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Registered number: 08763825 HIMOINSA POWER SOLUTIONS LTD ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2025
HIMOINSA POWER SOLUTIONS LTD COMPANY INFORMATION
Directors | G Castillo
| C Dix
Registered number | 08763825
Registered office | 3 Royal Court
| Gadbrook Way
| Gadbrook Park
| Northwich
| Cheshire
| CW9 7UT
Trading Address | Link Park Way
| Cheshire Green Employment Park
| Airfield Road
| Wardle
| Nantwich
| CW5 6RX
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| 3 Royal Court
| Gadbrook Way
| Gadbrook Park
| Northwich
| Cheshire
| CW9 7UT
HIMOINSA POWER SOLUTIONS LTD CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 26
HIMOINSA POWER SOLUTIONS LTD STRATEGIC REPORT For the year ended 31 December 2025
Introduction
The directors present the strategic report for the year ended 31 December 2025.
Business review
While Himoinsa Power Solutions successfully delivered a major capacity market project in Q3 2025, the UK rental sector faced headwinds. Demand remained subdued, primarily due to a sluggish recovery in the construction industry and softened SME investment.
Financial key performance indicators
Workforce Expansion: We anticipate a 40% increase in headcount by the end of 2026. This growth supports a strategic restructuring designed to establish our Projects and Mobile sectors as distinct, specialized business units. Infrastructure: Our new 25,000 sq. ft. facility is fully operational, housing extensive stock of industrial and mobile Battery Energy Storage Systems (BESS), spare parts, and dedicated load banking facilities. Product Innovation: Following the 2024 launch of the HGY Yanmar 12-cylinder engine, we are preparing for the 2026 release of 16-cylinder variants. We are aggressively positioning these engines within the Data Centre and Critical Power sectors, where demand remains high. Market Recovery: The mobile sector—comprising Stage V generators, lighting towers, and battery power units—is showing promising growth as the construction market begins to stabilize.
Principal risks and uncertainties
The recovery of the stationary generator sector remains gradual. Growth in the domestic market is currently hampered by the ongoing cost-of-living crisis, which has impacted consumer spending. Additionally, the execution of large-scale projects remains heavily dependent on the capacity and suitability of the National Grid. To navigate these variables, HIMOINSA continues to adhere to rigorous internal procedures to mitigate financial and operational risks. This report was approved by the board on 20 March 2026 and signed on its behalf.
C Dix Director
Page 1
HIMOINSA POWER SOLUTIONS LTD DIRECTORS' REPORT For the year ended 31 December 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company continued to be that of retail of electrical generators.
Results and dividends
The profit for the year, after taxation, amounted to £806,249 (2024 - £575,353). No dividends were paid in the current or previous period.
Directors
The directors who served during the year were:
G Castillo
C Dix
Page 2
HIMOINSA POWER SOLUTIONS LTD DIRECTORS' REPORT (CONTINUED) For the year ended 31 December 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 20 March 2026 and signed on its behalf.
C Dix Director
Page 3
HIMOINSA POWER SOLUTIONS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIMOINSA POWER SOLUTIONS LTD
Opinion
We have audited the financial statements of Himoinsa Power Solutions Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 4
HIMOINSA POWER SOLUTIONS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIMOINSA POWER SOLUTIONS LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
HIMOINSA POWER SOLUTIONS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIMOINSA POWER SOLUTIONS LTD (CONTINUED)
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, health and safety regulations and the UK General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to gain their understanding. Based on our understanding, our procedures involved enquiries of management, manual journal testing, cash book reviews for large and unusal transactions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.
Use of our report
This report is made solely to the Company's members, 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 members 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 members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 6
HIMOINSA POWER SOLUTIONS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIMOINSA POWER SOLUTIONS LTD (CONTINUED) Fran Johnson BSc BFP FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors 3 Royal Court Gadbrook Way Gadbrook Park Northwich Cheshire CW9 7UT 24 March 2026 Page 7
HIMOINSA POWER SOLUTIONS LTD STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 12,203,798 | 13,814,303
Cost of sales |  | (9,668,997) | (11,757,131)
Gross profit |  | 2,534,801 | 2,057,172
Administrative expenses |  | (1,479,261) | (1,174,305)
Other Operating Income | 4 | 4,292 | -
Operating profit | 5 | 1,059,832 | 882,867
Interest receivable and similar income | 9 | 20,731 | 28,413
Interest payable and similar expenses | 10 | (90) | (326)
Profit before tax |  | 1,080,473 | 910,954
Tax on profit | 11 | (274,224) | (335,601)
Profit for the financial year |  | 806,249 | 575,353
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 11 to 26 form part of these financial statements.
