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Registration number: 14539947

NextEnergy Services Ltd
trading as NextEnergy Services Ltd
Annual Report and Consolidated Financial Statements
for the Year Ended 31 December 2024

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Consolidated Profit and Loss Account | 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Balance Sheet | 12
Company Balance Sheet | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Notes to the Financial Statements | 17 to 33

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Company Information

Directors | Mr Aldo Beolchini Mr Ross Grier Ms Caroline Mary Cushing Mr Michael Fritz Herbert Bonte-Friedheim

Company secretary | Laggan Secretaries limited

Registered office | 75 Grosvenor Street London W1K 3JS

Auditors | The Audit Experts Limited Statutory Auditor4th Floor, 3 Shortlands Hammersmith London W6 8DA

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Strategic Report for the Year Ended 31 December 2024

The Directors present the Strategic Report for NextEnergy Services Limited for the year ended 31 December 2024.
References in this report to the “Company” mean NextEnergy Services Limited, together with its subsidiaries, the “Group”.
Principal Activities
The principal activity of the Company is that of an investment holding company which focuses its investment activities on renewable energy.
Business Review
The profit for the financial year ended 31 December 2024 was £10,818,851 (loss 2023 - £578,140).
During the year, the Group successfully continued its renewable energy plant development activities, further reinforcing its commitment to sustainability and innovation. Additionally, as part of its portfolio optimisation strategy, two plants were divested, with a portion of the proceeds being reinvested to support the ongoing development of projects currently in the pipeline. During the year, the Group used its cash balances to lend funds to related parties. In doing so, a significant rise in the value of Debtors and corresponding fall in Cash at bank and in hand has occurred.
The level of debtors at the year end reflects amounts due from group companies and trade receivables arising in the normal course of business. The directors consider these balances to be fully recoverable.
Cash at bank and in hand remained at a level sufficient to meet the company’s operational needs. The Company maintains a prudent approach to liquidity, ensuring adequate cash reserves are available to support ongoing activities and any short-term obligations.
Principal Risks and Uncertainties
The management of the business and execution of the Group’s strategy are subject to a number of risks. The principal risks are market risk, credit risk and liquidity risk. The principal risks of the group are monitored by Management. Where Management identifies that specific risks are material to the Group, the financial impact of these risks is considered as part of business planning and capital management.
Market Risk
Market risk is the risk of fluctuations in the financial markets that can affect investor appetite. Economic downturns may lead to reduced asset values and liquidity challenges.
Liquidity Risk
Liquidity risk is the risk of an entity encountering difficulty in meeting obligations with financial liabilities. Liquidity management is performed centrally by Group Finance with oversight from the CFO. The Group has a scalable business model allowing it to be able to react effectively and quickly.
Credit Risk
Credit risk is the risk that a counterparty will fail to complete it contractual obligations when they fall due. The Company mitigates this risk by placing priority of this payment over other obligations of the funds and undertaking thorough due diligence on counter parties.
Future Development
The company will continue to develop its SPVs. All sales are expected to be made at a profit. Based on historical experience, the Company is expected to sell their SPVs within a period of two years on average and expected to realise profits in the future. These profits will be used to make further investments by the Group are subject to a number of risks. The principal risks are market risk, credit risk and liquidity risk. The principal risks of the group are monitored by Management. Where Management identifies that specific risks are material to the Group, the financial impact of these risks is considered as part of business planning and capital management.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Strategic Report for the Year Ended 31 December 2024

