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Registered number: 05631091 LUNAR ENERGY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
LUNAR ENERGY LIMITED
COMPANY INFORMATION
Directors | E Franklin
| K Girotra (resigned 12 May 2025)
Company secretary | E Franklin
Registered number | 05631091
Registered office | 55 Baker Street
| London
| W1U 7EU
Independent auditor | S&W Audit
| Chartered Accountants & Statutory Auditor
| 103 Colmore Row
| Birmingham
| B3 3AG
LUNAR ENERGY LIMITED
CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Director's Responsibilities Statement | 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11 - 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 32
LUNAR ENERGY LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their Strategic Report for the year ended 31 December 2025.
Business review
The operating profit, a pivotal metric for assessing the business's performance, has decreased to £2,834,647 (compared to £5,841,661 in 2024). This decrease can be attributed to several anticipated factors. Following the acquisition of Lunar Energy Limited by the ultimate parent in 2021, the decision was made to discontinue the sale of hardware products in the UK business. Additionally, there was a reduction in intercompany revenue stemming from utilising intellectual property generated by the Moixa Energy Holdings Group before the acquisition. These led to a significant decrease in the prior year. Conversely, revenues from the ongoing software business have remained stable annually, primarily fuelled by growth from software clients. Despite these fluctuations, the year's results reflect a favourable outcome, and the financial position of the UK group at year-end was deemed satisfactory, with promising opportunities anticipated for the following year.
Principal risks and uncertainties
Objectives and policies The ultimate parent entity supports the Company in its ongoing activities, defined in an arm's length transfer pricing agreement and a signed letter of support provided by the ultimate parent. Interest rate risk The Company is funded by its ultimate parent company and has no borrowings from external sources therefore, the risk from interest rate fluctuations is minimal. Currency risk The Company trades in markets other than the United Kingdom. The Company minimises the risk of currency fluctuations by holding bank accounts in both US Dollars and Euros. Liquidity risk The Company manages its cash requirements centrally with the ultimate parent entity; whilst the Company has sufficient liquid resources to meet the operating needs of the business, there is also a letter of support from the ultimate parent. Credit risk Credit risk arises on financial instruments such as trade debtors, and controls are in place when onboarding new clients to check creditworthiness. After onboarding, the collections team communicates with key internal commercial stakeholders when items fall past due and exposure is minimised. Page 1
LUNAR ENERGY LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
E Franklin Director
Date: 14 April 2026
Page 2
LUNAR ENERGY LIMITED
DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The director presents his report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the Company is research activity and software sales into home energy and portable power technology development and manufacture, taking forward development activity on renewable energy and monitoring systems for homes.
Results and dividends
The profit for the year, after taxation, amounted to £1,929,366 (2024 -£4,782,821). No dividends were paid or proposed during the year (2024 - £Nil).
Directors
The directors who served during the year were:
E Franklin
K Girotra (resigned 12 May 2025)
Going concern
Lunar Energy Limited has made a profit of £1,929,366 and has net assets of £4,100,735 at the year end. The company continues to rely on the ultimate parent Company, Lunar Energy, Inc, for financial support. The company meets its day-to-day working capital requirements through the cash resources within the Lunar Energy, Inc. Group. The company has drawn up budgets and cash flow forecasts, which show that it has sufficient cash reserves to continue as a going concern and meet its liabilities as they fall due, subject to the continued financial support of the ultimate parent Company. The ultimate parent Company has signed a letter of support that it will provide financial support to allow the company to meet its financial obligations as they fall due and continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing the financial statements. On this basis, the financial statements have been prepared on a going concern basis. Page 3
LUNAR ENERGY LIMITED
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Qualifying third party indemnity provisions
The Company has indemnified the directors of the Company against liability of proceedings brought by third parties subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision was in force during the year and continues to be in force as at the date of this report. The Company has purchased directors’ and officers’ liability insurance.
