ACCOUNTS - Final Accounts preparation

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

Unaudited
2024

Financial Statements

Grant's Electrical Services (N.I.) Limited

For the Year Ended 30 September 2025

Registered number: NI012273


Grant's Electrical Services (N.I.) Limited

Company Information

Directors	D Moore
	R C Paul


Company secretary	D Moore


Registered number	NI012273


Registered office	18a Pennybridge Industrial Estate
	Ballymena
	Northern Ireland
	BT42 3HB


Independent auditor	Grant Thornton (NI) LLP
	Chartered Accountants & Statutory Auditors
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	Ulster Bank Limited
	The Diamond
	Coleraine
	BT52 1DP


Solicitors	Anderson Agnew & Co
	14 Mill Street
	Ballymena
	Co. Antrim
	BT43 5AE


Grant's Electrical Services (N.I.) Limited

Contents

	Page
Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditor's Report	6 - 9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Analysis of Net Cash	14
Notes to the Financial Statements	15 - 31


Grant's Electrical Services (N.I.) Limited

Strategic Report

For the Year Ended 30 September 2025

Introduction

The directors have pleasure in presenting the strategic report of the Company for the year ended 30 September 2025.

Principal activities and business overview

The Company delivered another year of strong top-line growth, disciplined profitability and balance sheet strengthening. Growth was supported by the strategic distribution partnership, expansion of CleanTech projects (micro-grids, energy storage, tidal and wind), and continued operational excellence across Ballymena, Mallusk and Newbridge sites. The Group remains well-capitalised to fund its 2026–2028 scaling plan via a Stage-gated programme management process via Scale X.

The Company has developed unique in-house capabilities across switchgear manufacturing, rotational machinery, renewable energy systems, automation, energy storage, and advanced power engineering and is positioned as a trusted partner for blue-chip clients across United Kingdom and Republic of Ireland.

Business model

GES operates a vertically integrated engineering model built around five core disciplines: Power Systems, Automation Systems, Energy Efficiency, Rotational Generation, and Renewable Energy Solutions. These enable end-to-end engineering services across client sectors.

GES provides a diversified portfolio of power and energy-tech engineering solutions spanning switchboards and control systems, industrial turbines and generator systems, drives and controls, and a growing suite of renewable and storage technologies. A key differentiator is the ability to combine engineering design, manufacturing, on-site service, and digital systems (EMIR CRM/MIS) into turnkey programmes that reduce client downtime, energy cost, and carbon impact.

Strategy and objectives

GES’ strategic direction focuses on people, clients, geographic expansion, ESG leadership, and delivery of the ScaleX growth programme.

∙Key distribution partnership scaled across Great Britain and Ireland, catalysing motor and drives growth.

∙Smart Micro-Grid programme progressed, validating Energy Flexibility-as-a-Service concepts for commercial and domestic users.

∙Innovation in tidal turbine collaboration with academic collaboration delivered Ireland’s first operational vertical axis turbine demonstrator.

∙AESIR/DREAM energy storage programmes advanced, positioning GES for long-duration energy storage markets.

∙Deployment of Business Central Dynamics CRM/MIS has strengthened customer communication, job traceability, and revenue capture.

Page 1


Grant's Electrical Services (N.I.) Limited

Strategic Report (continued)

For the Year Ended 30 September 2025

Financial review

Financial performance remained strong during FY2025, with turnover of £10.7m with increasing export revenues and increasing gross and net profits. GES continues to maintain financial independence and strategic investment in capability, systems, and innovation.

Year	Turnover (£)	Gross Profit (£)	Net Profit (£)	Net Assets (£)
2024	11,117,335	3,007,304	566,022	2,404,822
2025	10,716,275	2,826,910	407,953	2,287,771

Although turnover decreased year-on-year, with margin improvement reflecting a richer product mix and process efficiencies. Net assets strengthened materially, providing headroom for investment in people, plant, and digital systems.

Principal Risks and Uncertainties

Key risks include market volatility, supply chain disruption, labour market and wage inflation, skills shortages, regulatory pressures relating to ESG, and operational scaling challenges.

Risk	Mitigation
Labour market and wage inflation	Apprenticeship intake, leadership pathways, structured pay frameworks.
Supply chain and lead-times	Dual sourcing, inventory optimisation, framework agreements.
Energy and commodity price volatility	Onsite generation and storage, client hedging advisory.
Regulatory/ESG compliance burden for clients	ESG advisory and funding navigation support.
Execution risk scaling to £20m+	Stage-gated programme management via Scale X and strengthened C-Suite oversight.

