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Registered number: 10568873
EESL ENERGYPRO ASSETS LIMITED
DIRECTORS' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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EESL ENERGYPRO ASSETS LIMITED
CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Company Statement of Cash Flows
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Notes to the Consolidated Financial Statements
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EESL ENERGYPRO ASSETS LIMITED
COMPANY INFORMATION
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Vishal Kapoor (resigned 25 June 2025)
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Akhilesh Kumar Dixit (appointed 25 June 2025)
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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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44 Heaton Moor Road, Heaton Chapel
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Stockport, Cheshire SK4 4NP
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United Kingdom
Export-Import (EXIM) Bank of India
21st Floor World Trade Centre Complex
Mumbai 4000005
Bank of Ireland
Collinstown Cross
Dublin 17
Ireland
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Export-Import Bank of India
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EESL ENERGYPRO ASSETS LIMITED
COMPANY INFORMATION
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Lux Nova Partners Limited
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EESL ENERGYPRO ASSETS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present the Strategic Report for EESL EnergyPro Assets Limited ("the group") for the year ended 31 March 2025.
The principal activities of the group 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 group is faced with the risk of increasing competition in the marketplace. Staff retention is also critical, especially in the mechanical and electrical sector. The group 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 group's competitiveness.
These risks are managed through carefully considering the interest rate environment and exercising stringent cost controls. The group has generated sufficient revenues to cover operating costs and discharge liabilities as they fall due. The existing system of budgeting and periodic reporting ensures that economic risk is low and well monitored.
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 the 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.
The Group 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 the 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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EESL ENERGYPRO ASSETS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial Risks
The group 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 group strategy during the next financial year. EESL Group 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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EESL Group'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, EESL Group has created a strategically important sales mix including an increased volume of long term service contracts.
The global energy transition will continue to evolve and the group 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 group 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 group, 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 group 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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EESL ENERGYPRO ASSETS LIMITED
GROUP 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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EESL ENERGYPRO ASSETS LIMITED
GROUP 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 as between members of the company.
The directors of EESL EnergyPro Assets Limited are aware of their responsibilities to promote the success of the Group 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 25 June 2025 and signed on its behalf.
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Akhilesh Kumar Dixit
Director
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EESL ENERGYPRO ASSETS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the audited financial statements for the group and parent company for the year ended 31 March 2025.
The loss for the year, after taxation, amounted to £1,488,330 (2024: £3,389,336).
There were no dividends declared or paid in the year and the directors do not recommend payment of a final dividend.
The directors who served during the year and up to the date of approval of these financial statements were:
Steven Derrick Fawkes
Shankar Gopal
Vishal Kapoor
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 note 24 to the financial statements.
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.
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EESL ENERGYPRO ASSETS 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 Group Strategic Report, Directors' Report and the consolidated financial statements, in accordance with applicable law.
Company law requires the directors to prepare consolidated financial statements for each financial year. Under that law they have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
Under company law the directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing the consolidated 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 consolidated financial statements.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company's transactions and disclose with reasonable accuracy at any time the financial position of the parent 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 group 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 group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in directors' reports may differ from legislation in other jurisdictions.
Third party indemnity provisions for directors
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The group 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 group is a subsidiary of Energy Efficiency Services Limited, a public company incorporated in Delhi, India. The group has taken the exemption under Part 7 of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
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EESL ENERGYPRO ASSETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors value employee engagement in key decision making processes. During the year the policy of providing employees with increased information about the group 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 group'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 group and the directors, to ensure that as a whole they are more robust and sustainable.
EESL EnergyPro Assets 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 directors have reviewed group and parent company budgets, projected cashflows and other relevant information, and on the basis of this review, are confident that the parent company and the group will have adequate financial resources to continue in operational existence for a period of twelve months from the date the financial statements were approved by the directors.
The directors consider that in preparing the financial statements they have taken into account all information that could reasonably be expected to be available. Consequently, they consider that it is appropriate to prepare the group and parent company financial statements on a going concern basis.
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.
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EESL ENERGYPRO ASSETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 and the group'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 and the group's auditors are aware of that information.
This information is given and should be interpreted in accordance with the provisions of S148 of the Companies Act 2006.
Post balance sheet events
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There have been no significant events affecting the group since the end of the financial year which would require adjustment to or disclosure in the financial statements.
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 25 June 2025 and signed on its behalf.