The Directors present the Strategic Report for NextEnergy Services Limited for the year ended 31 December 2024.
References in this report to the “Company” mean NextEnergy Services Limited, together with its subsidiaries, the “Group”.
Principal Activities
The principal activity of the Company is that of an investment holding company which focuses its investment activities on renewable energy.
Business Review
The profit for the financial year ended 31 December 2024 was £10,818,851 (loss 2023 - £578,140).
During the year, the Group successfully continued its renewable energy plant development activities, further reinforcing its commitment to sustainability and innovation. Additionally, as part of its portfolio optimisation strategy, two plants were divested, with a portion of the proceeds being reinvested to support the ongoing development of projects currently in the pipeline. During the year, the Group used its cash balances to lend funds to related parties. In doing so, a significant rise in the value of Debtors and corresponding fall in Cash at bank and in hand has occurred.
The level of debtors at the year end reflects amounts due from group companies and trade receivables arising in the normal course of business. The directors consider these balances to be fully recoverable.
Cash at bank and in hand remained at a level sufficient to meet the company’s operational needs. The Company maintains a prudent approach to liquidity, ensuring adequate cash reserves are available to support ongoing activities and any short-term obligations.
Principal Risks and Uncertainties
The management of the business and execution of the Group’s strategy are subject to a number of risks. The principal risks are market risk, credit risk and liquidity risk. The principal risks of the group are monitored by Management. Where Management identifies that specific risks are material to the Group, the financial impact of these risks is considered as part of business planning and capital management.
Market Risk
Market risk is the risk of fluctuations in the financial markets that can affect investor appetite. Economic downturns may lead to reduced asset values and liquidity challenges.
Liquidity Risk
Liquidity risk is the risk of an entity encountering difficulty in meeting obligations with financial liabilities. Liquidity management is performed centrally by Group Finance with oversight from the CFO. The Group has a scalable business model allowing it to be able to react effectively and quickly.
Credit Risk
Credit risk is the risk that a counterparty will fail to complete it contractual obligations when they fall due. The Company mitigates this risk by placing priority of this payment over other obligations of the funds and undertaking thorough due diligence on counter parties.
Future Development
The company will continue to develop its SPVs. All sales are expected to be made at a profit. Based on historical experience, the Company is expected to sell their SPVs within a period of two years on average and expected to realise profits in the future. These profits will be used to make further investments by the Group are subject to a number of risks. The principal risks are market risk, credit risk and liquidity risk. The principal risks of the group are monitored by Management. Where Management identifies that specific risks are material to the Group, the financial impact of these risks is considered as part of business planning and capital management.

Approved and authorised by the Board on 3 April 2026 and signed on its behalf by:

......................................... Mr Michael Fritz Herbert Bonte-Friedheim Director

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr Edward Caley (ceased 16 May 2025)

Mr Daniele Pozzi (ceased 16 May 2025)

Mr Michael Fritz Herbert Bonte-Friedheim

The following directors were appointed after the year end:

Mr Aldo Beolchini (appointed 16 May 2025)

Mr Ross Grier (appointed 16 May 2025)

Ms Caroline Mary Cushing (appointed 16 May 2025)

Results and dividends

The group reported profit after tax of £10,818,851 for the financial year and loss during 2023 - £578,140.
No dividends were paid in the current year (2023 - £Nil).

Political donations

The company did not make any political donations or incur any political expenditure during the year (2023 - £Nil).

Qualifying third party indemnity provisions

The group has not made qualifying third party indemnity provisons for the benefit of its directors during the year.

Employees involvement

The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company and the group. This achieved through formal and informal meetings. Employees representatives are consulted regularly on wide range of matters affecting their current and future interests.

Director's interest

None of the directors had any interest in any contracts or arrangements with the Group and its subsidiaries during the year.

Going concerns

The directors are confident that the Company and the Group has sufficient resources to continue its operations for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements. As such, the going concern basis has been adopted in the preparation of the annual report and financial statements.
In reaching this conclusion, the directors have considered the Company’s current financial position, projected cash flows, and the ongoing support from its parent and other group companies. No material uncertainties have been identified that would cast significant doubt on the Company’s and the Group's ability to continue as a going concern.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Directors' Report for the Year Ended 31 December 2024

Post balance sheet event

No post balance sheet event to be disclosed for the year.

Disclosure of information to the auditor

Each of the persons who are directors at the time when this Director’s Report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the Company’s auditor is
unaware; and
• the directors 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 auditor is aware of that information.
This information is given and should be interpreted in accordance with the provision of s418 of the Companies
Act 2006.