Page 8
HIMOINSA POWER SOLUTIONS LTD Registered number: 08763825 BALANCE SHEET As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 2,388 |  | 3,699
Tangible assets | 13 |  | 189,490 |  | 106,430
|  |  | 191,878 |  | 110,129
Current assets |  |  |  |  |
Stocks | 14 | 1,782,865 |  | 1,379,090 |
Debtors | 15 | 1,900,223 |  | 4,359,546 |
Cash at bank and in hand | 16 | 3,711,751 |  | 777,199 |
|  | 7,394,839 |  | 6,515,835 |
Creditors: amounts falling due within one year | 17 | (2,245,774) |  | (2,111,134) |
Net current assets |  |  | 5,149,065 |  | 4,404,701
Total assets less current liabilities |  |  | 5,340,943 |  | 4,514,830
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (47,006) |  | (27,142) |
|  |  | (47,006) |  | (27,142)
Net assets |  |  | 5,293,937 |  | 4,487,688
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 300,000 |  | 300,000
Profit And Loss Account | 20 |  | 4,993,937 |  | 4,187,688
|  |  | 5,293,937 |  | 4,487,688
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2026.
C Dix
Director
The notes on pages 11 to 26 form part of these financial statements. Page 9
HIMOINSA POWER SOLUTIONS LTD STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 300,000 | 3,612,335 | 3,912,335
Comprehensive income for the year |  |  |
Profit for the year | - | 575,353 | 575,353
At 1 January 2025 | 300,000 | 4,187,688 | 4,487,688
Comprehensive income for the year |  |  |
Profit for the year | - | 806,249 | 806,249
At 31 December 2025 | 300,000 | 4,993,937 | 5,293,937
| The notes on pages 11 to 26 form part of these financial statements.
Page 10
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
1. | General information
Himoinsa Power Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Royal Court, Gadbrook Way, Gadbrook Park, Northwich, Cheshire CW9 7UT. The principal place of business is Link Park Way, Cheshire Green Employment Park, Wardle, Nantwich, Cheshire, CW5 6RX. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Himoinsa S.L. as at 31 December 2025 and these financial statements may be obtained from Ctra. Murcia-San Javier, Km. 23.6 30730 San Javier/Murcia Spain.
| 2.3 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Page 11
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 12
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 13
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 14
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% | and 10%
|  |  |  | Motor vehicles | - | 25% | and 20%
|  |  |  | Fixtures and fittings | - | 20% |
|  |  |  | Computer equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 15
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Page 16
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 17
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Retail of generators | 12,203,798 | 13,814,303
|  | 12,203,798 | 13,814,303
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 10,451,378 | 12,239,783
| Rest of Europe | 1,752,420 | 1,574,520
|  | 12,203,798 | 13,814,303
4. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Miscellaneous income | 4,292 | -
|  | 4,292 | -
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (14,142) | 22,362
| Other operating lease rentals | 86,664 | 72,614
Page 18
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Audit services | 9,975 | 9,500
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 754,006 | 669,304
| Social security costs | 93,282 | 77,867
| Cost of defined contribution scheme | 35,332 | 31,827
|  | 882,620 | 778,998
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Sales | 6 | 6
|  | After market | 3 | 3
|  | Administration | 3 | 4
|  | Production | 2 | -
|  |  | 14 | 13
Page 19
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 120,636 | 112,464
| Company contributions to defined contribution pension schemes | 6,032 | 5,297
|  | 126,668 | 117,761
| During the year retirement benefits were accruing to directors (2024 - 1) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 20,731 | 28,413
|  | 20,731 | 28,413
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 90 | 326
|  | 90 | 326
Page 20
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 254,360 | 222,894
| Adjustments in respect of previous periods | - | 90,910
|  | 254,360 | 313,804