Disclosure of information to auditor
The director at the time when this Director's Report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙ 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.
Auditor
The auditor, S&W Audit (a trading name of S&W Partners Audit limited), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
E Franklin Director
Date: 14 April 2026
Page 4
LUNAR ENERGY LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LUNAR ENERGY LIMITED Opinion We have audited the financial statements of Lunar Energy Limited (the 'Company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Emphasis of matter - reliance on financial support of ultimate parent company We draw your attention to note 2.3 of the financial statements, which explains that the company “Lunar Energy Limited” relies on the financial support of its ultimate parent company Lunar Energy, Inc. Our opinion is not modified in respect of this matter. Page 6
LUNAR ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LUNAR ENERGY LIMITED Other information The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors’ Report for the financial year for which the Financial Statements are prepared is consistent with the Financial Statements; and ∙the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors’ remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Responsibilities of directors As explained more fully in the Directors’ Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
LUNAR ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LUNAR ENERGY LIMITED 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: We obtained an understanding of the Company’s legal and regulatory framework through enquiry of management concerning: their understanding of the relevant laws and regulations; the entity's policies and procedures regarding compliance; and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company's industry and regulation. We understand that the Company complies with the framework through: ∙Outsourcing statutory accounts preparation and tax compliance to external experts. ∙Updating operating procedures, manuals and internal controls as legal and regulatory requirements change. ∙The directors’ close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly. In the context of the audit, we considered those laws and regulations: which determine the form and content of the financial statements; which are central to the Company’s ability to conduct its business; and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company: ∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial; statements. The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were: ∙Manipulation of the financial statements, especially revenue, via fraudulent journal entries, particularly as the size of the Company means there is little opportunity for segregation of duties. The procedures we carried out to gain evidence in the above areas included: ∙Substantive work on material areas affecting profits, particularly revenue recognition, including agreement of a sample of transactions to underlying documentation. ∙Testing manual journal entries, selected based on specific risk assessments applied focusing Page 8
LUNAR ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LUNAR ENERGY LIMITED particularly on postings to unexpected or unusual accounts. ∙Challenging management regarding assumptions used in the estimates identified above, and comparison to market data and post year end data as appropriate. 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. Stephen Drew (Senior Statutory Auditor) for and on behalf of S&W Audit Chartered Accountants Statutory Auditor 103 Colmore Row Birmingham B3 3AG 14 April 2026 Page 9
LUNAR ENERGY LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 13,429,768 | 16,098,227
Cost of sales |  | (606,604) | (645,421)
Gross profit |  | 12,823,164 | 15,452,806
Administrative expenses |  | (10,720,613) | (9,611,145)
Other operating income | 5 | 732,096 | -
Operating profit | 6 | 2,834,647 | 5,841,661
Interest receivable and similar income | 10 | 12,493 | 24,260
Profit before tax |  | 2,847,140 | 5,865,921
Tax on profit | 11 | (917,774) | (1,083,100)
Profit for the financial year |  | 1,929,366 | 4,782,821
There was no other comprehensive income for 2025 (2024 - £Nil).
The notes on pages 14 to 32 form part of these financial statements.