Approved and authorised by the Board on 3 April 2026 and signed on its behalf by:

......................................... Mr Michael Fritz Herbert Bonte-Friedheim Director

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Independent Auditor's Report to the Members of NextEnergy Services Ltd

Opinion

We have audited the financial statements of NextEnergy Services Ltd (the ' company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of material 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 group's and the company's affairs as at 31 December 2024 and of the group's 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 matters

We draw attention to the fact that this is the first year of our audit of the financial statements. As a result, we have not been engaged to audit the opening balances or comparative numbers for the prior period presented in the financial statements. These opening balances and comparative figures are unaudited, and we have not expressed any assurance on them. Our opinion is based solely on the audited financial statements for the current period.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Independent Auditor's Report to the Members of NextEnergy Services Ltd

Other information

The other information comprises all of the information 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, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in the report, any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our knowledge and understanding of the company and the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the company financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities, 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 Responsibilities for the audit of the financial statements

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Independent Auditor's Report to the Members of NextEnergy Services Ltd

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.

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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
• Enquiries of management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
• Using analytical procedures to identify any unusual or unexpected relationships and;
• Performing audit work over the risk of management override of controls, including testing of journals entries and other adjustments for appropriateness , evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though we have properly planned and performed our audit in accordance with the auditing standards, including those leading to a material misstatement in the financial statements or non-compliance with regulations. 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 is available on the Financial Reporting Council’s website at: 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.

......................................
Irfan Ahmed Zuberi FCCA (Senior Statutory Auditor)
For and on behalf of The Audit Experts Limited, Statutory Auditor
4th Floor, 3 Shortlands
Hammersmith
London
W6 8DA

3 April 2026

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ | Unaudited 2023 £
Turnover | 3 | 12,285,260 | 3,484,322
Cost of sales |  | (7,592,817) | (3,398,874)
Gross profit |  | 4,692,443 | 85,448
Administrative expenses |  | (3,435,652) | (842,014)
Gain/(loss) on disposal of Investments | 4 | 9,829,320 | -
Operating profit/(loss) | 5 | 11,086,111 | (756,566)
Other interest receivable and similar income | 6 | 398,044 | 173,088
Interest payable and similar expenses | 7 | (64,794) | (12,961)
|  | 333,250 | 160,127
Profit/(loss) before tax |  | 11,419,361 | (596,439)
Tax on profit/(loss) | 10 | (600,510) | 18,299
Profit/(loss) for the financial year |  | 10,818,851 | (578,140)
Profit/(loss) attributable to: |  |  |
Owners of the company |  | (32,397) | (519,387)
Minority interests |  | 10,851,248 | (58,753)
|  | 10,818,851 | (578,140)

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

| 2024 £ | Unaudited 2023 £
Profit/(loss) for the year | 10,818,851 | (578,140)
Foreign currency translation (losses)/gains | (46,053) | 24,693
Total comprehensive income for the year | 10,772,798 | (553,447)
Total comprehensive income attributable to: |  |
Owners of the company | (78,450) | (494,694)
Minority interests | 10,851,248 | (58,753)
| 10,772,798 | (553,447)

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

(Registration number: 14539947)
Consolidated Balance Sheet as at 31 December 2024

| Note | 2024 £ | Unaudited 2023 £
Fixed assets |  |  |
Intangible assets | 11 | 85,317 | 68,083
Tangible assets | 12 | 1,235,883 | 281,896
Investments |  | 895,454 | 821,317
|  | 2,216,654 | 1,171,296
Current assets |  |  |
Debtors | 14 | 22,333,758 | 17,742,111
Cash at bank and in hand | 15 | 4,252,361 | 8,418,347
|  | 26,586,119 | 26,160,458
Creditors: Amounts falling due within one year | 16 | (18,316,376) | (22,523,065)
Net current assets |  | 8,269,743 | 3,637,393
Net assets |  | 10,486,397 | 4,808,689
Capital and reserves |  |  |
Called up share capital | 18 | 100 | 100
Other reserves |  | 6,124,911 | 6,124,911
Retained earnings |  | (1,336,311) | (1,257,861)
Equity attributable to owners of the company |  | 4,788,700 | 4,867,150
Minority interests |  | 5,697,697 | (58,461)
Shareholders' funds |  | 10,486,397 | 4,808,689