| Total current tax | 254,360 | 313,804
| Deferred tax |  |
| Origination and reversal of timing differences | 19,864 | 21,797
| Total deferred tax | 19,864 | 21,797
| Taxation on profit on ordinary activities | 274,224 | 335,601
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,080,473 | 910,962
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 270,118 | 227,741
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 9,954 | 2,895
| Capital allowances for year in excess of depreciation | (5,848) | 14,055
| Adjustments to tax charge in respect of prior periods | - | 90,910
| Total tax charge for the year | 274,224 | 335,601
Page 21
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
12. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2025 | 6,551
| At 31 December 2025 | 6,551
| Amortisation |
| At 1 January 2025 | 2,853
| Charge for the year on owned assets | 1,310
| At 31 December 2025 | 4,163
| Net book value |
| At 31 December 2025 | 2,388
| At 31 December 2024 | 3,698
Page 22
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
13. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 58,048 | 166,776 | 52,976 | 42,065 | 319,865
| Additions | 7,800 | 86,180 | 56,419 | 3,621 | 154,020
| Disposals | (3,900) | (63,924) | (44,254) | (28,333) | (140,411)
| At 31 December 2025 | 61,948 | 189,032 | 65,141 | 17,353 | 333,474
| Depreciation |  |  |  |  |
| At 1 January 2025 | 45,176 | 81,548 | 50,032 | 36,679 | 213,435
| Charge for the year on owned assets | 5,168 | 45,893 | 2,392 | 3,216 | 56,669
| Disposals | (368) | (53,293) | (44,254) | (28,205) | (126,120)
| At 31 December 2025 | 49,976 | 74,148 | 8,170 | 11,690 | 143,984
| Net book value |  |  |  |  |
| At 31 December 2025 | 11,972 | 114,884 | 56,971 | 5,663 | 189,490
| At 31 December 2024 | 12,872 | 85,228 | 2,944 | 5,386 | 106,430
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 1,782,865 | 1,379,090
|  | 1,782,865 | 1,379,090
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HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,271,410 | 1,694,357
| Amounts owed by group undertakings | 437,020 | 2,553,093
| Other debtors | 25,561 | 1,995
| Prepayments and accrued income | 166,232 | 110,101
|  | 1,900,223 | 4,359,546
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,711,751 | 777,199
|  | 3,711,751 | 777,199
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 23,197 | 15,347
| Amounts owed to group undertakings | 1,537,413 | -
| Corporation tax | - | 50,842
| Other taxation and social security | 84,249 | 312,421
| Other creditors | 24,319 | 17,415
| Accruals and deferred income | 576,596 | 1,715,109
|  | 2,245,774 | 2,111,134
18. | Deferred taxation
Page 24
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 18.Deferred taxation (continued)
|  | 2025
|  | £
| At beginning of year | (27,142)
| Charged to profit or loss | (19,864)
| At end of year | (47,006)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (47,006) | (27,142)
|  | (47,006) | (27,142)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 300,000 (2024 - 300,000) Ordinary shares of £1.00 each | 300,000 | 300,000
20. | Reserves
Profit and loss account The profit and loss account represents accumulated profits and losses less dividends paid.
21. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £35,332 (2024 - £31,827). Contributions totalling £0 (2023 - £0) were payable to the fund at the balance sheet date and are included in creditors. Page 25
HIMOINSA POWER SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
22. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 279,007 | 66,945
| Later than 1 year and not later than 5 years | 921,141 | 119,659
| Later than 5 years | 1,068,519 | -
|  | 2,268,667 | 186,604
23. | Controlling party
Himoinsa Power Solutions Ltd is a subsidiary of Himoinsa S.L, a company registered in Spain. The ultimate parent company is Yanmar Holdings Co. Ltd, a company registered in Japan. Himoinsa S.L. is the smallest group in which Himoinsa Power Solutions Ltd is a member and for which consolidated financial statements are prepared. Yanmar Holdings Co. Ltd is the largest group in which Himoinsa Power Solutions Ltd is a member and for which consolidated financial statements are prepared.
Page 26