Page 10
LUNAR ENERGY LIMITED REGISTERED NUMBER:05631091
BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 22,039 |  | 19,580
|  |  | 22,039 |  | 19,580
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 56,032,717 |  | 44,961,941 |
Cash at bank and in hand |  | 328,792 |  | 411,409 |
|  | 56,361,509 |  | 45,373,350 |
Creditors: amounts falling due within one year | 14 | (51,631,070) |  | (43,433,568) |
Net current assets |  |  | 4,730,439 |  | 1,939,782
Total assets less current liabilities |  |  | 4,752,478 |  | 1,959,362
Creditors: amounts falling due after more than one year | 15 |  | (13,223) |  | (13,466)
Provisions for liabilities |  |  |  |  |
Other provisions | 17 | (638,520) |  | (494,528) |
|  |  | (638,520) |  | (494,528)
Net assets |  |  | 4,100,735 |  | 1,451,368
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 194 |  | 194
Share premium account | 19 |  | 2,393,847 |  | 2,393,847
Other reserves | 19 |  | 1,492,088 |  | 772,087
Profit and loss account | 19 |  | 214,606 |  | (1,714,760)
Shareholders' funds |  |  | 4,100,735 |  | 1,451,368
Page 11
LUNAR ENERGY LIMITED REGISTERED NUMBER:05631091
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
E Franklin
Director
Date: 14 April 2026
The notes on pages 14 to 32 form part of these financial statements. Page 12
LUNAR ENERGY LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Share-based payment reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 194 | 2,393,847 | 378,376 | (6,497,581) | (3,725,164)
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 4,782,821 | 4,782,821
Contributions by and distributions to owners |  |  |  |  |
Share based payment movement | - | - | 393,711 | - | 393,711
At 1 January 2025 | 194 | 2,393,847 | 772,087 | (1,714,760) | 1,451,368
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,929,366 | 1,929,366
Contributions by and distributions to owners |  |  |  |  |
Share based payment movement | - | - | 720,001 | - | 720,001
At 31 December 2025 | 194 | 2,393,847 | 1,492,088 | 214,606 | 4,100,735
Page 13
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Lunar Energy Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 05631091). The registered office address is 55 Baker Street, London, W1U 7EU. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Moixa Energy Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Companies House. Page 14
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
Lunar Energy Limited has made a profit of £1,929,366 and has net assets of £4,100,735 at the year end. The company continues to rely on the ultimate parent Company, Lunar Energy, Inc, for financial support. The company meets its day-to-day working capital requirements through the cash resources within the Lunar Energy, Inc. Group. The company has drawn up budgets and cash flow forecasts, which show that it has sufficient cash reserves to continue as a going concern and meet its liabilities as they fall due, subject to the continued financial support of the ultimate parent Company. The ultimate parent Company has signed a letter of support that it will provide financial support to allow the company to meet its financial obligations as they fall due and continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing the financial statements. On this basis, the financial statements have been prepared on a going concern basis.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 15
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services 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 Group 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. Services are provided to other group companies and are charged for on the basis of transfer pricing agreements, covering royalty income, the provision of R&D services and a distribution agreement, all recognised over time.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 16
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | 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 property | - | 50% | on cost
|  |  |  | Motor vehicles | - | 20% | on cost
|  |  |  | Fixtures & fittings | - | 20% | on cost
|  |  |  | Office equipment | - | 20% | on cost
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. Page 17
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Financial instruments
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management. Page 18
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
| 2.14 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. Page 19
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Page 20
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 3.Judgements in applying accounting policies (continued) Warranty provision The company provides for the estimated cost of hardware warranties based on the number of units in the field and their pro-rated remaining life. Management determines the provision by estimating future costs for unit replacements, recycling, compensation, and maintenance, using an estimated refund rate. This rate is assessed by weighting historical claim data against current technical developments and any emerging information regarding product performance to reflect expected future failure trends. The provision and the underlying refund rate assumptions are reviewed and updated at each reporting date to ensure they align with the most recent data available. Share-based payment The Company makes an estimate of the fair value using the Black Scholes model and reviews the inputs to this when necessary, see note 19.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Software | 2,229,855 | 2,294,961