Akhilesh Kumar Dixit
Director
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EESL ENERGYPRO ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EESL ENERGYPRO ASSETS LIMITED
We have audited the financial statements of EESL EnergyPro Assets Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, Company Statement of Cash Flows and the 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 group's and the parent company's affairs as at 31 March 2025 and of the group's loss 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 group and the parent 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 group's or the parent 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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EESL ENERGYPRO ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EESL ENERGYPRO ASSETS LIMITED (CONTINUED)
The other information comprises the information included in the Directors' Report and consolidated financial statements, other than the consolidated financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Directors' Report and the consolidated 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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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent company 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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EESL ENERGYPRO ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EESL ENERGYPRO ASSETS LIMITED (CONTINUED)
Respective responsibilities and restrictions on use
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 group's and the parent 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 group or the parent 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 group'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 groups’s industry and regulation.
We understand that the group complies with their legal framework through:
∙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 group'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
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EESL ENERGYPRO ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EESL ENERGYPRO ASSETS LIMITED (CONTINUED)
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 group’s external legal counsel regarding existing litigation.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the group'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; and
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 group and parent company's processes and controls surrounding journal entries;
∙reviewing the internal controls, the performance of the group;
∙enquiring of management and those charged with governance about their identification of the risks of material misstatement and fraud; and
∙challenging management regarding the assumptions used in the estimates identified above, to post-year-end data as appropriate;
∙substantive work on material areas affecting results.
These areas were communicated to those members of the engagement team not present at the discussion.
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 these companies.
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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EESL ENERGYPRO ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EESL ENERGYPRO ASSETS 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
2 July 2025
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EESL ENERGYPRO ASSETS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Profit/(loss) from operations
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Other comprehensive income:
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Movement in deferred tax due to revaluation
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Exchange losses arising on translation on foreign operations
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Other comprehensive income for the year
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Total comprehensive income
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All activities 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 group.
The company has not recognised gains or losses other than those dealt with in the Consolidated Statement of Comprehensive Income.
The accompanying notes on pages 26 to 62 form an integral part of these financial statements.
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EESL ENERGYPRO ASSETS LIMITED
REGISTERED NUMBER: 10568873
CONSOLIDATED 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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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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EESL ENERGYPRO ASSETS LIMITED
REGISTERED NUMBER: 10568873
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
Issued capital and reserves attributable to owners of the parent
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The financial statements on pages 16 to 62 were approved and authorised for issue by the Board of Directors on 25 June 2025 and were signed on its behalf by:
The accompanying notes on pages 26 to 62 form an integral part of these financial statements.
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EESL ENERGYPRO ASSETS LIMITED
REGISTERED NUMBER: 10568873
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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Trade and other receivables
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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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EESL ENERGYPRO ASSETS LIMITED
REGISTERED NUMBER: 10568873
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
Issued capital and reserves attributable to owners of the parent
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The company's loss for the year was £2,861,107 (2024: £19,149,783).
The financial statements on pages 16 to 62 were approved and authorised for issue by the Board of Directors on 25 June 2025 and were signed on its behalf by:
The accompanying notes on pages 26 to 62 form an integral part of these financial statements.
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EESL ENERGYPRO ASSETS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Total attributable to equity holders of parent
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Comprehensive income for the year
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Other comprehensive income
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Total comprehensive income for the year
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Comprehensive income for the year
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Other comprehensive income
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Total comprehensive income for the year
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Transfer to/from retained earnings
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The accompanying notes on pages 26 to 62 form an integral part of these financial statements.
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EESL ENERGYPRO ASSETS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The accompanying notes on pages 26 to 62 form an integral part of these financial statements.
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EESL ENERGYPRO ASSETS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Amortisation of deferred costs
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Profit on disposal of property, plant and equipment
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Net foreign exchange loss
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Loss on revaluation of investment property
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Movements in working capital:
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Decrease in trade and other receivables
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Increase/(decrease) in trade and other payables
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Cash generated from operations
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Net cash from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment - net of finance leases
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Proceeds from disposal of property, plant and equipment
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Net cash used in investing activities
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EESL ENERGYPRO ASSETS LIMITED
CONSOLIDATED 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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Proceeds from bank borrowings
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Interest paid on bank loan
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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 26 to 62 form an integral part of these financial statements.