Approved and authorised by the Board on 3 April 2026 and signed on its behalf by:

......................................... Mr Michael Fritz Herbert Bonte-Friedheim Director

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

(Registration number: 14539947)
Company Balance Sheet as at 31 December 2024

| Note | 2024 £ | Unaudited 2023 £
Fixed assets |  |  |
Intangible assets | 11 | 85,317 | 68,083
Tangible assets | 12 | 231,316 | 179,878
Investments | 13 | 6,108,367 | 6,175,912
|  | 6,425,000 | 6,423,873
Current assets |  |  |
Debtors | 14 | 3,117,068 | 2,530,184
Cash at bank and in hand | 15 | 289,700 | 60,625
|  | 3,406,768 | 2,590,809
Creditors: Amounts falling due within one year | 16 | (9,674,944) | (9,085,938)
Net current liabilities |  | (6,268,176) | (6,495,129)
Net assets/(liabilities) |  | 156,824 | (71,256)
Capital and reserves |  |  |
Called up share capital | 18 | 100 | 100
Retained earnings |  | 156,724 | (71,356)
Shareholders' funds/(deficit) |  | 156,824 | (71,256)

The company made a profit after tax for the financial year of £228,080 (2023 - loss of £71,356).

Approved and authorised by the Board on 3 April 2026 and signed on its behalf by:

......................................... Mr Michael Fritz Herbert Bonte-Friedheim Director

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

| Share capital £ | Other reserves £ | Retained earnings £ | Total £ | Non-controlling interests - Equity £ | Total equity £
At 1 January 2024 | 100 | 6,124,911 | (1,257,861) | 4,867,150 | (58,461) | 4,808,689
(Loss)/profit for the year | - | - | (32,397) | (32,397) | 10,851,248 | 10,818,851
Other comprehensive income | - | - | (46,053) | (46,053) | - | (46,053)
Total comprehensive income | - | - | (78,450) | (78,450) | 10,851,248 | 10,772,798
Dividends | - | - | - | - | (5,095,090) | (5,095,090)
At 31 December 2024 | 100 | 6,124,911 | (1,336,311) | 4,788,700 | 5,697,697 | 10,486,397

| Share capital £ | Other reserves £ | Retained earnings £ | Total £ | Non-controlling interests - Equity £ | Total equity £
Loss for the year- unaudited | - | - | (519,387) | (519,387) | (58,753) | (578,140)
Other comprehensive income- unaudited | - | - | 24,693 | 24,693 | - | 24,693
Total comprehensive income - unaudited | - | - | (494,694) | (494,694) | (58,753) | (553,447)
New share capital subscribed- unaudited | 100 | - | - | 100 | - | 100
Other movements on reserves- unaudited | - | 6,124,911 | (763,167) | 5,361,744 | 292 | 5,362,036
At 31 December 2023- unaudited | 100 | 6,124,911 | (1,257,861) | 4,867,150 | (58,461) | 4,808,689

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Company Company Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 100 | (71,356) | (71,256)
Profit for the year | - | 228,080 | 228,080
At 31 December 2024 | 100 | 156,724 | 156,824

| Share capital £ | Retained earnings £ | Total £
Loss for the year - unaudited | - | (71,356) | (71,356)
New share capital subscribed - unaudited | 100 | - | 100
At 31 December 2023 - unaudited | 100 | (71,356) | (71,256)

