Karpowership UK Limited

Contents
	Page
Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3—5

Page 1

Page 2

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 10145003

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		1		1

			1		1
CURRENT ASSETS
Debtors	5	1,126,047		10,901
Cash at bank and in hand		296,202		17,620

		1,422,249		28,521
Creditors: Amounts Falling Due Within One Year	6	(2,523,366 )		(1,219,600 )

NET CURRENT ASSETS (LIABILITIES)			(1,101,117 )		(1,191,079 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(1,101,116 )		(1,191,078 )

NET LIABILITIES			(1,101,116 )		(1,191,078 )

CAPITAL AND RESERVES
Called up share capital	7		2,752,462		2,752,462
Profit and Loss Account			(3,853,578 )		(3,943,540 )

SHAREHOLDERS' FUNDS			(1,101,116)		(1,191,078)

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Orhan Remzi Karadeniz

Director

23 December 2025

The notes on pages 3 to 5 form part of these financial statements.

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Karpowership UK Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Karpowership UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10145003 . The registered office is C/o Zedra, Booths Hall, Booths Park 3 Chelford Road, Knutsford, WA16 8GS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Exemption from preparing consolidated financial statements: the Company and the Group headed by it qualify as small as set out in Section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.2. Going Concern Disclosure

The directors have prepared the financial statements on the going concern basis as the Company has received written confirmation from its parent company, Karpower International B.V. that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. The directors have been satisfied through a review of the forward looking information of the parent company that sufficient financial support will be available and as a result have adopted the going concern basis in preparing the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating loss.

2.5. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2.6. Cash & Cash Equivalents

Cash is represented by cash in hand and deposits with financial institutions.

2.7. Investments

Investments in preference shares or ordinary shares and investments in subsidiaries and associates, and interests in jointly controlled entities shall be measured at cost less impairment

2.8. Debtors & Creditors

Debtors

Debtors are measured at transaction price, less any impairment.

Creditors

Creditors are initially recognised at transaction price and subsequently at amortised cost using the effective interest method. Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

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Karpowership UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees during the year was: 5 (2023: 3)

4. Investments

	Subsidiaries
	£
Cost
As at 1 January 2024	1

As at 31 December 2024	1

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	1

As at 1 January 2024	1

5. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	18,549	4,032
Other debtors	66,787	2,416
VAT Receivable	5,855	4,453
Receivable from parent undertaking	893,702	-
Receivable from group undertakings	141,154	-

	1,126,047	10,901

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	24,570	6,673
Other taxes and social security	31,259	16,863
Other creditors	2,119	2,332
Accruals and deferred income	9,429	27,308
Amounts owed to group undertakings	1	1
Amounts owed to parent undertaking	2,455,988	1,166,423

	2,523,366	1,219,600

Included in amounts owed to parent undertaking are amounts of £2,009,737/$2,518,000 (2023 - £720,116/$918,000) which is repayable in USD.

7. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
2,752,462 Ordinary Shares of £ 1.000 each	2,752,462	2,752,462

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Karpowership UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Post Balance Sheet Events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were signed.

9. Ultimate Controlling Party

The Company is a wholly owned subsidiary of Karpower International B.V., a company registered in the Netherlands. Karpower International B.V is the ultimate controlling party.

10. Audit Information

The auditor's report on the accounts of Karpowership UK Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Edward Wallis ACA (Senior Statutory Auditor) for and on behalf of ZEDRA Corporate Reporting Services (UK) Limited , Statutory Auditor.

ZEDRA Corporate Reporting Services (UK) Limited

Chartered Accountants and Statutory Auditors

Birchin Court, 5th Floor

19-25 Birchin Lane

London

EC3V 9DU

Page 5

Directors	Mr Orhan Remzi Karadeniz
	Mr Mehmet Katmer
	Mr Aykut Sinan Mercanoglu
	Mr Seyfettin Saricam
	Mr Erol Saban

Company Number	10145003

Registered Office	Booths Hall, Booths Park 3 Chelford Road
	Knutsford
	WA16 8GS

Auditors	ZEDRA Corporate Reporting Services (UK) Limited
	Chartered Accountants and Statutory Auditors
	Birchin Court, 5th Floor
	19-25 Birchin Lane
	London
	EC3V 9DU