Financial assets
Investments other than investments in subsidiaries are classified as either held-for-trading or not at initial recognition.
Trade receivables are held in order to collect the contractual cash flows and are initially measured at the transaction price as defined in IFRS 15, as the contracts of the company do not contain significant financing components. Impairment losses are recognised based on lifetime expected credit losses in the Statement of Comprehensive Income.
Other receivables are held in order to collect the contractual cash flows and accordingly are measured at initial recognition at fair value, which ordinarily equates to cost and are subsequently measured at cost less impairment due to their short-term nature. A provision for impairment is established based on 12-month expected credit losses unless there has been a significant increase in credit risk when lifetime expected credit losses are recognised. The amount of any provision is recognised in the Statement of Comprehensive Income.
Cash and cash equivalents comprise cash held by the company and short-term bank deposits with an original maturity of three months or less.
Financial liabilities and equity
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans are initially recorded at fair value, which is ordinarily equal to the proceeds received net of transaction costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
A contingent liability is disclosed where the existence of an obligation will only be confirmed by future events or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised, but are disclosed where an inflow of economic benefit is probable.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a reduction in equity.
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Critical accounting judgements and key sources of estimation uncertainty
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The preparation of the financial statements in conformity with generally accepted accounting practice requires management to make judgements, estimates and assumptions that effect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience from various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
In particular, there are significant areas of estimation, uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements in the following areas:
Work in progress (Note 13)
Work in progress is stated at the lower of the purchase cost and net realisable value. Estimates of net realisable value of work in progress is based on the most reliable evidence available at the time the estimates are made. These estimates take into consideration the fluctuations of price or cost directly relating to events occurring subsequent to the reporting date to the extent that such events confirm conditions existing at the end of the reporting period. The work in progress for the period totalled £1,316,022 (2024: £1,868,803).
Accrued income (Note 14)
Accrued income represents work performed under customer contracts which has resulted in the recognition of income in line with IFRS 15, but for which a contractual billing milestone has not yet been met. The accrued income for the period totalled £3,762,995 (2024: £4,885,310) for which the directors are satisfied reflects the correct cut off for the period.
Fair value of freehold property
The freehold properties are comprised of two properties, one in Stockport and one in Lisburn. The valuation of the properties as at 31 March 2025 was assessed by the directors on an open market basis, taking into consideration the professional valuations carried out by Roberts & Roberts and Lambert Smith Hampton during the year ended 31 March 2025. Both valuers are registered by the Royal Institute of Chartered Surveyors. The net book value of the freehold property at the financial year end was £3,335,000 (2024: £2,635,083).
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company has made a profit for the year and is in a net assets position. The directors have also reviewed budgets, projected cashflows and other relevant information, and on the basis of the review, are confident that the company should be in a position to have adequate financial resources to continue in operational existence for a period of at least twelve months from the date the financial statements were approved by the directors.
The financial statements do not include any adjustment which may be required should the going concern basis of preparation be inappropriate.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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4.1 Segment revenues and results
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In the opinion of the directors, the operations of the company comprise of the sale and service of industrial engines and related spare parts.
In the opinion of the directors the company has only one reportable segment, which is industrial engine sales and service carried out from 13 Rugby Park, Bletchley Road, Stockport, Cheshire and Rathdown Road, Lissue Industrial Estate West, Lisburn, Co. Antrim, BT282RE.
Information regarding the company's reportable segment is presented below.
The following is an analysis of the company's revenue and results from continuing operations by reportable segment:
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Industrial engine sales and service
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Profit/(loss) before tax (continuing operations)
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.Segment information (continued)
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4.2 Segment assets and liabilities
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Industrial engine sales and service
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Industrial engine sales and service
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Total segment liabilities
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4.3 Other segment information
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Depreciation and amortisation
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Additions to non-current assets
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Industrial engine sales and service
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.Segment information (continued)
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4.4 Geographical information
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The company's revenue from continuing operations from external customers by location of operations and information about its non-current assets by location of assets are detailed below:
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Revenue from external customers
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Profit on ordinary activities before taxation
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This is arrived at after charging:
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Depreciation of tangible assets
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Loss / (gain) on foreign exchange
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Profit on sale of tangible assets
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Employee benefit expenses (including directors) comprise:
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Defined contribution pension cost
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Directors remuneration and key management compensation
Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, including the directors of that entity. The directors are considered key management of the company.
The compensation paid or payable to the key management for employee services during the period is shown below:
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Directors national insurance
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During the year retirement benefits were accrued for 4 directors (2024: 1) in respect of defined contribution retirement benefit schemes.
The highest paid director received remuneration of £232,354 (2024: £247,714).
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The monthly average number of persons, including the directors, employed by the company during the year was as follows:
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The company operates a defined contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £542,306 (2024: £383,846).
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Finance income and expense
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Recognised in profit or loss
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Hire purchase interest payable
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Net finance expense recognised in profit or loss
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Adjustments in respect of prior years
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Movements in deferred tax
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Movements in deferred tax
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
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Profit/(loss) before income taxes
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Tax using the company's domestic tax rate of 25% (2024: 25%)
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Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
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Capital allowances for the year in excess of depreciation
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Transfer pricing adjustments
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Adjustments to tax charge in respect of prior periods
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Group relief (claimed)/surrendered
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Total tax (credit)/expense
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The tax rate used for the year end reconciliation's above is the corporate rate of 25% payable by corporate entities in the United Kingdom on taxable profits under tax law in the jurisdiction of the United Kingdom.
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EDINA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Deferred tax charged in the profit and loss account for the period
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Deferred tax charged in the statement of other comprehensive income
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At 31 March 2025, the company has net fixed asset temporary differences of £214,585 (2024: £258,981) and capital gains timing differences of £323,735 (2024: £221,235). The company has recognised a deferred tax liability amounting to £538,320 (2024: £213,475).
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