ESG and Non-Financial Information Statement

GES maintains robust ESG governance across environmental, social, and ethical domains, including ISO certification, renewable energy initiatives, community programmes, and governance structures.

GES has embedded ESG into governance and operations, aligning with ISO 9001/14001/45001. The B Corporation readiness programme is underway with clear milestones across governance, workers, environment, community, and customers. Investments include onsite solar, paperless process migration, fleet electrification, and community partnerships (Cancer Focus NI, Aware NI, Habitat for Humanity).

Page 2


Grant's Electrical Services (N.I.) Limited

Strategic Report (continued)

For the Year Ended 30 September 2025

Key Performance Indicators (KPIs)

KPIs include financial performance, project delivery metrics, employee engagement, training investment, ESG progress, and customer partnership development.

∙Confirm working capital facilities aligned to growth cadence and inventory profile.

∙Support for capex envelope focused on manufacturing cells and test infrastructure.

∙Green finance options for storage manufacturing and fleet electrification initiatives.

∙Ongoing performance covenant framework linked to KPIs and ESG progress.

Outlook – People, Culture & Capability

GES expects continued growth across energy storage, renewables, cleantech engineering, gearbox assembly, and all-Ireland expansion, with revenue targets of £12m by 2026 and £16m by 2028.

The Group now employs c.102 colleagues, with apprenticeship pathways, IIP Silver, Deloitte Best Managed Company Platinum - 8 years in succession, ILM/CIPD development and private healthcare underpinning talent attraction and retention. A strong diversity agenda, structured engagement toward B Corp, and mental health first-aiders support a safe, inclusive, and performance-driven culture.

Management expects continued double-digit revenue growth driven by gearbox assembly expansion, CleanTech projects (wind, tidal, storage), and deeper penetration in GB and ROI. Strategic priorities include scaling manufacturing capacity, API-enabled digital integration, and targeted senior technical recruitment. The medium-term objective remains achieving c.£20m turnover by FY2030.

This report was approved by the board on 29 May 2026 and signed on its behalf.

D Moore

Director

Page 3


Grant's Electrical Services (N.I.) Limited

Directors' Report

For the Year Ended 30 September 2025

The directors present their report and the financial statements for the year ended 30 September 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 judgements and accounting estimates that are reasonable and prudent;

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

∙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.

Principal activity

Grant's Electrical Services (N.I.) Limited (GES) is an award-winning electrical and mechanical engineering organisation providing power, energy, and cleantech solutions to SMEs and multinational clients across the UK and Ireland. The business operates from three core sites in Ballymena, Mallusk, and Newbridge, with over one hundred employees as at year end 2025.

Results and dividends

The profit for the year, after taxation, amounted to £407,953 (2024 -£566,022).

The directors have recommended a dividend of £2.28 per share totalling £525,004 (2024: £3.09 per share totalling £711,670).

Directors

The directors who served during the year were:

D Moore

R C Paul

Page 4


Grant's Electrical Services (N.I.) Limited

Directors' Report (continued)

For the Year Ended 30 September 2025

Matters covered in the Strategic Report

Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the Company has elected to disclose the following directors report information in the strategic report:

∙Business review;

∙Future developments;

∙Principal risks and uncertainties; and

∙Financial key performance indicators.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, Grant Thornton (NI) LLP was appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 May 2026 and signed on its behalf.

D Moore

Director

Page 5

Independent Auditor's Report to the Members of Grant's Electrical Services (N.I.) Limited

Opinion

We have audited the financial statements of Grant's Electrical Services (N.I.) Limited, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity for the financial year ended 30 September 2025, and the related notes to the financial statements, 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, Grant's Electrical Services (N.I.) Limited's financial statements:

∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 September 2025 and of its financial performance and cash flows for the financial year then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.

Page 6

Independent Auditor's Report to the Members of Grant's Electrical Services (N.I.) Limited (continued)

Other matter

For the year ended 30 September 2024, the Company was not required to obtain audited financial statements as the Company qualified as small under company law and availed of the small company audit exemption. Therefore, the corresponding figures have not been audited.

Other information

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon, including the Directors' Report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 Directors' Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and

∙the Directors' Report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the Directors' Report and the Strategic 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.

Page 7

Independent Auditor's Report to the Members of Grant's Electrical Services (N.I.) Limited (continued)

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 their 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.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy Law, Employment Law, Environmental Regulations, Pension legislation and Health and Safety Laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.

Page 8

Independent Auditor's Report to the Members of Grant's Electrical Services (N.I.) Limited (continued)

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

∙inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating an allowance for the impairment of debtors and stocks and estimating the useful lives of tangible fixed assets and estimating the fair value of freehold property; and

∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

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.

