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Registered number: 03891836 TNEI Services Limited Annual Report and Financial Statements For the year ended 31 December 2025
TNEI Services Limited Company Information
Directors | N Tate
| D Gütschow
| TND Jayawarna
Registered number | 03891836
Registered office | 5th Floor
| 10 Chapel Walks
| Manchester
| M2 1HL
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| Cheshire
| SK1 3GG
TNEI Services Limited Contents
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 24
TNEI Services Limited Strategic Report For the year ended 31 December 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review and future developments
TNEI has delivered another successful year and the business continues to grow in the favourable renewable energy market conditions that prevail in each of our target territories. Turnover for the financial year was £12.0m (2024: £12.6m), with Operating Profits of £2.4m (2024: £2.6m). The financial results reflect good utilisation of our consultants, continued investments in new people and the continuous professional development of our team. The Directors note that as each country approaches the clean energy challenge in different ways, there will be opportunities in different jurisdictions at different times. We are continuing to try and broaden our capability in our selected countries outside of the UK, whilst at the same time investing in our UK talent and facilities. In a highly competitive market for talent, our employee ownership model allows us to recruit new personnel across the business, all of whom have a similar passion and sense of purpose to accelerate the energy transition. We will consolidate our newly expanded capability and geographic targets in the immediate future, and in parallel invest in improved systems, AI tools and back-office processes to optimise our delivery and ensure we remain competitive.
Principal risks and uncertainties
The Directors know that successful delivery of the Company’s strategic objectives rests upon the effective identification and understanding of risks and opportunities; ensuring effective mitigations are in place for principal risks. The principal risk to the continued growth of the business continues to be a potential lack of resources to deliver work. Our enhanced marketing capability will seek to further develop our Brand in coming years, along side further enhancements to our recruitment process, improved inductions and performance management which have all helped to both secure the right people and retain them. Our employee ownership model and engaging culture is also considered to assist with the management of this risk. Legislative changes to the electrical connection market in the UK and associated delays, continue to impact customer confidence and project developers have reduced the demand for talent in the UK market. Our continued worldwide outlook and overseas offices will help to buffer us from any downturns we might see in the UK as well as provide us with access to talent worldwide. Financial Risk Management The Company uses various financial instruments including cash, bank loans and trade debtor and creditors that arise from our operations. The main purpose of these instruments is to maintain a healthy level of finance to support our activities. The Company ensures that we maintain a prudent level of cash and enjoy a positive relationship with our bank HSBC UK. The Directors ensure that customers are carefully monitored to ensure credit worthiness and we take action to reduce work in progress and unbilled business activity. Page 1
TNEI Services Limited Strategic Report (continued) For the year ended 31 December 2025
Financial key performance indicators
The key performance indicators we use to manage the business are turnover, operating profit and order intake against our business plan.
| 2025 | 2024
Turnover | £12.0m | £12.6m
Operating Profit | £2.4m | £2.6m
Value of orders | £14.82m | £14.35m
Business Plan target for value of orders | £15.3m | £13.2m
Other key performance indicators
People: The overall number of persons in our team. Recruitment and retention, while challenging, was again successful in 2025 as we started the year with 126 staff and ended the year with 110 staff. This report was approved by the board and signed on its behalf.
N Tate Director
Date: 6 July 2026
Page 2
TNEI Services Limited Directors' Report For the year ended 31 December 2025 The directors present their report and the financial statements for the year ended 31 December 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 £1,693,884 (2024 - £1,948,630). Dividends paid during the year amounted to £250,000 (2024: £2,650,000). The directors do not recommend that any final dividend will be paid.
Directors
The directors who served during the year were:
N Tate
D Gütschow
TND Jayawarna
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. Page 3
TNEI Services Limited Directors' Report (continued) For the year ended 31 December 2025
Auditors
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
N Tate Director
Date: 6 July 2026
Page 4
TNEI Services Limited Independent Auditors' Report to the Members of TNEI Services Limited
Opinion
We have audited the financial statements of TNEI Services Limited (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the 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 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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
TNEI Services Limited Independent Auditors' Report to the Members of TNEI Services Limited (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.
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.
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: Page 6
TNEI Services Limited Independent Auditors' Report to the Members of TNEI Services Limited (continued) We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: ∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. ∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. ∙Supporting documentation relating to the Company's policies and procedures for: °Identifying, evaluating, and complying with laws and regulations °Detecting and responding to the risks of fraud ∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. ∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. ∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: ∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. ∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. ∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. ∙Enquiring of management about any actual and potential litigation and claims. ∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. We have also considered the risk of fraud through management override of controls by: ∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. ∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and ∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit Page 7
TNEI Services Limited Independent Auditors' Report to the Members of TNEI Services Limited (continued) There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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. 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. Anthony Woodings (senior statutory auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants & Statutory Auditors 3 Stockport Exchange Stockport Cheshire SK1 3GG 6 July 2026 Page 8
TNEI Services Limited Statement of Comprehensive Income For the year ended 31 December 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,025,566 | 12,574,139
Cost of sales |  | (6,413,111) | (6,989,418)
Gross profit |  | 5,612,455 | 5,584,721
Administrative expenses |  | (3,459,478) | (2,961,338)
Other operating income | 5 | 243,486 | -
Operating profit | 6 | 2,396,463 | 2,623,383
Interest payable and similar expenses | 10 | (155,679) | (90,070)
Profit before tax |  | 2,240,784 | 2,533,313
Tax on profit | 11 | (546,900) | (584,683)
Profit for the financial year |  | 1,693,884 | 1,948,630
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 24 form part of these financial statements.
Page 9
TNEI Services Limited Registered number: 03891836 Balance Sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 424,570 |  | 223,091
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 7,362,004 |  | 11,413,042 |
Cash at bank and in hand | 15 | 2,799,388 |  | 2,842,729 |
|  | 10,161,392 |  | 14,255,771 |
Creditors: amounts falling due within one year | 16 | (3,933,073) |  | (8,697,766) |
Net current assets |  |  | 6,228,319 |  | 5,558,005
Total assets less current liabilities |  |  | 6,652,889 |  | 5,781,096
Creditors: amounts falling due after more than one year | 17 |  | (1,282,282) |  | (1,900,013)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (52,768) |  | (7,128) |
|  |  | (52,768) |  | (7,128)
Net assets |  |  | 5,317,839 |  | 3,873,955
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 100 |  | 100
Profit and loss account | 22 |  | 5,317,739 |  | 3,873,855
|  |  | 5,317,839 |  | 3,873,955
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N Tate
Director
Date: 6 July 2026
The notes on pages 12 to 24 form part of these financial statements. Page 10
TNEI Services Limited Statement of Changes in Equity For the year ended 31 December 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 100 | 3,873,855 | 3,873,955
Comprehensive income for the year |  |  |
Profit for the year | - | 1,693,884 | 1,693,884
Total comprehensive income for the year | - | 1,693,884 | 1,693,884
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (250,000) | (250,000)
At 31 December 2025 | 100 | 5,317,739 | 5,317,839
| The notes on pages 12 to 24 form part of these financial statements.
Statement of Changes in Equity For the year ended 31 December 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 100 | 4,575,225 | 4,575,325
Comprehensive income for the year |  |  |
Profit for the year | - | 1,948,630 | 1,948,630
Total comprehensive income for the year | - | 1,948,630 | 1,948,630
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (2,650,000) | (2,650,000)
At 31 December 2024 | 100 | 3,873,855 | 3,873,955
| The notes on pages 12 to 24 form part of these financial statements.
Page 11
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
1. | General information
TNEI Services Limited is a private company limited by share capital incorporated in England and Wales. The address of the registered office and principal place of business is 5th Floor 10 Chapel Walks, Manchester, England, M2 1HL. The Company's registered number is 03891836. The nature of the Company's operations and principal activity is that of specialist consultancy in the energy sector. 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 judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of The New Energy Group Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Rendering of services Revenue 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 revenue 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
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - |  | Straight line over the life of the asset
|  |  |  | Plant and machinery | - | 25% | Reducing balance
|  |  |  | Office equipment | - | 33% | 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.
| 2.5 | 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.
| 2.6 | 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.
| 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 13
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 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 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Page 14
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable. 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. 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. Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Page 15
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements. a) Recoverable value of trade debtors The company has recognised trade debtors with a carrying value of £1,996,679 (2024: £1,445,806). The recoverability of these balances is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. b) Amounts recoverable on long term contracts The management of the company exercises judgement in estimating the completeness of projects and the expected recovery, in determining the valuation of amounts recoverable on long term contracts and deferred income.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Engineering projects | 12,025,566 | 12,574,139
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 10,372,291 | 11,305,334
| Rest of Europe | 1,303,680 | 977,844
| Rest of the world | 349,595 | 290,961
|  | 12,025,566 | 12,574,139
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 100,000 | -
| R&D tax credit | 143,486 | -
|  | 243,486 | -
Page 16
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 111,425 | 108,154
| Exchange differences | 4,683 | 1,157
| Other operating lease rentals | 129,244 | 111,449
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 21,630 | 20,200
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,720,043 | 5,745,918
| Social security costs | 623,121 | 517,434
| Cost of defined contribution scheme | 402,632 | 472,393
|  | 6,745,796 | 6,735,745
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 110 | 126
Page 17
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 351,026 | 349,842
| Company contributions to defined contribution pension schemes | 78,392 | 104,596
|  | 429,418 | 454,438
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £132,063 (2024 - £135,284).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,150 (2024 - £29,582).
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 155,679 | 90,070
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 501,260 | 556,934
| Total current tax | 501,260 | 556,934
| Deferred tax |  |
| Origination and reversal of timing differences | 45,640 | 27,749
| Total deferred tax | 45,640 | 27,749
| Tax on profit | 546,900 | 584,683
Page 18
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,240,784 | 2,533,313
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 560,196 | 633,328
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (15,973) | 30,639
| Adjustments to tax charge in respect of prior periods | 2,677 | -
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | - | (81,489)
| Other differences leading to an increase (decrease) in the tax charge | - | 2,266
| Group relief | - | (61)
| Total tax charge for the year | 546,900 | 584,683
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on equity capital | 250,000 | 2,650,000
Page 19
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
13. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Office equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 334,194 | 320,820 | 1,085,222 | 1,740,236
| Additions | 170,998 | 196 | 141,710 | 312,904
| Disposals | (93,569) | - | - | (93,569)
| At 31 December 2025 | 411,623 | 321,016 | 1,226,932 | 1,959,571
| Depreciation |  |  |  |
| At 1 January 2025 | 278,004 | 255,298 | 983,843 | 1,517,145
| Charge for the year | 39,501 | 18,979 | 52,945 | 111,425
| Disposals | (93,569) | - | - | (93,569)
| At 31 December 2025 | 223,936 | 274,277 | 1,036,788 | 1,535,001
| Net book value |  |  |  |
| At 31 December 2025 | 187,687 | 46,739 | 190,144 | 424,570
| At 31 December 2024 | 56,190 | 65,522 | 101,379 | 223,091
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Office equipment | 74,879 | -
|  | 74,879 | -
Page 20
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,996,679 | 1,445,806
| Amounts owed by group undertakings | 3,943,420 | 8,546,663
| