Company registration number 09735909 (England and Wales)
TRU ENERGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
TRU ENERGY LIMITED
COMPANY INFORMATION
Directors
D Cohen
P J Brewer
Company number
09735909
Registered office
Gable House
239 Regents Park Road
London
N3 3LF
Auditor
SPW (UK) LLP
Gable House
239 Regents Park Road
London
N3 3LF
TRU ENERGY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
TRU ENERGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Review of the business

The Income Statement on page 9 outlines the company's financial performance for the year.

For the year ended 30 June 2025, the profit before tax decreased to £4.5m (2024: £4.9m). However, revenue increased by 34% to £59.1m (2024: £44.2m) reflecting strong financial management and the company's ability to adapt to market conditions.

Tru Energy maintains a robust financial position with effective cash flow management, ensuring continued liquidity.

Principal risks and uncertainties

Operating in the energy sector, Tru Energy continues to face a dynamic, challenging environment that could affect financial and operational performance. Regulatory pressures, particularly the Ofgem Price Cap, limit the tariffs that can be charged to Standard Variable Tariff (SVT) customers, while wholesale energy costs remain volatile.

Global energy markets remain sensitive to geopolitical tensions, such as the Iran war, and evolving sustainability policies, driving wholesale price volatility and affecting cash flow and margins. Elevated prices may also influence customer behaviour, with more customers rolling onto SVTs rather than entering higher-margin fixed-term contracts, which, combined with the ongoing affordability crisis, could put pressure on profitability. Tru Energy monitors these trends, manages its sales pipeline, and engages proactively with customers who may face payment difficulties, providing tailored guidance and support, particularly for the most vulnerable households.

Wholesale energy price fluctuations continue to require careful management. Tru Energy follows a strict commodity hedging policy, ensuring that all fixed-term contracts are fully hedged and that variable contracts are hedged in line with the Ofgem price cap methodology. Severe weather events, such as harsh winters, could still present a challenge, but proactive risk management means the size of that risk is constantly modelled and well understood.

Risk management and mitigation:

- Commodity Hedging: A forward purchasing strategy ensures price stability and mitigates market fluctuations.

- Credit Risk Management: Enhanced credit assessments and proactive debt collection minimise bad debt.

- Liquidity Management: Detailed cash flow forecasting ensures sufficient liquidity for operational and investment needs.

- Customer Support Measures: Proactive engagement with at-risk customers, offering guidance and support to protect both customers and company performance.

The directors have assessed these risks as non-​adjusting, with significant impacts expected from broader economic conditions. These factors have been incorporated into the company's going concern assessment.

Development and performance

Tru Energy delivered a strong performance during the year, achieving substantial growth in both its customer base and energy volumes. This demonstrates the company’s ability to operate effectively in a competitive market, adapt to evolving conditions, and strengthen its overall market presence. The directors remain confident in the resilience of the business model and its capacity for continued growth.

The business maintained its investment in technological innovation. Ongoing deployment of smart metering has improved the quality and transparency of customer billing, providing clear insights into energy usage and helping customers manage their consumption more effectively, potentially reducing their costs. These developments have strengthened customer engagement and reinforced Tru Energy’s commitment to delivering value to its customers.

TRU ENERGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The company continues to invest in technological solutions and systems to reinforce its market position and adapt to evolving industry conditions.

At Tru Energy, employees are central to the company’s success. The company focuses on nurturing talent, encouraging collaboration, and helping employees see the impact of their work. By promoting open communication, providing regular feedback, and maintaining a supportive and inclusive environment, Tru Energy ensures that every team member can contribute to the company’s success.

Maintaining strong relationships with customers and suppliers continues to be a core focus. By fostering open and transparent communication, Tru Energy provides tailored solutions, reliable service, and competitive pricing. Close partnerships with suppliers help ensure a dependable energy supply and reinforce the company’s commitment to fairness and quality.

Key performance indicators

Tru Energy consistently monitors key business metrics to drive sustainable growth. For the year ended 30th of June 2025, the following KPIs highlight the company's achievements:

- ​A 59.44% increase in electricity volume and a 44.76% increase in gas volume

- A 55.92% growth in electricity customer numbers and 68.86% growth in gas customer numbers, demonstrating the effectiveness of customer acquisition strategies

- A 16.14% reduction in the cost per kWh of electricity and 15.66% reduction in the cost per kWh of gas, reflecting lower wholesale market prices

Future Outlook

Tru Energy enters the next financial year well-positioned to capitalise on market opportunities and navigate sector challenges. The company has a strong pipeline of contracts and deals scheduled for the coming year, providing confidence in sustained profitability regardless of broader market fluctuations.

Operational efficiency and technological investment remain central to our strategy. Continued smart meter deployment will empower customers with greater control over energy use, improve billing transparency, and support efficient resource management.

Tru Energy remains committed to supporting customers, particularly those facing financial hardship. Should the government introduce schemes to help with energy costs, these are expected to support both customers and the company’s financial performance.

The company will maintain a proactive approach to regulatory compliance, monitor market trends, and adapt to evolving industry conditions to protect and enhance our market position. By focusing on customer relationships, operational resilience, and disciplined risk management, Tru Energy is confident in sustaining growth, delivering strong results, and reinforcing its role as a leading energy supplier in the UK.

On behalf of the board

.............................................
D Cohen
Director
30 March 2026
TRU ENERGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of the supply of electricity and gas.

Results and dividends

The results for the year are set out on page 8.

No dividends will be distributed for the year ended 30 June 2025.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Cohen
P J Brewer
Research and development

The company continues to develop its internal CRM system.

Auditor

SPW (UK) LLP were appointed as auditor to the company in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at the forthcoming Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
..............................................
..............................................
D Cohen
P J Brewer
Director
Director
30 March 2026
TRU ENERGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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 are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

TRU ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRU ENERGY LIMITED
- 5 -
Opinion

We have audited the financial statements of Tru Energy Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 30 June 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 Auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

TRU ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRU ENERGY LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 auditor's 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the commodities market;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the design of the company’s remuneration policies

TRU ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRU ENERGY LIMITED (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

Shirish Shah (Senior Statutory Auditor)
For and on behalf of SPW (UK) LLP, Statutory Auditor
Chartered Accountants
Gable House
239 Regents Park Road
London
N3 3LF
30 March 2026
TRU ENERGY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
5
58,740,817
44,245,950
Cost of sales
(51,639,373)
(37,714,395)
Gross profit
7,101,444
6,531,555
Administrative expenses
(3,010,790)
(1,735,556)
Other operating income
191,015
185,213
Operating profit
6
4,281,669
4,981,212
Interest receivable and similar income
9
192,960
34,778
Interest payable and similar expenses
10
-
0
(65,999)
Profit before taxation
4,474,629
4,949,991
Tax on profit
11
(1,244,874)
(1,231,123)
Profit for the financial year
3,229,755
3,718,868

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TRU ENERGY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
2025
2024
£
£
Profit for the year
3,229,755
3,718,868
Other comprehensive income
-
-
Total comprehensive income for the year
3,229,755
3,718,868
TRU ENERGY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
227,880
233,473
Tangible assets
13
19,108
6,070
246,988
239,543
Current assets
Debtors
14
16,310,977
7,957,013
Cash at bank and in hand
1,660,242
5,267,933
17,971,219
13,224,946
Creditors: amounts falling due within one year
15
(7,414,890)
(5,894,539)
Net current assets
10,556,329
7,330,407
Total assets less current liabilities
10,803,317
7,569,950
Provisions for liabilities
Deferred tax liability
16
29,777
26,165
(29,777)
(26,165)
Net assets
10,773,540
7,543,785
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
10,773,539
7,543,784
Total equity
10,773,540
7,543,785

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 March 2026 and are signed on its behalf by:
..............................................
..............................................
D Cohen
P J Brewer
Director
Director
Company registration number 09735909 (England and Wales)
TRU ENERGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2023
1
3,824,916
3,824,917
Year ended 30 June 2024:
Profit and total comprehensive income
-
3,718,868
3,718,868
Balance at 30 June 2024
1
7,543,784
7,543,785
Year ended 30 June 2025:
Profit and total comprehensive income
-
3,229,755
3,229,755
Balance at 30 June 2025
1
10,773,539
10,773,540
TRU ENERGY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
1
(2,844,195)
5,259,378
Interest paid
-
0
(65,999)
Tax paid
(799,657)
(1,278,187)
Net cash (outflow)/inflow from operating activities
(3,643,852)
3,915,192
Investing activities
Purchase of intangible assets
(134,557)
(143,749)
Purchase of tangible fixed assets
(22,242)
(567)
Interest received
192,960
34,778
Net cash generated from/(used in) investing activities
36,161
(109,538)
Net (decrease)/increase in cash and cash equivalents
(3,607,691)
3,805,654
Cash and cash equivalents at beginning of year
5,267,933
1,462,279
Cash and cash equivalents at end of year
1,660,242
5,267,933
TRU ENERGY LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit after taxation
3,229,755
3,718,868
Adjustments for:
Taxation charged
1,244,874
1,231,123
Finance costs
-
0
65,999
Investment income
(192,960)
(34,778)
Amortisation and impairment of intangible assets
40,150
109,355
Depreciation and impairment of tangible fixed assets
9,204
3,768
Movements in working capital:
Increase in debtors
(8,253,964)
(213,457)
Increase in creditors
1,078,746
378,500
Cash (absorbed by)/generated from operations
(2,844,195)
5,259,378
2
Analysis of changes in net funds
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
5,267,933
(3,607,691)
1,660,242
3
Accounting policies
Company information

Tru Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gable House, 239 Regents Park Road, London, N3 3LF.

3.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

3.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.3
Revenue

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

TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 14 -
3.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

3.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
No amortisation
Development costs
3 year straight line
3.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% straight line
Motor vehicles
3 year straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

3.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

3.8
Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 15 -
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, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. A m ounts 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.

TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 16 -
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 s ubsequently 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 th r ough 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.

3.9
Equity instruments

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

3.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 17 -
3.11
Employee 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.

3.12
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.

3.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

3.14

Research and development

Research and development costs are incurred in the development and enhancement of the company's CRM software. The software has an ongoing benefit to the company's business and these costs are amortised over 3 years to reflect this. The costs capitalised represent only the development costs incurred. Costs that represent purely the research element have been reflected in the income statement in the periods they have been incurred.

4
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amortisation of development costs

Determining the amortisation rate involves judgement as to the useful life of assets, particularly where development is ongoing as is the case with the development costs. The carrying value of the development costs as at the year end is £227,880 (2024: £133,473).

Recoverability of loans due to the company

Loan balances are reviewed and estimates are made as to whether the balances are deemed recoverable based on directors knowledge and the information available.

TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
5
Turnover and other revenue

The turnover and profit before taxation are attributable to the one principal activity of the company.

2025
2024
£
£
Other revenue
Interest income
192,960
34,778
6
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
40,000
38,000
Depreciation of tangible fixed assets
9,204
3,768
Amortisation of intangible assets
40,150
109,355
Operating lease charges
55,080
50,400
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administrative
21
14

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,288,981
1,065,090
Social security costs
158,076
127,289
Pension costs
15,028
11,575
1,462,085
1,203,954
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
200,000
243,000
TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
200,000
243,000
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
192,960
34,778
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
192,960
34,778
10
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
-
65,999
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,241,262
1,231,123
Deferred tax
Origination and reversal of timing differences
3,612
-
0
Total tax charge
1,244,874
1,231,123
TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
11
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
4,474,629
4,949,991
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,118,657
1,237,498
Tax effect of expenses that are not deductible in determining taxable profit
117,138
1,423
Permanent capital allowances in excess of depreciation
-
0
(7,798)
Depreciation in excess of capital allowances
9,079
-
0
Taxation charge for the year
1,244,874
1,231,123
12
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 July 2024
100,000
625,757
725,757
Additions - internally developed
-
0
134,557
134,557
Other movements
(100,000)
-
0
(100,000)
At 30 June 2025
-
0
760,314
760,314
Amortisation and impairment
At 1 July 2024
-
0
492,284
492,284
Amortisation charged for the year
-
0
40,150
40,150
At 30 June 2025
-
0
532,434
532,434
Carrying amount
At 30 June 2025
-
0
227,880
227,880
At 30 June 2024
100,000
133,473
233,473

The licence balance brought forward represents a deposit held with Ofgem. During the period, this amount has been reclassified and is now presented within Deposits under Other Debtors.

TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
13
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2024
44,710
4,922
49,632
Additions
22,242
-
0
22,242
At 30 June 2025
66,952
4,922
71,874
Depreciation and impairment
At 1 July 2024
41,102
2,460
43,562
Depreciation charged in the year
7,973
1,231
9,204
At 30 June 2025
49,075
3,691
52,766
Carrying amount
At 30 June 2025
17,877
1,231
19,108
At 30 June 2024
3,608
2,462
6,070
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,028,882
6,068,950
Other debtors
5,074,127
1,163,937
Prepayments and accrued income
3,207,968
724,126
16,310,977
7,957,013
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,804,400
3,126,452
Corporation tax
1,251,913
810,308
Other taxation and social security
66,488
54,397
Other creditors
175,446
268,440
Accruals and deferred income
2,116,643
1,634,942
7,414,890
5,894,539
TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
29,777
26,165
2025
Movements in the year:
£
Liability at 1 July 2024
26,165
Charge to profit or loss
3,612
Liability at 30 June 2025
29,777
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,028
11,575

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
19
Ultimate controlling party

The immediate and ultimate parent company is Daffodil Energy Supply Limited, company registered in England and Wales. A copy of the group financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

The smallest and largest group for which consolidated accounts are drawn up, of which this company is a member, is Daffodil Energy Supply Limited. The registered office for Daffodil Energy Supply Limited is Gable House, 239 Regents Park Road, London, United Kingdom N3 3LF.

20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with Huddle Utilities Limited - an entity with the same director as the company:

TRU ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
20
Related party transactions
(Continued)
- 23 -
2025
2024
£
£
Turnover
17,386,711
19,403,748
Cost of sales
5,207,618
5,136,589
Expenses recharged
(207,189)
-
Fixed asset additions
2,061
-
Included in Trade debtors
3,220,324
2,254,745
21
Financial Commitments

During the year, the company had entered into various agreements to forward purchase energy at a fixed price as of 30 June 2025. The total agreed price for these agreements was £16,518,976 (2024 £14,603,801). A connected company who is also a participating shareholder has provided guarantees in respect of these agreements. The energy was purchased on behalf of customers, who have entered into agreements to purchase the energy at an agreed price.

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