Bronagh Bourke FCA (Senior Statutory Auditor)

for and on behalf of

Grant Thornton (NI) LLP

Chartered Accountants

Statutory Auditors

Belfast
Date: 29 May 2026

Page 9


Grant's Electrical Services (N.I.) Limited

Statement of Comprehensive Income

For the Year Ended 30 September 2025

	2025	Unaudited 2024
Note	£	£


Turnover	4	10,716,275	11,117,335
Cost of sales		(7,889,365)	(8,110,031)
Gross profit		2,826,910	3,007,304
Administrative expenses		(2,260,043)	(2,226,485)
Operating profit	5	566,867	780,819
Interest receivable and similar income		1,616	655
Interest payable and similar expenses		(7,149)	(5,602)
Profit before tax		561,334	775,872
Tax on profit	9	(153,381)	(209,850)
Profit for the financial year		407,953	566,022

There was no other comprehensive income for 2025 (2024:£NIL).

All amounts relate to continuing operations.

The notes on pages 15 to 31 form part of these financial statements.

Page 10


Grant's Electrical Services (N.I.) Limited Registered number:NI012273

Balance Sheet

As at 30 September 2025

		2025		Unaudited 2024
Note		£		£

Fixed assets
Tangible assets	11		866,384		859,367
			866,384		859,367
Current assets
Stocks	12	1,001,579		1,202,239
Debtors: amounts falling due within one year	13	1,957,156		1,873,749
Cash at bank and in hand	14	149,059		96,519
		3,107,794		3,172,507
Creditors: amounts falling due within one year	15	(1,598,765)		(1,549,350)
Net current assets			1,509,029		1,623,157
Total assets less current liabilities			2,375,413		2,482,524
Current liabilities
Creditors: amounts falling due after more than one year	16		-		(11,529)
Provisions for liabilities
Deferred tax	18	(87,642)		(66,173)
			(87,642)		(66,173)
Net assets			2,287,771		2,404,822

Capital and reserves
Called up share capital	19	230,000	230,000
Revaluation reserve	20	521,805	521,805
Other reserves	20	-	29,033
Profit and loss account	20	1,535,966	1,623,984
Shareholders' funds		2,287,771	2,404,822

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2026.

D Moore

Director

The notes on pages 15 to 31 form part of these financial statements.

Page 11


Grant's Electrical Services (N.I.) Limited

Statement of Changes in Equity

For the Year Ended 30 September 2025

	Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 October 2024	230,000	521,805	29,033	1,623,984	2,404,822

Profit for the year	-	-	-	407,953	407,953
Dividends: Equity capital	-	-	-	(525,004)	(525,004)
Transfer to/from profit and loss account	-	-	(29,033)	29,033	-
At 30 September 2025	230,000	521,805	-	1,535,966	2,287,771

Statement of Changes in Equity

For the unaudited Year Ended 30 September 2024

	Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 October 2023	230,000	521,805	29,033	1,769,632	2,550,470

Profit for the year	-	-	-	566,022	566,022
Dividends: Equity capital	-	-	-	(711,670)	(711,670)
At 30 September 2024	230,000	521,805	29,033	1,623,984	2,404,822

The notes on pages 15 to 31 form part of these financial statements.

Page 12


Grant's Electrical Services (N.I.) Limited

Statement of Cash Flows

For the Year Ended 30 September 2025

			2025	Unaudited 2024
			£	£

Cash flows from operating activities
Profit for the financial year	407,953	566,022
Adjustments for:
Depreciation of tangible assets	71,139	62,479
Interest payable	7,149	5,602
Interest income	(1,616)	(655)
Taxation charge	153,381	209,850
Decrease in stocks	200,660	461,906
(Increase)/decrease in debtors	(83,407)	263,739
Increase/(decrease) in creditors	122,133	(272,114)
Corporation tax paid	(204,866)	(240,148)
Net cash generated from operating activities	672,526	1,056,681

Cash flows from investing activities
Purchase of tangible fixed assets	(78,156)	(127,306)
Interest received	1,616	655
Net cash outflow from investing activities	(76,540)	(126,651)
Cash flows from financing activities
Repayment of loans	(9,761)	(10,647)
Dividends paid	(525,004)	(711,670)
Interest paid	(7,149)	(5,602)
Net cash used in financing activities	(541,914)	(727,919)
Net increase in cash and cash equivalents	54,072	202,111
Cash and cash equivalents at beginning of year	94,987	(107,124)
Cash and cash equivalents at the end of year	149,059	94,987

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	149,059	96,519
Bank overdrafts	-	(1,532)
	149,059	94,987

The notes on pages 15 to 31 form part of these financial statements.