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

| Note | 2024 £ | Unaudited 2023 £
Cash flows from operating activities
Profit/(loss) for the year |  | 10,818,851 | (578,140)
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 136,618 | 63,360
Finance income | 6 | (398,044) | (173,088)
Finance costs | 7 | 64,794 | 12,961
Income tax expense | 10 | 600,510 | (18,299)
Foreign exchange gains/losses |  | (157,907) | 55,796
|  | 11,064,822 | (637,410)
Working capital adjustments |  |  |
Increase in trade debtors | 14 | (4,722,454) | (17,611,304)
(Decrease)/increase in trade creditors | 16 | (4,682,501) | 22,523,065
Cash generated from operations |  | 1,659,867 | 4,274,351
Income taxes received/(paid) | 10 | 6,109 | (112,508)
Net cash flow from operating activities |  | 1,665,976 | 4,161,843
Cash flows from investing activities |  |  |
Interest received |  | 398,044 | 173,088
Acquisitions of tangible assets |  | (1,054,727) | (328,488)
Acquisition of intangible assets | 11 | (53,150) | (84,851)
Acquisition of investments |  | (74,137) | (1,559,499)
Net assets acquired on reorganisation |  | - | 6,124,911
Net cash flows from investing activities |  | (783,970) | 4,325,161
Cash flows from financing activities |  |  |
Interest paid | 7 | (64,794) | (12,961)
Proceeds from issue of ordinary shares, net of issue costs |  | - | 100
Dividends paid |  | (5,095,090) | -
Net cash flows from financing activities |  | (5,159,884) | (12,861)
Net (decrease)/increase in cash and cash equivalents |  | (4,277,878) | 8,474,143
Cash and cash equivalents at 1 January |  | 8,418,347 | -
Effect of exchange rate fluctuations on cash held |  | 111,892 | (55,796)
Cash and cash equivalents at 31 December |  | 4,252,361 | 8,418,347

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
75 Grosvenor Street
London
W1K 3JS
United Kingdom

These financial statements were authorised for issue by the Board on 3 April 2026.

2 | Material accounting policies

Summary of material accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.The functional and presentational currency is Pound Sterling (£).
The company has taken advantage of exemption provided by FRS 102 section 33 “Related Party Transactions” not to disclose transactions with other NextEnergy Capital Sàrl wholly owned subsidiaries who are related parties.
The Company has taken advantage of the exemption under FRS 102 from preparing a company-only cash flow statement.
The Company has taken advantage of the exemption available in Section 408 of the Companies Act 2006 from presenting its individual profit and loss account.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
Under FRS 102, para 9.9 (b), SPVs were excluded from the consolidation as they are held as part of an investments portfolio and has never been previously consolidated within the group financial statements.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Certain subsidiaries operate under a capital structure defined in the Articles of Association that allocates profit participation rights exclusively to holders of Preferred Quotas. Ordinary shareholders without such quotas are not entitled to profits but bear losses in proportion to their ordinary shareholdings. As the Group does not hold any Preferred Quotas in these subsidiaries, all profits are attributed to Non‑Controlling Interests, in accordance with FRS 102 and the economic substance of the arrangement.

Going concern

The directors are confident that the Company and the Group has sufficient resources to continue its operations for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements. As such, the going concern basis has been adopted in the preparation of the annual report and financial statements.
In reaching this conclusion, the directors have considered the Company’s current financial position, projected cash flows, and the ongoing support from its parent and other group companies. No material uncertainties have been identified that would cast significant doubt on the Company’s and the Group's ability to continue as a going concern.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Judgements

The company holds investments in various entities, including early-stage renewable energy projects. Management assesses whether these should be accounted for as subsidiaries, associates, or financial assets. This classification involves judgement regarding control, significant influence, and the business model for holding the investments. These Investments in the Company’s balance sheet are stated at cost less any impairment. These are reviewed annually for indicators of impairment. The Group has exercised significant judgement in determining the appropriate allocation of profits and losses arising from subsidiaries that have multiple classes of equity instruments. Although the Group holds the majority of the ordinary share capital and the voting rights, the economic rights to profits are assigned exclusively to holders of Preferred Quotas as defined in the Articles of Association. Management has concluded that attribution of profits entirely to Non‑Controlling Interests appropriately reflects the economic substance of the Group’s rights and is compliant with FRS 102. This judgement has a material impact on the attribution of profit and the presentation of Non‑Controlling Interests. Management has determined that certain special purpose vehicles (SPVs) are held as part of the investment portfolio and are not consolidated under FRS 102 Section 9. This judgement is based on management’s intention and the structure of these investments, and it affects the presentation of the Group’s consolidated financial statements.

