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REGISTERED NUMBER: 11847526 (England and Wales)

HALE ENERGY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Chartered Accountants' Report | 11 |

| HALE ENERGY LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | J G Hale

| G D J Hale

| C E Hale

| J D Hale

| J J Hale

| REGISTERED OFFICE: | Unit 5 Jcg Building

| Milland Road Industrial Estate

| Neath

| SA11 1NJ

| REGISTERED NUMBER: | 11847526 (England and Wales)

| ACCOUNTANTS: | Bevan Buckland LLP

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

BALANCE SHEET

30 JUNE 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,233,066 |  | 1,433,000 |  |

Investment property | 5 | 365,000 |  | 313,950 |  |

1,598,066 |  | 1,746,950 |  |

CURRENT ASSETS

Debtors | 6 | 238,717 |  | 224,676 |  |

Cash at bank | 230,128 |  | 5,166 |  |

468,845 |  | 229,842 |  |

CREDITORS

Amounts falling due within one year | 7 | 405,636 |  | 1,383,817 |  |

NET CURRENT ASSETS/(LIABILITIES) | 63,209 |  | (1,153,975 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,661,275 |  | 592,975 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (2,018,877 | ) | (797,938 | ) |

PROVISIONS FOR LIABILITIES | (80,953 | ) | (68,190 | ) |

NET LIABILITIES | (438,555 | ) | (273,153 | ) |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | (438,655 | ) | (273,253 | ) |

(438,555 | ) | (273,153 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

BALANCE SHEET - continued

30 JUNE 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2026 and were signed on its behalf by:

J G Hale - Director

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Hale Energy Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery etc | - | Straight line over 4 - 6 years

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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

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

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

| Other financial assets

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

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

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

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of financial liabilities

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

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

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

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

| Other financial liabilities

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

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

| Derecognition of financial liabilities

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

| Equity instruments

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

| Employment benefits

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

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

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

| Going Concern

| The financial statements are prepared on a going concern basis, supported by assurances of continued financial backing from the directors. The company has incurred significant and sustained losses and has an insolvent balance sheet, which raise substantial doubt over its ability to continue trading. However, the directors believe the company can meet its obligations for at least twelve months from the date of approval, and this support will be reviewed within that period.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 July 2024 | 2,343,059 |  |

| Additions | 87,220 |  |

| At 30 June 2025 | 2,430,279 |  |

| DEPRECIATION

| At 1 July 2024 | 910,059 |  |

| Charge for year | 287,154 |  |

| At 30 June 2025 | 1,197,213 |  |

| NET BOOK VALUE

| At 30 June 2025 | 1,233,066 |  |

| At 30 June 2024 | 1,433,000 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| At 1 July 2024 | 2,215,875 |  |

| Additions | 80,220 |  |

| At 30 June 2025 | 2,296,095 |  |

| DEPRECIATION

| At 1 July 2024 | 879,454 |  |

| Charge for year | 259,579 |  |

| At 30 June 2025 | 1,139,033 |  |

| NET BOOK VALUE

| At 30 June 2025 | 1,157,062 |  |

| At 30 June 2024 | 1,336,421 |  |

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 July 2024 | 313,950 |  |

| Revaluations | 51,050 |  |

| At 30 June 2025 | 365,000 |  |

| NET BOOK VALUE

| At 30 June 2025 | 365,000 |  |

| At 30 June 2024 | 313,950 |  |

| Fair value at 30 June 2025 is represented by:

£ |

| Valuation in 2025 | 51,050 |  |

| Cost | 313,950 |  |

365,000 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 191,924 |  | 202,513 |  |

| Other debtors | 46,793 |  | 22,163 |  |

238,717 |  | 224,676 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 334,680 |  | 312,866 |  |

| Trade creditors | 48,348 |  | 54,067 |  |

| Amounts owed to associates | - |  | 992,955 |  |

| Taxation and social security | 1,233 |  | 2,679 |  |

| Other creditors | 21,375 |  | 21,250 |  |

405,636 |  | 1,383,817 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 433,214 |  | 697,938 |  |

| Amounts owed to group undertakings | 1,505,663 |  | - |  |

| Other creditors | 80,000 |  | 100,000 |  |

2,018,877 |  | 797,938 |  |

| HALE ENERGY LTD (REGISTERED NUMBER: 11847526) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 767,894 |  | 1,010,804 |  |

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30 June 2025 and 30 June 2024:

2025 | 2024 |

£ | £ |

| J G Hale

| Balance outstanding at start of year | 20,000 |  | - |  |

| Amounts advanced | - |  | 20,000 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 20,000 |  | 20,000 |  |

| This amount was repaid within 9 months of the year end.

11. | RELATED PARTY DISCLOSURES

| Included within the balance sheet are the following amounts with Group and connected companies:-

| Debtors |  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Sevenoaks Modular Limited |  | 29,626 |  | 2,875 |  |

| Creditors |  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| J G Hale Construction Limited |  | 1,476,037 |  | 990,080 |  |

| The following transactions occurred during the year with associated companies:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Sevenoaks Modular Limited |  |

| Rent |  | 30,000 |  | 30,000 |  |

12. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr J G Hale by virtue of his 80% holding of the total issued share capital.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

HALE ENERGY LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hale Energy Ltd for the year ended 30 June 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Hale Energy Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hale Energy Ltd and state those matters that we have agreed to state to the Board of Directors of Hale Energy Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hale Energy Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hale Energy Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hale Energy Ltd. You consider that Hale Energy Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hale Energy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

13 March 2026