Page 13


Grant's Electrical Services (N.I.) Limited

Analysis of Net Cash

For the Year Ended 30 September 2025


At 1 October 2024	Cash flows	At 30 September 2025
£	£	£

Cash at bank and in hand	96,519	52,540	149,059
Bank overdrafts	(1,532)	1,532	-
Debt due after 1 year	(11,529)	11,529	-
Debt due within 1 year	(10,000)	(1,529)	(11,529)
	73,458	64,072	137,530

The notes on pages 15 to 31 form part of these financial statements.

Page 14


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

1.	General information

Grant's Electrical Services (N.I.) Limited is a private company limited by shares incorporated and domiciled in United Kingdom. The address of its registered office is 18a Pennybridge Industrial Estate, Ballymena, Northern Ireland, BT42 3HB.

The principal activity of the Company is that of repairs of providing solutions for power generation, industrial, and agri-structure sectors.

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

Going concern

The Company continued to trade profitably during the year and has further increased the value of its net assets at 30 September 2025. The Directors have prepared forecasted financial information for 2026 and beyond. The Company is forecasted to continue to be profitable going forward and is expected to generate sufficient cash flow to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.

The Company's Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis of accounting in preparing the financial statements.

Page 15


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pound Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'Interest receivable and similar income or Interest payable and similar expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

2.Accounting policies (continued)

2.4

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.

2.5

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.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

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.

Page 17


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

2.Accounting policies (continued)

2.8

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.

2.9

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.

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 18


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line
Building improvements	-	5%	straight line
Plant and machinery	-	25%	reducing balance
Motor vehicles	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the Statement of comprehensive income.

2.12

Revaluation of tangible fixed assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 19


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

2.Accounting policies (continued)

2.13

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.14

Debtors

Debtors include trade debtors and certain other financial instruments, prepayments, accrued income and deferred tax assets. Prepayments are payments made for goods or services that will be received in the future. These are initially recorded as assets and amortised over time as the benefit of the prepaid expense is recognised. Accrued income corresponds to the revenue earned during the period but not yet billed to the customer.

2.15

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.

2.16

Creditors

Creditors include trade creditors and certain other short and long-term financial instruments. Payments received on account correspond to advance payments from customers for goods or services that have not yet been delivered or recognised as revenue.

2.17

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.

2.18

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 20


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

2.19

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 21


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

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

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.

b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

c) Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.

d) Valuation of freehold property
The Company has opted to account for its freehold property at fair value which was determined by independent qualified valuers, using evidence from observed prices in market transactions for similar properties in similar locations. The key assumptions used for the valuation of the properties are given in Note 11.

Page 22


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

Sale of services	8,533,024	8,736,200
Sale of goods	2,183,251	2,381,135
	10,716,275	11,117,335

					2025	Unaudited 2024
					£	£

United Kingdom	10,370,449	10,676,351
Rest of Europe	345,826	440,984
	10,716,275	11,117,335

Exchange differences	(1,729)	9,339
Other operating lease rentals	318,277	307,752
Depreciation	71,139	62,479

Fees payable to the Company's auditor for the audit of the Company's financial statements

34,000

Page 23


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

Wages and salaries	3,354,277	3,429,173
Social security costs	346,648	315,846
Cost of defined contribution scheme	109,102	94,146
	3,810,027	3,839,165

The average monthly number of employees, including the directors, during the year was as follows:

	2025	Unaudited 2024
	No.	No.

Administration	11	11
Operations	85	91

	96	102

8.	Directors' remuneration
		2025	Unaudited 2024
		£	£

Directors' emoluments	180,386	177,147
Company contributions to defined contribution pension schemes	42,000	19,918
	222,386	197,065

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

The highest paid director received remuneration of £96,148 (2024 - £95,338).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,000 (2024 - £15,888).

Page 24


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

Corporation tax
Current tax on profits for the year	144,314	204,666
Adjustments in respect of previous periods	(12,402)	4,553

Total current tax	131,912	209,219

Deferred tax
Origination and reversal of timing differences	8,540	631
Adjustment in respect of previous periods	12,929	-
Total deferred tax	21,469	631


	Tax on profit	153,381	209,850

Profit on ordinary activities before tax

561,334

775,872

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%)	140,334	193,397
Effects of:
Fixed asset timing differences	5,728	5,549
Expenses not deductible for tax purposes	6,792	6,351
Other timing differences	-	4,553
Adjustments to tax charge in respect of previous periods	(12,402)	-
Adjustments to tax charge in respect of previous periods - deferred tax	12,929	-
Total tax charge for the year	153,381	209,850