Key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires the use of estimates and assumptions. The
following areas involve significant estimation uncertainty that could result in a material adjustment to the
carrying amounts of assets or liabilities in the next financial year.
The group makes an estimate of the recoverable value of trade and inter-company debtors at the reporting date. When assessing impairment of trade and inter-company debtors, management will use the information available and conditions present at the reporting date to estimate the value of any provision required. In respect of trade debtors, this will include factors such as the ageing profile of the debtors and historical experience, and the latest financial position and liquidity of related group companies with whom, inter-company debtors are held with.
The company reviews the carrying values of investments in subsidiaries and associates for impairment where
indicators exist.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 the profit and loss account.
The trading results of group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in 'Other comprehensive income' and allocated to non-controlling interests as appropriate.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.These tangible assets are impaired when trigger of impairment is identified.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture, fittings, tools and equipment | 33.3% on a straight line basis
Short leasehold Land and buildings | 33.3% on a straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Other intangible - Software | 33.3% on a straight line basis
Company website | This has not been amortised yet, expected to be live in 2025

Investments

Investments in the Company’s balance sheet are stated at cost less any impairment. They are reviewed annually for indicators of impairment.
Investments in subsidiaries are measured at cost less impairment. Investments in subsidiaries held as part of an investment portfolio are measured at Fair value with fair value changes recognised in profit or loss. The entity uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of inputs determined by reference to a market price in an active market.
Where the fair value of investments can not be reliably measured due to an absent active market or due to no other reliable method to calculate fair value the Investment is recognised at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Impairment of non-financial assets

At each balance sheet date, non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication, the recoverable amount of the asset (or asset's cash generating units) is compared to the carrying amount of the asset(or asset's cash generating unit). The recoverable amount of the asset (or asset's cash generating units) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating units) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.If the recoverable amount of the asset (or asset's cash generating units) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter, any excess is recognised in profit or loss.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Related parties

The Group discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the group financial statements.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

3 | Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2024 £ | Unaudited 2023 £
Rendering of services, UK | 6,430,043 | 2,469,359
Rendering of services, Europe | 5,545,882 | 830,807
Rendering of services, rest of world | 309,335 | 184,156
| 12,285,260 | 3,484,322

4 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2024 £ | Unaudited 2023 £
Gain/(loss) on disposal of investment | 9,829,320 | -

5 | Operating profit/(loss)

Arrived at after charging/(crediting)

| 2024 £ | Unaudited 2023 £
Depreciation expense | 100,701 | 28,808
Amortisation expense | 35,917 | 16,798
Foreign exchange (gains)/losses | (157,907) | 55,796
Operating lease expense - plant and machinery | 175 | 387
Auditor's remuneration - The audit of the company's annual accounts | 29,000 | -

6 | Other interest receivable and similar income

| 2024 £ | Unaudited 2023 £
Interest income on bank deposits | 9 | 8
Other finance income | 398,035 | 173,080
| 398,044 | 173,088

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7 | Interest payable and similar expenses

| 2024 £ | Unaudited 2023 £
Interest on bank overdrafts and borrowings | 59,009 | -
Interest expense on other finance liabilities | 5,785 | 12,961
| 64,794 | 12,961

8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £ | Unaudited 2023 £
Wages and salaries | 4,566,385 | 2,562,176
Social security costs | 594,944 | -
Other short-term employee benefits | 15,899 | 105
Pension costs, defined contribution scheme | 178,288 | 113,888
Other employee expense | 129,151 | 103,205
| 5,484,667 | 2,779,374

The remuneration of directors who served during the year, included in the above note, amounted to £96,911 (2023: £105,391). The highest-paid director received £96,911 (2023: £105,391).
No other individuals who served as directors during the year received emoluments from the group.

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2024 No. | Unaudited 2023 No.
Administration and support | 52 | 60
| 52 | 60

9 | Auditors' remuneration

| 2024 £ | Unaudited 2023 £
Audit of these financial statements | 29,000 | -

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

10 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2024 £ | Unaudited 2023 £
Current taxation |  |
UK corporation tax | 600,510 | (18,299)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).
The differences are reconciled below:

| 2024 £ | Unaudited 2023 £
Profit/(loss) before tax | 11,419,361 | (596,439)
Corporation tax at standard rate | 2,797,743 | (140,163)
Tax (decrease)/increase from effect of capital allowances and depreciation | (12,602) | 6,755
Effect of expense not deductible in determining taxable profit (tax loss) | 111 | 18
Effect of tax losses | (43,389) | 133,390
Effect of foreign tax rates | (2,141,353) | -
Tax decrease from other tax effects | - | (18,299)
Total tax charge/(credit) | 600,510 | (18,299)

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

11 | Intangible assets

Group

| Internally generated software development costs £ | Other intangible assets £ | Total £
Cost or valuation
At 1 January 2024 - unaudited | - | 84,851 | 84,851
Additions acquired separately | 17,250 | 35,900 | 53,150
At 31 December 2024 | 17,250 | 120,751 | 138,001
Amortisation
At 1 January 2024 - unaudited | - | 16,768 | 16,768
Amortisation charge | - | 35,916 | 35,916
At 31 December 2024 | - | 52,684 | 52,684
Carrying amount
At 31 December 2024 | 17,250 | 68,067 | 85,317
At 31 December 2023 - unaudited | - | 68,083 | 68,083

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

| Internally generated software development costs £ | Other intangible assets £ | Total £
Cost or valuation
At 1 January 2024 - unaudited | - | 84,851 | 84,851
Additions acquired separately | 17,250 | 35,900 | 53,150
At 31 December 2024 | 17,250 | 120,751 | 138,001
Amortisation
At 1 January 2024 - unaudited | - | 16,768 | 16,768
Amortisation charge | - | 35,916 | 35,916
At 31 December 2024 | - | 52,684 | 52,684
Carrying amount
At 31 December 2024 | 17,250 | 68,067 | 85,317
At 31 December 2023 - unaudited | - | 68,083 | 68,083

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

12 | Tangible assets

Group

| Land £ | Short leasehold land and buildings £ | Fixtures and fittings £ | Office equipment £
Cost or valuation
At 1 January 2024 - unaudited | 99,058 | 1,882 | 227,548 | -
Additions | 879,723 | - | 169,979 | 5,025
Foreign exchange movements | - | (13) | (27) | -
At 31 December 2024 | 978,781 | 1,869 | 397,500 | 5,025
Depreciation
At 1 January 2024 - unaudited | - | 1,431 | 45,161 | -
Charge for the year | - | 366 | 36,686 | 63,648
At 31 December 2024 | - | 1,797 | 81,847 | 63,648
Carrying amount
At 31 December 2024 | 978,781 | 72 | 315,653 | (58,623)
At 31 December 2023 - unaudited | 99,058 | 451 | 24,276 | 158,111

| Total £
Cost or valuation
At 1 January 2024 - unaudited | 328,488
Additions | 1,054,727
Foreign exchange movements | (40)
At 31 December 2024 | 1,383,175
Depreciation
At 1 January 2024 - unaudited | 46,592
Charge for the year | 100,700
At 31 December 2024 | 147,292
Carrying amount
At 31 December 2024 | 1,235,883
At 31 December 2023 - unaudited | 281,896

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Included within the net book value of land and buildings above is £978,781 (2023 - £99,058) in respect of freehold land and buildings and £72 (2023 - £451) in respect of short leasehold land and buildings.

Company

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 January 2024 - unaudited | 208,622 | 208,622
Additions | 149,459 | 149,459
At 31 December 2024 | 358,081 | 358,081
Depreciation
At 1 January 2024 - unaudited | 28,744 | 28,744
Charge for the year | 98,021 | 98,021
At 31 December 2024 | 126,765 | 126,765
Carrying amount
At 31 December 2024 | 231,316 | 231,316
At 31 December 2023 - unaudited | 179,878 | 179,878

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

13 | Investments

Company

| 2024 £ | Unaudited 2023 £
Investments in subsidiaries | 6,108,367 | 6,175,912

Subsidiaries | £
Cost or valuation
At 1 January 2024 - unaudited | 6,108,367
Provision
Carrying amount
At 31 December 2024 | 6,108,367
At 31 December 2023 - unaudited | 6,175,912

