ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 10918939

ELECTRICITY ASSET SERVICES LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

ELECTRICITY ASSET SERVICES LTD

COMPANY INFORMATION

Directors	Ms A L Herron
	Mr S Herron
	Mr G Higgins (appointed 30 January 2025)


Registered number	10918939


Registered office	The Bristol Office
	2nd Floor
	5 High Street
	Westbury-On-Trym
	Bristol
	BS9 3BY


Independent auditors	Sumer Auditco Limited (Statutory Auditor)
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

ELECTRICITY ASSET SERVICES LTD

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 7
Statement of income and retained earnings	8
Statement of financial position	9
Statement of cash flows	10
Analysis of net debt	11
Notes to the financial statements	12 - 26

ELECTRICITY ASSET SERVICES LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Introduction

The Board of Directors have the pleasure in presenting their strategic report for the year ended 31st August 2025.

Business review

The directors aim to provide a balanced and comprehensive review of our business during the period and the position at the year-end. The main activity carried on by the Company is that of electrical network maintenance.
In terms of the Company's trading performance, turnover increased by 46.6% from £11,420,781 in 2024 to £16,744,424 in 2025. The Company has focused on stability while scaling and as a result the gross margin has decreased from 69.7% to 65.5%, delivering a gross profit of £10,965,013 in the current year against a prior year gross profit of £7,955,153. The increased turnover and change in gross profit margin resulted in a strong pre-tax profit of £2,608,066 - an increase of 22.2% on 2024.
The Company continues to innovate and build strong relationships with new and long-standing customers alike and provides outstanding quality, service and flexibility to its customers.
The directors continue to recognise that this could not be achieved without the valued support of all our employees and key suppliers.

Principal risks and uncertainties

The Company, like any business, faces a number of operating risk and uncertainties that could impact its performance. Steps are taken to understand these risks and to mitigate them to achieve the director's long-term goal of creating a sustainable business which delivers benefits to all stakeholders.
The Company's principal financial instruments comprise bank balances, loans to the company and hire purchase agreements. The main purpose of these instruments is to finance Company operations.
Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is detailed below.
In respect of bank balances, the liquidity risk is managed by operating within in a cash positive position to ensure there are enough funds to meet repayments of creditors.
In respect of loans these comprise of a bank loan. The interest rate on the loan is fixed. The Company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
In respect of hire purchase assets, the liquidity risk in respect of these is managed to ensure sufficient funds are available to meet repayments.

Page 1

ELECTRICITY ASSET SERVICES LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Financial key performance indicators

The Company has developed a number of KPI reports that are monitored daily by the directors and the senior management team across the business. These reports measure various performances within the business that are directly linked to revenue, gross margins and overall profitability. The directors recognise that with any reward, there are risks and uncertainties attached, and these are monitored constantly by the board.
Turnover £16,744,424 (2024 - £11,420,781)
Gross profit £10,965,013 (2024 - £7,955,153)
Operating profit £2,723,213 (2024 - £2,256,751)

This report was approved by the board on 26 May 2026 and signed on its behalf.

Mr S Herron

Director

Page 2

ELECTRICITY ASSET SERVICES LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The directors present their report and the financial statements for the year ended 31 August 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,935,245 (2024 - £1,547,631).

Dividends of £508,000 have been paid during the year (2024 - £200,000)

Directors

The directors who served during the year were:

Ms A L Herron

Mr S Herron

Mr G Higgins (appointed 30 January 2025)

Future developments

The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, sch 7 to be contained in the directors' report. It has done so in respect of future developments.

Page 3

ELECTRICITY ASSET SERVICES LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Sumer Auditco Limited (Statutory Auditor), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 May 2026 and signed on its behalf.

Mr S Herron

Director

Page 4

ELECTRICITY ASSET SERVICES LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELECTRICITY ASSET SERVICES LTD

Opinion

We have audited the financial statements of Electricity Asset Services Ltd (the 'Company') for the year ended 31 August 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 August 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 Auditors' 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Page 5

ELECTRICITY ASSET SERVICES LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELECTRICITY ASSET SERVICES LTD (CONTINUED)

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 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 its 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.