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EESL ENERGYPRO ASSETS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Cash flows from operating activities
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Impairment losses on investments
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Movements in working capital:
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Movement in trade and other receivables
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Movement in amounts owed by group companies
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Movement in loan to shareholder
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Movement in amounts owed to group companies
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Movement in trade and other payables
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Cash generated from operations
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Net cash from operating activities
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Cash flows from investing activities
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Net cash from/(used in) investing activities
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Cash flows from financing activities
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Repayment of bank borrowings
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Net cash used in financing activities
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Net 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 26 to 62 form an integral part of these financial statements.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
EESL EnergyPro Assets Limited is a private company limited by shares (registered under the Companies Act 2006), incorporated in the United Kingdom. The company's registered office and its principal place of business is Units 12 & 13 Rugby Park, Bletchley Road, Stockport, Cheshire, SK4 3EJ.
2.Accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and by all group entities.
The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the UK ("UK IFRS").
The financial statements have been prepared on the historical cost basis.
The directors have reviewed group and parent company budgets, projected cashflows and other relevant information, and on the basis of this review, are confident that the parent company and the group will have adequate financial resources to continue in operational existence for a period of twelve months from the date the financial statements were approved by the directors.
The directors consider that in preparing the financial statements they have taken into account all information that could reasonably be expected to be available. Consequently, they consider that it is appropriate to prepare the group and parent company financial statements on a going concern basis.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED 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 and group:
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Applicable for years
beginning on/after
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Consolidated Financial Statements
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Presentation of Financial Statements
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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 and group:
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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 group 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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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The consolidated financial statements incorporate the financial statements of the company and entities (including structured entities) controlled by the company and its subsidiaries. Control is achieved when the company:
∙has power over the investee;
∙is exposed, or has rights, to variable returns from its involvement with the investee; and
∙has the ability to use its power to affect its returns.
The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
When the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The company considers all relevant facts and circumstances in assessing whether or not the company's voting rights in an investee are sufficient to give it power, including:
∙the size of the company's holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
∙potential voting rights held by the company, other vote holders or other parties;
∙rights arising from other contractual arrangements; and
∙any additional facts and circumstances that indicate that the company has, or does not have, the current ability to direct the relevant activities at this time that decisions need to be made, including voting patterns at previous shareholders' meetings.
Consolidation of a subsidiary begins when the company obtains control over the subsidiary and ceases when the company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the company gains control until the date when the company ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group's accounting policies.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full on consolidation.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Functional and presentation currency
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The consolidated 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 at 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 the revenue being recognised, the date of the transaction reflects the date the consideration was received. All exchange differences are dealt with through the Consolidated Statement of Comprehensive Income.
On consolidation, the assets and liabilities of overseas subsidiaries are translated into Sterling at the rates of exchange prevailing at the reporting date. Exchange differences arising from the restatement of the opening Statement of Financial Positions of these subsidiary companies are dealt with through Other Comprehensive Income. The operating results of overseas subsidiary companies are translated into Sterling at the average rates applicable during the year.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED 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.
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.
Rent income
Rent income is recognised when the risks and the rewards of ownership have passed to the tenant which is deemed to be on an invoice basis.
Energy services revenue
Energy services revenue is recognised in the period in which the entity become entitled to the revenue, in line with the terms of the contract.
Energy savings revenue
Long term contracts are assessed on a contract by contract basis and reflected in the Statement of Comprehensive income by recording turnover and related costs as contract activity progresses. turnover is ascertained in a manner appropriate to the stage of completion of the contract. Where the outcome of the contract can be assessed with reasonable certainty, profit is recognised in the Statement of Comprehensive Income as the difference between the reported turnover and related costs for that contract. Turnover represents the total amount received and receivable during the year.
Sale of parts
Revenue from the sale of parts is recognised upon delivery to the customer.
Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount.
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.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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 group in an independently administered fund.
Income tax expense comprises current and deferred tax. Income tax expense is recognised in 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 tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
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 the distribution of dividends are recognised at the same time as the liability to pay the related dividends is recognised.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED 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 are recognised for all leases except leases of low value assets, which are considered to be those with a fair value below £5,300, 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, and initial direct costs incurred by the group, 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 group 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 group'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.
In the opinion of the Directors the operations of the group comprise one class of business, being the manufacture, installation and service of diesel and gas generators and related spare parts. The group's operations are located within Ireland, United Kingdom, Europe, Australia and India. In the opinion of the Directors of the group has one reportable segment which is manufacture, installation and service of diesel and gas generators and related spare parts carried out in locations mentioned above.
In accordance with IFRS 3 and IAS 36, goodwill is recognised at cost and the group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED 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 group.