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
NextEnergy Services Italia S.R.L | Galleria Passarella 2, 20122, Milano Italy | Ordinary | 98.34% | 98.34%
NextPower Development Italia S.R.L | Galleria Passarella 2, 20122, Milano Italy | Ordinary | 100% | 100%

The economic rights defined in the articles of association of NextPower Development Italia S.R.L are different to the proportion of voting rights of the Company. The profit rights are exclusively assigned to preferred quotas holders who are the holders of non-controlling interests of NextPower Development Italia S.R.L. A dividend of £5,095,090 was issued by NextPower Development Italia S.R.L during the year which was distributed to the non-controlling interest holders in line with the preferred quotas allocation.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Discontinued operations

On 18th of June 2024, the Group and it’s subsidiary NextEnergy Italia S.R.L completed the sale of Starlight Energy Operations Italia Srl for a consideration EUR 1,257,951.
The carrying value of net assets and the carrying value of the Investment at the date of disposal were EUR 1,257,951 leading to no gain or loss on the disposal on 18th of June 2024.
Starlight Energy Operations Italia Srl contributed losses of EUR 135,897 up to the date of disposal on 18th of June 2024.
There was no tax arising on the disposal of the subsidiary.

14 | Debtors

|  | Group | Company
Current | Note | 2024 £ | Unaudited 2023 £ | 2024 £ | Unaudited 2023 £
Trade debtors |  | 702,935 | 797,767 | - | -
Amounts owed by related parties |  | 14,336,769 | 4,209,525 | 2,762,821 | -
Other debtors |  | 892,408 | 79,269 | - | -
VAT Control account |  | 796,011 | 757,671 | - | 74,594
Prepayments |  | 5,354,532 | 6,626,612 | 354,247 | 379,537
Accrued income |  | 251,103 | 5,140,460 | - | 2,076,053
Income tax asset | 10 | - | 130,807 | - | -
|  | 22,333,758 | 17,742,111 | 3,117,068 | 2,530,184

Amount due from related parties are unsecured, non interest bearing and payable on demand.

15 | Cash and cash equivalents

| Group | Company
| 2024 £ | Unaudited 2023 £ | 2024 £ | Unaudited 2023 £
Cash at bank | 4,252,361 | 8,418,347 | 289,700 | 60,625

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

16 | Creditors

|  | Group | Company
| Note | 2024 £ | Unaudited 2023 £ | 2024 £ | Unaudited 2023 £
Due within one year |  |  |  |  |
Trade creditors |  | 6,090,289 | 9,699,645 | 167,283 | 107,692
Amounts due to related parties |  | 3,602,227 | 2,538,449 | 2,775,279 | 1,085,825
Social security and other taxes |  | 308,641 | 221,774 | 225,448 | 71,633
Outstanding defined contribution pension costs |  | 28,158 | 26,625 | 26,137 | 23,555
Other payables |  | 6,271,881 | 7,649,507 | 5,903,981 | 6,925,912
Accruals |  | 1,539,368 | 2,387,065 | 576,816 | 871,321
Income tax liability | 10 | 475,812 | - | - | -
|  | 18,316,376 | 22,523,065 | 9,674,944 | 9,085,938

Amount due to related parties are unsecured, non interest bearing and payable on demand.

17 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £178,288 (2023 - £113,888).
Contributions totalling £28,158 (2023 - £26,625) were payable to the scheme at the end of the year and are included in creditors.

18 | Share capital

Allotted, called up and fully paid shares

| 2024 | Unaudited 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

19 | Parent and ultimate parent undertaking

The company's immediate and ultimate parent is NextEnergy Capital Sàrl, incorporated in Luxembourg.

NextEnergy Services Ltd
trading as NextEnergy Services Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

20 | Auditor Limitation liability

An auditors’ limitation of liability agreement has been approved by the directors on 03.04.2026 for the financial year ended 31 December 2024.
The principal terms and conditions are as below:
• The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust , occurring in the course of audit of the Company’s accounts and pursuant to this agreement of which the auditor may be guilty in relation to the Company.
• The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above.