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Registered number: 15711894 PVCASE UK LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
PVCASE UK LTD CONTENTS
| Page
Company information | 1
Director's report | 2 - 3
Independent auditor's report | 4 - 7
Statement of profit or loss | 8
Balance sheet | 9
Statement of changes in equity | 10
Statement of cash flows | 11
Notes to the financial statements | 12 - 21
Detailed profit and loss account and summaries | 21
PVCASE UK LTD COMPANY INFORMATION
Director | Nigel Taylor
Registered number | 15711894
Registered office | C/O Fieldfisher LLP
| Riverbank House
| 2 Swan Lane
| London
| EC4R 3TT
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
PVCASE UK LTD DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the Company is to provide support to the Group's activities, which are that of solar panel software development. The directors do not recommend a dividend.
Director
The director who served during the year was:
Nigel Taylor
Disclosure of information to auditor
The director at the time when this director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the company's auditor is unaware, and ∙he 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. Page 2
PVCASE UK LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Director's responsibilities statement
The director is responsible for preparing the director's report and the financial statements, in accordance with applicable law. Company law requires the director to prepare financial statements for each financial year. Under that law he has elected to prepare the financial statements in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. Under company law the director must not approve the financial statements unless he is 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 the financial statements, the director is required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and estimates that are reasonable and prudent; ∙state whether they have been prepared in accordance with IFRS Accounting Standards in conformity with the requirements of the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements; ∙assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ∙use the going concern basis of accounting unless he either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. The director is 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. He is responsible for such internal control as he determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to him to safeguard the assets of the company and to prevent and detect fraud and other irregularities. This report was approved by the sole director and signed on his behalf.
Nigel Taylor Director
Date: 13 April 2026
Page 3
PVCASE UK LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PVCASE UK LTD
Opinion
We have audited the financial statements of PVcase UK Ltd for the year ended 31 December 2025 which comprise the statement of profit or loss, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of material accounting policies set out on pages 12 - 15. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. In our opinion the financial statements: ∙give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006; 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the assessment of the 's ability to continue to adopt the going concern basis of accounting included: 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 director with respect to going concern are described in the relevant sections of this report. Page 4
PVCASE UK LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PVCASE UK LTD (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the director's report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of 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 responsibilities statement on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 5
PVCASE UK LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PVCASE UK LTD (CONTINUED) 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙the 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 technology sector; ∙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, taxation legislation and data protection, anti-bribery and employment; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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: ∙enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 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 a sample of journal entries to identify unusual transactions; ∙assessed whether judgments and assumptions made in determining the accounting estimates 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 ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HM Revenue and Customs. Page 6
PVCASE UK LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PVCASE UK LTD (CONTINUED) 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's shareholder, 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 shareholder 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 shareholder, for our audit work, for this report, or for the opinions we have formed. Nicholas Winters (senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH Date: 13 April 2026 Page 7
PVCASE UK LTD STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  |  | 31 December | Period ended 31 December
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Revenue | 4 | 2,586,367 | 722,734
Administrative expenses |  | (2,355,009) | (657,533)
Profit from operations |  | 231,358 | 65,201
Finance income |  | 19,351 | 12,190
Profit before tax |  | 250,709 | 77,391
Tax on profit | 8 | (63,415) | (18,257)
Profit for the year |  | 187,294 | 59,134
The notes on pages 12 to 21 form part of these financial statements.
There are no items of other comprehensive income during the year or the prior period other than the profit for the year/period. Accordingly, no statement of other comprehensive income has been presented.
Page 8
PVCASE UK LTD REGISTERED NUMBER: 15711894 BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Assets |  |
Non-current assets |  |  |
Property, plant and equipment | 9 | 8,390 | 11,342
Current assets |  |  |
Trade and other receivables | 10 | 327,946 | 205,518
Cash and cash equivalents |  | 611,078 | 557,435
|  | 939,024 | 762,953
Total assets |  | 947,414 | 774,295
Liabilities |  |
Current liabilities |  |  |
Trade and other liabilities | 11 | 700,886 | 715,061
Net assets |  | 246,528 | 59,234
Issued capital and reserves |  |  |
Share capital | 12 | 100 | 100
Retained earnings |  | 246,428 | 59,134
TOTAL EQUITY |  | 246,528 | 59,234
The financial statements on pages 8 to 21 were approved and authorised for issue by the board of directors and were signed on its behalf by:
Nigel Taylor
Director
Date: 13 April 2026
The notes on pages 12 to 21 form part of these financial statements. Page 9
PVCASE UK LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Share capital | Retained earnings | Total equity
| £ | £ | £
Profit for the period | - | 59,134 | 59,134
Total comprehensive income for the year | - | 59,134 | 59,134
Issue of share capital | 100 | - | 100
Total contributions by and distributions to owners | 100 | - | 100
At 31 December 2024 | 100 | 59,134 | 59,234
At 1 January 2025 | 100 | 59,134 | 59,234
Profit for the year | - | 187,294 | 187,294
Total comprehensive income for the year | - | 187,294 | 187,294
At 31 December 2025 | 100 | 246,428 | 246,528
The notes on pages 12 to 21 form part of these financial statements.