The financial statements of the company for the year ended 31 August 2024 were not audited.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 6

ELECTRICITY ASSET SERVICES LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELECTRICITY ASSET SERVICES LTD (CONTINUED)

Auditors' 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 Auditors' 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Auditors' 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 Auditors' 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.

Greg Stapley (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited (Statutory Auditor)

Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH

26 May 2026

Page 7

ELECTRICITY ASSET SERVICES LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 AUGUST 2025

	2025	2024
	£	£


Turnover	4	16,744,424	11,420,781
Cost of sales		(5,779,411)	(3,465,628)
Gross profit		10,965,013	7,955,153
Administrative expenses		(8,241,800)	(5,698,402)
Operating profit	5	2,723,213	2,256,751
Interest payable and similar expenses	8	(115,147)	(121,852)
Profit before tax		2,608,066	2,134,899
Tax on profit	9	(672,821)	(587,268)
Profit after tax		1,935,245	1,547,631



Retained earnings at the beginning of the year	2,464,678	1,117,047
Profit for the year	1,935,245	1,547,631
Dividends declared and paid	(508,000)	(200,000)
Retained earnings at the end of the year	3,891,923	2,464,678

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 26 form part of these financial statements.

Page 8

ELECTRICITY ASSET SERVICES LTD

REGISTERED NUMBER: 10918939

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2025

		2025		2024
		£		£

Fixed assets
Intangible assets	11		102,000		-
Tangible assets	12		2,711,115		2,464,217
			2,813,115		2,464,217
Current assets
Stocks	13	666,141		166,410
Debtors: amounts falling due within one year	14	4,996,103		1,796,850
Bank and cash balances	15	677,800		2,079,089
		6,340,044		4,042,349
Creditors: amounts falling due within one year	16	(3,607,026)		(2,420,528)
Net current assets			2,733,018		1,621,821
Total assets less current liabilities			5,546,133		4,086,038
Creditors: amounts falling due after more than one year	17		(1,087,660)		(1,093,467)
Provisions for liabilities
Deferred tax	21	(546,550)		(507,893)
			(546,550)		(507,893)
Net assets			3,911,923		2,484,678

Capital and reserves
Called up share capital	22	20,000	20,000
Profit and loss account	23	3,891,923	2,464,678
		3,911,923	2,484,678

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2026.

Mr S Herron

Director

The notes on pages 12 to 26 form part of these financial statements.

Page 9

ELECTRICITY ASSET SERVICES LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,935,245	1,547,631
Adjustments for:
Depreciation of tangible assets	636,450	510,823
Loss on disposal of tangible assets	1,722	15,039
Interest paid	115,147	121,852
Taxation charge	672,821	587,268
(Increase) in stocks	(499,731)	(86,410)
(Increase) in debtors	(3,199,253)	(1,082,379)
Increase in creditors	797,740	1,106,083
Corporation tax (paid)/received	(350,577)	-
Net cash generated from operating activities	109,564	2,719,907

Cash flows from investing activities
Purchase of intangible fixed assets	(102,000)	-
Purchase of tangible fixed assets	(911,071)	(1,120,752)
Sale of tangible fixed assets	26,001	65,053
HP interest paid	(90,875)	(113,078)
New finance	649,057	573,148
Net cash from investing activities	(428,888)	(595,629)
Cash flows from financing activities
Repayment of loans	(10,000)	(154,662)
Repayment of/new finance leases	(539,693)	(100,093)
Dividends paid	(508,000)	(200,000)
Interest paid	(24,272)	(8,774)
Net cash used in financing activities	(1,081,965)	(463,529)
Net (decrease)/increase in cash and cash equivalents	(1,401,289)	1,660,749
Cash and cash equivalents at beginning of year	2,079,089	418,340
Cash and cash equivalents at the end of year	677,800	2,079,089

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	677,800	2,079,089
	677,800	2,079,089

The notes on pages 12 to 26 form part of these financial statements.