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

10.	Dividends
		2025	Unaudited 2024
		£	£

	Dividends paid	525,004	711,670
		525,004	711,670

11.	Tangible fixed assets

	Freehold property	Leasehold improve-ments	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 October 2024	525,000	266,565	942,312	12,300	1,746,177
Additions	-	-	78,156	-	78,156
Transfers between classes	266,565	(266,565)	-	-	-
At 30 September 2025	791,565	-	1,020,468	12,300	1,824,333
Depreciation
At 1 October 2024	86,743	11,697	785,024	3,346	886,810
Charge for the year	9,583	13,328	45,556	2,672	71,139
Transfers between classes	25,025	(25,025)	-	-	-
At 30 September 2025	121,351	-	830,580	6,018	957,949
Net book value
At 30 September 2025	670,214	-	189,888	6,282	866,384
At 30 September 2024	438,257	254,868	157,288	8,954	859,367

On 11 March 2021, the freehold property was revalued. The fair value was determined by independent, professionally-qualified valuers on an open market basis. The directors have reviewed the underlying data and assumptions at the balance sheet date and concluded no revaluation was necessary.

Page 26


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

11.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2025	Unaudited 2024
	£	£

Freehold	670,214	438,257
Building improvements	-	254,868
	670,214	693,125

Cost or valuation at 30 September 2025 is as follows:

			Land and buildings
			£

		At cost	269,760
		At valuation:
			521,805

			791,565

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	Unaudited 2024
	£	£


Cost	3,195	3,195
Accumulated depreciation	(2,492)	(2,428)
Net book value	703	767

12.	Stocks
		2025	Unaudited 2024
		£	£

Work in progress	424,027	827,239
Finished goods and goods for resale	577,552	375,000
	1,001,579	1,202,239

Page 27


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

13.

Debtors

					2025	Unaudited 2024
					£	£


Trade debtors	1,831,199	1,664,416
Amounts owed by related party	-	10,687
Other debtors	96,212	168,727
Prepayments and accrued income	29,745	29,919
	1,957,156	1,873,749

Amounts owed by related parties are unsecured, interest free and repayable on demand.

14.	Cash and cash equivalents
		2025	Unaudited 2024
		£	£

Cash at bank and in hand	149,059	96,519
Less: bank overdrafts	-	(1,532)
	149,059	94,987

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

Bank overdrafts	-	1,532
Bank loans	11,529	10,000
Trade creditors	826,276	882,077
Corporation tax	131,712	204,666
Other taxation and social security	494,703	380,035
Other creditors	53,397	23,131
Accruals and deferred income	81,148	47,909
	1,598,765	1,549,350

Page 28


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

15.Creditors: Amounts falling due within one year (continued)

Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms.

Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

The above bank loans and overdrafts are secured by a fixed and floating charge over the property of the Company.

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

Bank loans	-	11,529
	-	11,529

Amounts falling due within one year
Bank loans	11,529	10,000
	11,529	10,000
Amounts falling due 1-2 years
Bank loans	-	10,000
	-	10,000
Amounts falling due 2-5 years
Bank loans	-	1,529
	-	1,529

	11,529	21,529

Page 29


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

18.	Deferred taxation

	2025	Unaudited 2024
	£	£

At beginning of year	66,173	65,542
Charged to profit or loss	21,469	631
At end of year	87,642	66,173

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

Fixed asset timing differences	89,863	70,501
Short term timing differences	(2,221)	(4,328)
	87,642	66,173

19.	Share capital
		2025	Unaudited 2024
		£	£

Allotted, called up and fully paid

230,000 (2024 -230,000) Ordinary shares of £1.00 each	230,000	230,000

20.

Reserves

Share capital

Represents the nominal value of shares that have been issued.

Revaluation reserve

This represents the accumulated increase in value of freehold properties.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 30


Grant's Electrical Services (N.I.) Limited

Notes to the Financial Statements

For the Year Ended 30 September 2025

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 £109,102 (2024: £94,146). Contributions totalling £16,562 (2024: £17,312) were payable to the fund at the balance sheet date.

Not later than 1 year	363,090	346,994
Later than 1 year and not later than 5 years	687,625	615,886
Later than 5 years	292,809	233,750
	1,343,524	1,196,630

23.	Related party transactions
	At the balance sheet date a company which is related by virtue of common control owed the Company £Nil (2024: £10,687). During the year the Company had net transactions of £27,500 with a Director. At the year end the amount owed to the Director was £29,229 (2024: £1,729). The loan is unsecured, interest free and repayable upon demand and included within other creditors.

24.	Post balance sheet events

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

25.	Controlling party

The Company's controlling party is David Moore by virtue of shareholding.

Page 31