Page 10
PVCASE UK LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Cash flows from operating activities |  |  |
Profit for the year |  | 187,294 | 59,134
Depreciation of property, plant and equipment | 9 | 3,931 | 905
Finance income |  | (19,351) | (12,190)
Income tax expense | 8 | 63,415 | 18,257
Movement in trade and other receivables |  | 15,074 | (31,014)
Movement in trade and other payables |  | (18,249) | 59,900
Movement in amounts owed to related parties |  | (178,586) | 462,400
Cash generated from operations |  | 53,528 | 557,392
Income taxes paid |  | (18,257) | -
Net cash from operating activities |  | 35,271 | 557,392
Purchases of property, plant and equipment |  | (979) | (12,247)
Interest received |  | 19,351 | 12,190
Net cash from/(used in) investing activities |  | 18,372 | (57)
Issue of ordinary shares |  | - | 100
Net cash from financing activities |  | - | 100
Net increase in cash and cash equivalents |  | 53,643 | 557,435
Cash and cash equivalents at the beginning of year |  | 557,435 | -
Cash and cash equivalents at the end of the year |  | 611,078 | 557,435
The notes on pages 12 to 21 form part of these financial statements. Page 11
PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | Company information
PVcase UK Ltd (the 'company') is a limited company incorporated in the United Kingdom. The company's registered office is at C/O Fieldfisher LLP, Riverbank House, 2 Swan Lane, London, EC4R 3TT. The company's principal activity is to provide support to the Group's activities, which are that of solar panel software development.
2. | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK and the Companies Act 2006. These financial statements are presented in Sterling (£), which is the company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated. The principal accounting policies adopted are set out below. 3.Accounting policies
| 3.1 | Going concern
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. The director consider this basis to be appropriate as the company has received a letter of financial support from its parent company. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 3.2 | Revenue
Revenue from contracts to provide supporting activities to group companies is recognised in the period in which the services are provided. Revenue is recognised to the extent that it is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable.
| 3.3 | Foreign currency translation
Functional and presentation currency The company's presentational currency is Sterling (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 12
PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 3.Accounting policies (continued) 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 except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit and loss within 'finance income or expense'. All other foreign exchange gains and losses are presented in the statement of profit or loss within 'administrative expenses'.
| 3.4 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds. Short-term employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.
| 3.5 | Taxation
The tax expense for the year comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Page 13
PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 3.Accounting policies (continued)
| 3.6 | Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the company. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives, using the straight-line method. It is provided at the following range:
|  | Fixtures and fittings | 6 years
|  | Computer equipment | 3 years
| 3.7 | Cash and cash equivalents
Cash and cash equivalents is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 3.8 | Financial instruments
Financial assets and financial liabilities are recognised in the company’s statement of financial position when the entity becomes a party to the contractual provisions of the instrument. The company accounts for its major classes of financial instruments as set out below. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: a)those that the company intends to sell immediately or in the short term, which are classified as held-for trading, and those that the entity upon initial recognition designates as at fair value through profit or loss; or b)those for which the holder may not recover substantially all of their initial investment, other than because of credit deterioration. Loans and receivables mainly consist of funds advanced as collateral and intercompany funds for services provided. They are initially recognised at fair value - which is the cash consideration to originate or purchase the loan including any transaction costs - and measured subsequently at amortised cost using the effective interest rate method. Amortised cost is the initial measurement amount adjusted for the amortisation of any difference between the initial and maturity amounts using the effective interest method. The effective interest method is a method of calculating the cost of a financial asset or a financial liability (and groups of financial assets or financial liabilities) and of allocating the 'Net interest income' over the relevant period. Page 14
PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 3.Accounting policies (continued)
| 3.8 | (continued)
Trade and other payables Trade payables comprise 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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
| 3.9 | Leases
At inception of a contract, the company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, lass any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method. The lease term includes periods covered by an option to extend if the company is reasonably certain to exercise that option. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. It is remeasured when there is a change in future lease payments arising in rate, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The company has elected to apply the practical expedient not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are recognised in administrative expenses on a straight line basis over the lease term. The company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the ‘Property, Plant and Equipment’ policy. Page 15
PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Revenue
| The following is an analysis of the company's revenue for the year:
|  |  |  |  | 31 December | Period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management services | 2,586,367 | 722,734
5. | Employees
|  |  |  |  | 31 December | Period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Employee benefit expenses (including director) comprise: |  |
| Wages and salaries | 1,571,284 | 414,457
| Social security costs | 231,761 | 47,106
| Defined contribution pension cost | 47,982 | 15,485
|  | 1,851,027 | 477,048
| The average number of persons, including the director, employed by the company during the year/period was 8 (2024:8).
