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Registered number: 05978295 FINN GEOTHERM UK LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 OCTOBER 2025
FINN GEOTHERM UK LTD CONTENTS
| Page
Accountants' report | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 12
FINN GEOTHERM UK LTD CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FINN GEOTHERM UK LTD FOR THE YEAR ENDED 31 OCTOBER 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Finn Geotherm UK Ltd for the year ended 31 October 2025 which comprise the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the board of directors of Finn Geotherm UK Ltd, as a body, in accordance with the terms of our engagement letter dated 17 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Finn Geotherm UK Ltd and state those matters that we have agreed to state to the board of directors of Finn Geotherm UK Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finn Geotherm UK Ltd and its board of directors, as a body, for our work or for this report. It is your duty to ensure that Finn Geotherm UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Finn Geotherm UK Ltd. You consider that Finn Geotherm UK Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Finn Geotherm UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ 11 May 2026 Page 1
FINN GEOTHERM UK LTD REGISTERED NUMBER: 05978295 BALANCE SHEET AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 163 |  | 190
Tangible assets | 5 |  | 396,067 |  | 395,232
Investments | 6 |  | 1 |  | 1
|  |  | 396,231 |  | 395,423
Current assets |  |  |  |  |
Stocks |  | 53,308 |  | 89,411 |
Debtors: amounts falling due within one year | 7 | 297,859 |  | 222,745 |
Cash at bank and in hand |  | 159,203 |  | 66 |
|  | 510,370 |  | 312,222 |
Creditors: amounts falling due within one year | 8 | (482,564) |  | (291,226) |
Net current assets |  |  | 27,806 |  | 20,996
Total assets less current liabilities |  |  | 424,037 |  | 416,419
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (29,171) |  | (29,388) |
|  |  | (29,171) |  | (29,388)
Net assets |  |  | 394,866 |  | 387,031
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 1,000 |  | 1,000
Share premium account |  |  | 31,652 |  | 31,652
Profit and loss account |  |  | 362,214 |  | 354,379
|  |  | 394,866 |  | 387,031
Page 2
FINN GEOTHERM UK LTD REGISTERED NUMBER: 05978295 BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 May 2026.
Mr G Ransom
Director
The notes on pages 4 to 12 form part of these financial statements. Page 3
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
The company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is Wood Farm, Deopham Road, Attleborough, Norfolk, NR17 1AJ. The company's trading address is in Attleborough. The company's principal activity is that of renewable heating engineers. 2.Accounting policies
| 2.1 | 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 4
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Pensions
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date. Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 5
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - |  | Not depreciated
|  |  |  | Plant and machinery | - | 25% | Reducing balance
|  |  |  | Motor vehicles | - | 25% | Reducing balance
|  |  |  | Office equipment | - | 25% | Reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Page 6
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Page 7
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including directors, during the year was 19 (2024 - 19).
Page 8
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. | Intangible assets
|  | Number plates
|  | £
| Cost |
| At 1 November 2024 | 271
| At 31 October 2025 | 271
| Amortisation |
| At 1 November 2024 | 81
| Charge for the year on owned assets | 27
| At 31 October 2025 | 108
| Net book value |
| At 31 October 2025 | 163
| At 31 October 2024 | 190
Page 9
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
5. | Tangible fixed assets
|  | Leasehold improvements | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 November 2024 | 288,070 | 197,956 | 331,623 | 59,096 | 876,745
| Additions | 2,600 | 9,882 | 23,999 | 2,331 | 38,812
| Disposals | - | (50,500) | - | - | (50,500)
| At 31 October 2025 | 290,670 | 157,338 | 355,622 | 61,427 | 865,057
| Depreciation |  |  |  |  |
| At 1 November 2024 | - | 167,524 | 269,289 | 44,701 | 481,514
| Charge for the year on owned assets | - | 9,367 | 21,583 | 4,182 | 35,132
| Disposals | - | (47,656) | - | - | (47,656)
| At 31 October 2025 | - | 129,235 | 290,872 | 48,883 | 468,990
| Net book value |  |  |  |  |
| At 31 October 2025 | 290,670 | 28,103 | 64,750 | 12,544 | 396,067
| At 31 October 2024 | 288,070 | 30,432 | 62,335 | 14,395 | 395,232
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 November 2024 | 1
| At 31 October 2025 | 1
Page 10
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 250,203 | 104,977
| Amounts owed by group undertakings | 2,469 | 1,425
| Other debtors | 33,004 | -
| Prepayments and accrued income | 12,183 | 116,343
|  | 297,859 | 222,745
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 93,741
| Payments received on account | 21,584 | 13,694
| Trade creditors | 316,184 | 88,672
| Amounts owed to group undertakings | 1 | 1
| Other taxation and social security | 53,806 | 29,499
| Other creditors | 87,717 | 63,395
| Accruals and deferred income | 3,272 | 2,224
|  | 482,564 | 291,226
| The bank overdraft of £nil (2024: £93,741) is secured by a fixed and floating charge over the company assets.
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 Ordinary shares of £1.00 each | 1,000 | 1,000
10. | Contingent liabilities
The company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £51,333 (2024: £53,333). Page 11
FINN GEOTHERM UK LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Pension commitments
Contributions totalling £5,862 (2023: £0) were payable to the fund at the balance sheet date and are included in creditors. 12.Pension commitments Contributions totalling £4,550 (2024 - £5,862) were payable to the fund at the balance sheet date and are included in creditors.
13. | Related party transactions
| As at 31 October 2025, the company owed £31,563 (2024: £12,538) to the directors. This loan is included in other creditors due within one year in note 8 to the financial statements. The loan is repayable on demand and no interest was charged.
Page 12