Page 10

ELECTRICITY ASSET SERVICES LTD

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 AUGUST 2025


At 1 September 2024	Cash flows	New finance leases	At 31 August 2025
£	£	£	£

Cash at bank and in hand	2,079,089	(1,401,289)	-	677,800
Debt due after 1 year	(10,000)	10,000	-	-
Debt due within 1 year	(10,000)	-	-	(10,000)
Finance leases	(1,514,998)	539,693	(649,057)	(1,624,362)
	544,091	(851,596)	(649,057)	(956,562)

The notes on pages 12 to 26 form part of these financial statements.

Page 11

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.	General information

Electricity Asset Services Ltd is a private company, limited by shares, incorporated in England with registration number 10918939. The registered office is The Bristol Office, 2nd Floor, 5 High Street, Westbury on Trym, Bristol, BS9 3BY.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

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 requirements 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company 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 Company 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 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.

Page 12

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.3

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.

2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.7

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 reporting 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.

2.8

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

Page 14

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.9

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.

The estimated useful lives range as follows:

Computer software under development

Not depreciated

Intangible assets that are in the course of development are not amortised. Amortisation will begin on completion of development.

2.10

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 the following basis.

Depreciation is provided on the following basis:

Freehold property	-	2%	Straight line
Plant and machinery	-	15%	Straight line
Motor vehicles	-	25%	Reducing balance & straight line
Fixtures and fittings	-	20%	Straight line

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.

2.11

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

Page 15

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.12

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.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.14

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.

2.15

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.

2.16

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.

Financial instruments are recognised in the Company's Statement of financial position 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.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the company's financial statements relates to accrued income. The directors review the accrued income levels on a monthly basis to ensure that all work carried out on ongoing contracts is reflected in the company's financial statements.
The directors also review depreciation rates on a regular basis to ensure that the policy rate remains appropriate.
The directors also require to exercise judgement in assessing recoverability of trade debtors and make appropriate provision where their credit control procedures indicate that trade debtor balances may not be fully recoverable.

Electrical network maintenance	16,744,424	11,420,781
	16,744,424	11,420,781

All turnover arose within the United Kingdom.

Fees payable to the Company's auditor for the audit of the Company's annual financial statements	20,000	-
Operating lease rentals	100,971	4,387
Depreciation on tangible fixed assets	636,450	510,823
(Profit)/Loss on disposal of tangible fixed assets	1,722	15,039

Page 17

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Wages and salaries	5,361,573	3,403,883
Social security costs	579,890	368,153
Cost of defined contribution scheme	94,450	244,803
	6,035,913	4,016,839

The average monthly number of employees, including directors, during the year was 146 (2024 - 109). The average operational staff within the year was 114 (2024 - 87) with the average administrative staff being 32 (2024 - 22).

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	133,949	233,336
Company contributions to defined contribution pension schemes	102	201,391
	134,051	434,727

During the year retirement benefits were accruing to 3 directors (2024 - 2) in respect of defined contribution pension schemes.

8.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	389	8,774
Other interest and charges payable	23,883	-
Finance leases and hire purchase contracts	90,875	113,078
	115,147	121,852

Page 18

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Corporation tax
Current tax on profits for the year	634,164	350,576
	634,164	350,576

Total current tax	634,164	350,576

Deferred tax
Origination and reversal of timing differences	38,657	236,692
Total deferred tax	38,657	236,692


	Tax on profit	672,821	587,268

Profit on ordinary activities before tax

2,608,066

2,134,899

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	652,017	533,725
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	20,804	53,543
Total tax charge for the year	672,821	587,268

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

10.	Dividends
		2025	2024
		£	£

	Dividends on ordinary shares	508,000	200,000
		508,000	200,000

11.	Intangible assets

		Computer software under development
		£
	Cost
	Additions	102,000
	At 31 August 2025	102,000

	Net book value
	At 31 August 2025	102,000
	At 31 August 2024	-

Page 20

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

12.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2024	371,011	760,034	2,118,784	98,380	3,348,209
Additions	105,910	262,619	501,892	40,650	911,071
Disposals	-	-	(44,497)	-	(44,497)
At 31 August 2025	476,921	1,022,653	2,576,179	139,030	4,214,783
Depreciation
At 1 September 2024	-	243,826	608,589	31,577	883,992
Charge for the year on owned assets	-	151,957	465,396	19,097	636,450
Disposals	-	-	(16,774)	-	(16,774)
At 31 August 2025	-	395,783	1,057,211	50,674	1,503,668
Net book value
At 31 August 2025	476,921	626,870	1,518,968	88,356	2,711,115
At 31 August 2024	371,011	516,208	1,510,195	66,803	2,464,217

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	413,750	261,153
Motor vehicles	1,486,604	1,469,567
Furniture, fittings and equipment	6,217	-
	1,906,571	1,730,720

13.	Stocks
		2025	2024
		£	£

Raw materials and consumables	666,141	166,410
	666,141	166,410

Page 21

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

14.