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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10%/12%/15% Straight line
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20% Straight line/Term 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 normally undertaken by professionally qualified valuers and/or directors.
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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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The carrying amounts of the group'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.
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at fair value. All of the group's property interests held under operating leases to earn rentals or for capital appreciation purposes are accounted for as investment properties and are measured using the fair value model. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.
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Financial assets - investments in subsidiaries
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Investments in subsidiaries are stated at cost and are reviewed for impairment if there are indications that the carrying value may not be recoverable.
Inventories are stated at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving inventory. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
The comparative figures have been regrouped and restated where necessary on the same basis of those for the current period.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Statement of Financial Position when the group 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 group 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 group 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 group 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 group 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.
Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a reduction in equity.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
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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 UK IFRS 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 the 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 17)
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.
Provision for doubtful debts (Note 18)
Provision for doubtful debts is determined using a combination of factors to ensure that the debtors are not overstated due to unrecoverability. The provision for doubtful debts for all customers is based on a variety of factors, including the overall quality and ageing of receivables, continuing credit evaluation of the customers' financial condition and collateral requirements from customers in certain circumstances.
Accrued income (Note 18)
Accrued income balance for long term contracts is based on estimated percentage of completion of each ongoing contract at the end of the financial year. The accrued income for the period totalled £4,635,433 (2024: £6,334,876) for which the directors are satisfied reflects the correct cut off for the period.
Fair value of freehold properties (Notes 14 & 15)
The freehold properties in the group are located in the United Kingdom and Republic of Ireland.
Fair value of freehold properties is estimated by third party RICS registered valuers. Valuation process involves use of various estimates and judgements.
The net book value of the freehold property under note 14 and 15 at the financial year end was £5,345,258 (2024: £4,541,597) and £588,572 (2024: £636,466) respectively.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Valuation of investments (Note 13)
Investments are initially recognised at cost. Valuation of investments is done via the Value in Use model, which involves estimation of forecasted cashflows for period not less than five years, based on expected year on year growth. These cashflows are then discounted to present values to obtain estimated value of each investee. The directors regularly review these valuations and change them if necessary to reflect current conditions. Where events or conditions are identified with impact on the fair value of the assets, the directors will adjust the valuation accordingly.
The total value of investments at the financial year end date was £75,084,134 (2024: £75,084,134).
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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3.1 Segment revenues and results
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The following is an analysis of the group's revenue and results from continuing operations by reportable segment:
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Industrial engines and components
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Loss before tax (continuing operations)
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The accounting policies of the reportable segments are the same as the group's accounting policies described in note 2. Segment profit represents the profit before tax earned by each segment without allocation of central administration costs and directors' salaries, share of profit of associates, share of profit of a joint venture, gain recognised on disposal of interest in former associate, investment income, other gains and losses, as well as finance costs. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Segment information (continued)
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3.2 Segment assets and liabilities
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Industrial engines and components
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Consolidated total assets
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Industrial engines and components
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Total segment liabilities
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Consolidated total liabilities
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3.3 Other segment information
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Depreciation and amortisation
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Additions to non-current assets
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Industrial engines and components
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Deferred costs amortisation
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3.4 Geographical information
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The group operates in five principal geographical areas - Ireland, United Kingdom, the Rest of Europe, India, and Australia.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Segment information (continued)
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3.4 Geographical information (continued)
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The group'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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Contract termination income
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Loss on ordinary activities before taxation
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The loss for the financial year is stated after charging:
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Depreciation and impairment of property, plant and equipment
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Amortisation of deferred costs
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Profit on sale of tangible assets
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Loss on revaluation of investment property
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Hire purchase interest payable
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During the year, the group obtained the following services from the company's auditors and their associates:
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Fees payable to the company's auditors and their associates for the audit of the consolidated and parent company's financial statements
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Fees payable to the company's auditors and their associates in respect of:
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Taxation compliance services
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All non-audit services not included above
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Employee benefit expenses
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Employee benefit expenses (including directors) comprise:
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Defined contribution pension cost
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Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the group, including the directors of the company listed on page 1, and the Financial Controller of the group.
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Defined contribution scheme costs
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During the year retirement benefits were accrued for 1 director (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 group during the year was as follows:
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Retirement benefit costs amounted to £688,472 (2024: £513,400). The group operates a defined contribution pension scheme. Contributions are charged to the Consolidated Statement of Comprehensive Income in the year in which they fall due. The assets of the scheme are held separately from those of the group in an independently administered fund.