Page 16
PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Director's remuneration
|  |  |  |  | 31 December 2025 | Period ended 31 December 2024
|  |  |  |  | £ | £
| Director's emoluments | 9,101 | 6,418
| Company contributions to pension schemes | (81) | 81
|  | 9,020 | 6,499
7. | Finance income
| Recognised in profit or loss
|  |  |  |  | 31 December | Period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 19,351 | 12,190
Page 17
PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Tax expense
| 8.1 Income tax recognised in profit or loss
|  |  |  |  | 31 December | Period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax |  |
| Current tax on profits for the year | 63,415 | 18,257
| The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
|  |  |  |  | 31 December | Period ended 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit for the year | 187,294 | 59,134
| Income tax expense (including income tax on associate, joint venture and discontinued operations) | 63,415 | 18,257
| Profit before income taxes | 250,709 | 77,391
| Tax using the company's domestic tax rate of 25% (2024:25%) | 62,677 | 19,348
| Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment | - | 1,745
| Capital allowances for the year in excess of depreciation | 738 | (2,836)
| Total tax expense | 63,415 | 18,257
Page 18
PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Property, plant and equipment
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 10 May 2024 | 2,511 | 9,736 | 12,247
| At 31 December 2024 | 2,511 | 9,736 | 12,247
| Additions | - | 979 | 979
| At 31 December 2025 | 2,511 | 10,715 | 13,226
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Accumulated depreciation |  |  |
| Charge owned for the year | 105 | 800 | 905
| At 31 December 2024 | 105 | 800 | 905
| Charge for the period | 419 | 3,512 | 3,931
| At 31 December 2025 | 524 | 4,312 | 4,836
| Net book value |  |  |
| At 31 December 2024 | 2,406 | 8,936 | 11,342
| At 31 December 2025 | 1,987 | 6,403 | 8,390
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PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Trade and other receivables
|  | 2025 | 2024
|  | £ | £
| Receivables from related parties | 312,006 | 174,504
| Prepayments and accrued income | 10,048 | 2,909
| Other receivables | 5,892 | 28,105
| Total trade and other receivables | 327,946 | 205,518
| Amounts owed from related parties are interest free, have no fixed repayment date and are repayable on demand.
11. | Trade and other payables
|  | 2025 | 2024
|  | £ | £
| Trade payables | 1,775 | 5,791
| Payables to related parties | 595,820 | 636,904
| Accruals | 29,666 | 54,109
| Other payables | 73,625 | 18,257
| Total trade and other payables | 700,886 | 715,061
| Amounts owed to related parties are interest free, have no fixed repayment date and are repayable on demand.
12. | Share capital
| Issued and fully paid |
|  | 2025 | 2025 | 2024 | 2024
|  | Number | £ | Number | £
| Ordinary shares of £1.00 each |  |  |  |
| At 1 January and 31 December | 100 | 100 | 100 | 100
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PVCASE UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Related party transactions
Details of transactions between the company and its related parties are disclosed below.
| 13.1 Trading transactions
| During the year, the company entered into the following trading transactions with related parties:
|  | Sales of goods
|  | 2025 | 2024
|  | £ | £
| PVcase UAB | 2,586,367 | 722,734
|  | 2,586,367 | 722,734
| The following balances were outstanding at the end of the reporting period:
|  | Amounts owed by related parties | Amounts owed to related parties
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| PVcase UAB | 312,006 | 174,504 | 595,820 | 636,904
|  | 312,006 | 174,504 | 595,820 | 636,904
14. | Ultimate parent undertaking and controlling party
The immediate and ultimate parent company is PVcase, UAB, Bokšto str. 6, LT-01126 Vilnius, Lithuania. The ultimate controlling party is Deividas Trainavicius.
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