Debtors

					2025	2024
					£	£


Trade debtors	2,825,922	1,400,905
Other debtors	42,210	39,493
Prepayments and accrued income	2,127,971	356,452
	4,996,103	1,796,850

15.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	677,800	2,079,089
	677,800	2,079,089

16.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	10,000	10,000
Trade creditors	1,219,522	699,275
Corporation tax	634,163	350,576
Other taxation and social security	959,235	645,596
Obligations under finance lease and hire purchase contracts	536,702	431,531
Other creditors	31,532	149,809
Accruals and deferred income	215,872	133,741
	3,607,026	2,420,528

Secured Loans
Hire purchase liabilities falling due within one year are secured over the assets to which they relate.

Page 22

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

17.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	10,000
Net obligations under finance leases and hire purchase contracts	1,087,660	1,083,467
	1,087,660	1,093,467

Secured Loans
Hire purchase liabilities falling due after more than one year are secured over the assets to which they relate.

Amounts falling due within one year
Bank loans	10,000	10,000
	10,000	10,000
Amounts falling due 1-2 years
Bank loans	-	10,000
	-	10,000


	10,000	20,000

Within one year	536,702	431,531
Between 1-5 years	1,087,660	1,083,467
	1,624,362	1,514,998

Page 23

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

20.	Financial instruments
		2025	2024
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	677,800	2,079,089
Financial assets that are debt instruments measured at amortised cost	2,868,132	1,440,398
	3,545,932	3,519,487

	Financial liabilities
	Financial liabilities measured at amortised cost	(2,885,416)	(2,384,082)

	Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
	Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.
	Financial liabilities measured at amortised cost comprise trade, other creditors, obligations under finance leases and hire purchase and bank loans.

21.	Deferred taxation

		2025
		£

	At beginning of year	(507,893)
	Charged to profit or loss	(38,657)
	At end of year	(546,550)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(547,826)	(509,074)
Pension movement	1,276	1,181
	(546,550)	(507,893)

Page 24

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

22.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

200,000 (2024 - 0) Ordinary shares of £0.10 each	20,000	-
0 (2024 - 20,000) Ordinary shares of £1.00 each	-	20,000

	20,000	20,000

During the period, 20,000 ordinary shares of £1.00 each were reclassified as 200,000 ordinary shares of £0.10 each.

23.

Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

24.

Share-based payments

The company operates an equity-settled EMI share option scheme for three of its employees. The vesting conditions for employees are that they must be an eligible employee, and have neither given nor received notice of termination of their employment up until the vesting date, which is the earlier of:
- A listing of shares on a recognised investment exchange, or
- A change of control or takeover event, or
- A sale of the whole or substantially the whole of the business of the Group, or
- A resolution for the voluntary winding up of the company.
The options are exercisable at a price of £0.31 per share. The options shall expire if they remain unexercised after a period of 10 years from the date of grant.
At the year end 50,000 options (2024 - Nil) relating to 3 (2024 - Nil) individuals were outstanding.

25.	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 £94,450 (2024 - £244,803). Contributions totaling £6,102 (2024 - £11,022) where payable to the fund at the balance sheet date.

Page 25

ELECTRICITY ASSET SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Not later than 1 year

17,313

27.	Related party transactions
	During the year, the Company entered into the following transactions with related parties:

		2025	2024
		£	£

Sales to other related parties	30,000	107
Purchases from other related parties	360,499	177,443
	390,499	177,550

28.	Controlling party

The company was under the control of Mr S Herron and Mrs A Herron throughout the current and previous year.

Page 26