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11.1 Income tax recognised in profit or loss
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Current tax on profits for the year
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Origination and reversal of timing differences
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Tax expense (continued)
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11.1 Income tax recognised in profit or loss (continued)
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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 losses for the year are as follows:
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Income tax expense (including income tax on associate, joint venture and discontinued operations)
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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
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Capital allowances for the year in excess of depreciation
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Deferred tax not recognised
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Transfer pricing adjustments
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Adjustments to tax charge in respect of prior periods
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Higher rate taxes on rental income
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Charges available for set off against total profits
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Utilisation of losses forward
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Income tax withheld on medical insurance
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Losses subject to tax at a lower rate
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Movement in deferred tax as a result of change in the tax rate
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Unrelieved tax losses carried forward
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
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Movements in the deferred taxation liability is due to:
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Deferred tax - balance b/fwd
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Deferred tax charge for the year
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FX movement in deferred tax
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Edina Limited
At 31 March 2025 the company has net operating losses carried forward amounting to €1,688,890 (2024: €1,115,828) that are available indefinitely to offset against future taxable profits. The company has recognised a deferred tax asset amounting to €211,111 (2024: €139,478).
At 31 March 2025 the company had excess capital allowances over depreciation amounting to €105,585 (2024: €23,402) resulting in a potential deferred tax liability of €16,123 (2024: €2,925). The company has recognised this deferred tax liability in the financial statements.
At 31 March 2025 the company had recognised other timing differences amounting to €75,575 (2024: €84,726) resulting in a deferred tax asset of €9,447 (2024: €10,591). The company has recognised this deferred asset in the financial statements.
At 31 March 2025 the company had recognised other timing differences amounting to €45,037 (2024: €Nil) resulting in a deferred tax liability of €5,630 (2024: €Nil). The company has recognised this deferred liability in the financial statements.
Edina UK Limited
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).
Armoura Holdings Limited
At 31 March 2025 the company has a potential deferred tax liability of €186,335 (2024: €169,835) resulting from revaluation of freehold property
Stanbeck Limited
At 31 March 2025, the company has a potential deferred tax capital asset arising on property valuations of €46,855 (2024: €46,855). The company has not recognised this deferred asset in the financial statements.
Edina Power Limited
The company has accumulated losses of £1,367,744 (2024: £1,737,729) that are available indefinitely to offset against future taxable profits. The company has not recognised a deferred tax asset in respect of these losses due to uncertain timing.
Edina Power Services Limited
At 31 March 2025, the company has net taxable losses carried forward amounting to €351,870 (2024: €351,870) that are available indefinitely to offset against future taxable profits. The company has not recognised a deferred tax asset of €51,978 (2024: €49,113) as there is no expectation of taxable profits in the short term.
EPSL Trigeneration Pvt Limited
At 31 March 2025, the company has recognised a deferred tax asset of INR1,876,797.
Edina Australia Pty Limited
At 31 March 2025, the company has recognised a deferred tax asset of $126,400 and a deferred tax liability of $117,794.
EESL EnergyPro Assets Limited
At 31 March 2025, the company has accumulated losses carried forward amounting to £1,355,755 (2024: £1,355,755) that are available indefinitely to offset against future taxable profits. The company has short term temporary differences of £1,319,989 (2024: £Nil) which are available indefinitely to offset against future taxable profits. The company has not recognised a deferred tax asset amounting to £329,997 (2024: £341,265) in relation to accumulated losses and short-term temporary differences.
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EESL ENERGYPRO ASSETS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
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Subsidiary undertaking shares
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Other unlisted investments
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The company holds 20% or more of the share capital of the following companies:
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Place of incorporation and operation
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Proportion of ownership interest and voting power held by the group (%)
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1) Anesco Energy Services (South) Limited
|
Energy saving service provider
|
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2) Creighton Energy Limited
|
Energy saving service provider
|
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3) Edina Power Services Limited
|
Design, manufacture, installation and service of generators
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1) Anesco Energy Services (South) Limited
The company's registered office and principal place of business is Unit 12 & 13 Rugby Park, Bletchley Road, Stockport, Cheshire, SK4 3EJ.
2) Creighton Energy Limited
The company's registered office and principal place of business is Edina Unit 12 & 13 Rugby Park, Bletchley Road, Stockport, Cheshire, SK4 3EJ.
3) Edina Power Services Limited
The company's registered office and its principal place of business is Delaire House, Unit 4 Swords Business Park, Swords, Co. Dublin.
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