| Group services | 11,199,913 | 13,803,266
|  | 13,429,768 | 16,098,227
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 2,229,855 | 2,294,961
| Rest of the world | 11,199,913 | 13,803,266
|  | 13,429,768 | 16,098,227
Page 21
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| RDEC Credit in respect of current year | 732,096 | -
6. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charge/(credit) | 85,013 | (603,906)
| Exchange differences | 265,830 | (263,616)
| Other operating lease rentals | 300,702 | 298,207
| Share-based payment charge | 720,001 | 393,711
| Depreciation of tangible fixed assets | 7,686 | 6,974
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 57,550 | 57,550
| Fees payable to the Company's auditor in respect of: |  |
| Taxation compliance services | 15,050 | 15,850
| Accounts preparation | 9,800 | 9,500
| Other services related to taxation | 31,100 | 32,500
Page 22
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,627,365 | 5,954,078
| Social security costs | 733,329 | 657,986
| Staff pension costs | 311,751 | 310,739
|  | 7,672,445 | 6,922,803
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Engineers | 50 | 42
|  | Support | 18 | 29
|  |  | 68 | 71
9. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 143,247 | 186,864
| Company contributions to defined contribution pension schemes | 44,203 | 10,312
|  | 187,450 | 197,176
| During the year retirement benefits were accruing to 1 director (2024 -1) in respect of defined contribution pension schemes.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 12,493 | 24,260
Page 23
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 923,960 | -
| Total current tax | 923,960 | -
| Deferred tax |  |
| Origination and reversal of timing differences | (6,197) | 1,031,526
| Adjustments in respect of prior periods | 11 | 51,574
| Total deferred tax | (6,186) | 1,083,100
| Tax on profit | 917,774 | 1,083,100
Page 24
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 -higher than) the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,847,140 | 5,865,921
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 711,785 | 1,466,480
| Effects of: |  |
| Expenses not deductible for tax purposes | 131,847 | 99,997
| RDEC credit taxable in period | (183,024) | -
| RDEC credit claim | (238,792) | -
| Adjustments to tax charge in respect of previous periods | 11 | 51,574
| Deferred tax movement | (6,197) | (534,951)
| Group relief surrendered/(claimed) | 502,144 | -
| Total tax charge/(credit) for the year | 917,774 | 1,083,100
| Group relief claimed of £502,144 from Moixa Energy Holdings.
| Factors that may affect future tax charges
The current year rate of 25% arises from changes to legislation enacted during 2021. The main rate of corporation tax in the UK increased from 19% to 25% with effect from 1 April 2023. In June 2023 Finance Act (No.2) 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% in line with the OECD Pillar Two model rules. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for periods starting on or after 31 December 2023. The directors believe that the new rules are not expected to have a material impact on the Company’s operations or results. Page 25
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
|  | Leasehold property | Motor vehicles | Fixtures & fittings | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 72,304 | 5,968 | 16,366 | 14,450 | 109,088
| Additions | - | - | - | 10,145 | 10,145
| At 31 December 2025 | 72,304 | 5,968 | 16,366 | 24,595 | 119,233
| Depreciation |  |  |  |  |
| At 1 January 2025 | 72,304 | 5,968 | 7,821 | 3,415 | 89,508
| Charge for the year | - | - | 3,274 | 4,412 | 7,686
| At 31 December 2025 | 72,304 | 5,968 | 11,095 | 7,827 | 97,194
| Net book value |  |  |  |  |
| At 31 December 2025 | - | - | 5,271 | 16,768 | 22,039
| At 31 December 2024 | - | - | 8,545 | 11,035 | 19,580
Page 26
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 228,040 | 196,882
| Amounts owed by group undertakings | 55,040,238 | 43,904,833
| Other debtors | 387,286 | 751,111
| Prepayments and accrued income | 50,447 | 98,875
| Tax recoverable | 310,280 | -
| Deferred taxation | 16,426 | 10,240
|  | 56,032,717 | 44,961,941
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 94,415 | 23,351
| Amounts owed to group undertakings | 50,782,907 | 42,681,323
| Other taxation and social security | 282,914 | 414,928
| Other creditors | 25,192 | 9,883
| Accruals and deferred income | 445,642 | 304,083
|  | 51,631,070 | 43,433,568
15. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 13,223 | 13,466
Page 27
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 10,240 | 1,093,340
| Charged to profit or loss | 6,186 | (1,083,100)
| At end of year | 16,426 | 10,240
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | 10,240 | (4,885)
| Short term timing differences | 6,186 | 15,125
|  | 16,426 | 10,240
| Deferred tax assets are expected to be utilised against future taxable trading profits.
17. | Provisions
|  | Warranty provision
|  | £
| At 1 January 2025 | 494,528
| Charged to profit or loss | 143,992
| At 31 December 2025 | 638,520
| The Company's hardware products are subject to defects and technological developments. As a result it is necessary to consider an associated provision for future costs relating to recycling & unit replacements, compensation and maintenance of hardware products under warranty.
Page 28
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 136,450 (2024 -136,450) Ordinary shares of £0.001592 each | 194 | 194
| Ordinary shares have attached to them full voting, dividend and distribution rights.
19. | Reserves
Share premium account The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value. Share-based payment reserve This reserve relates to the fair value of the options granted which has been charged to profit or loss over the vesting period of the options. Profit and loss account This reserve relates to the cumulative retained earnings less amounts distributed to shareholders. Page 29
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Share-based payments
Certain employees of the Company have been granted options in the shares of the ultimate parent undertaking, Lunar Energy, Inc.. The options are granted with a fixed exercise price, and are exercisable after a certain period of employment with the Company. The total charge recognised in profit or loss is £720,001 (2024 - £393,711).
|  | Weighted average exercise price (cents) | Number | Weighted average exercise price (cents) | Number
|  | 2025 | 2025 | 2024 | 2024
| Outstanding at the beginning of the year | 295 | 883,948 | 286 | 714,088
| Granted during the year | 202 | 1,404,116 | 331 | 178,390
| Cancelled during the year | 273 | (953,209) | - | -
| Forfeited during the year | 200 | (52,365) | - | -
| Exercised during the year | - | - | 218 | (8,530)
| Expired during the year | 200 | (36,825) | - | -
| Outstanding at the end of the year | 202 | 1,245,665 | 295 | 883,948
| During 2025, the Company undertook significant changes to its employee share option arrangements. On 6 January 2025, the Company implemented a repricing of options, cancelling all options with an exercise price greater than $2.02 and replacing them with new options at an exercise price of $2.02. Vesting terms remained unchanged. In April 2025, the Company adopted a UK Company Share Option Plan (“CSOP”). Non-taxadvantaged options held by eligible employees were cancelled and replaced with CSOP-qualifying awards at $2.02, subject to the £60,000 individual limit. Any options exceeding this threshold were re-granted as non-tax-advantaged options on the same vesting terms. In total, 506,811 CSOP options and 897,305 non-tax-advantaged options were granted during the year at an exercise price of $2.02.
Page 30
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Share-based payments (continued)
A total of 953,209 options were cancelled as part of the repricing and CSOP transition. A further 52,365 options were forfeited by employees, and 36,825 options expired during the year. No UK employees exercised options during 2025. The options outstanding at 31 December 2025 have exercise prices of $1.94 to $3.87.
21. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £311,751 (2024 - £310,739). Contributions totalling £87,745 (2024 - £60,498) were payable to the fund at the balance sheet date.
22. | Commitments under operating leases
| At 31 December the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 222,706 | 133,697
| Later than 1 year and not later than 5 years | 65,896 | 980,441
|  | 288,602 | 1,114,138
23. | Related party transactions
| The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
Page 31
LUNAR ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
24. | Controlling party
The immediate parent undertaking is Moixa Energy Holdings Limited, a company registered in England and Wales. The ultimate parent undertaking is Lunar Energy, Inc., a company registered in the United States of America. . The smallest group of undertakings for which group accounts for the year ended 31 December 2025 have been drawn up, is that headed by Moixa Energy Holdings Limited. The registered office address of Moixa Energy Holdings Limited is 55 Baker Street, London, W1U 7EU. Copies of the group accounts are available from Companies House. The directors do not consider there to be an ultimate controlling party.
Page 32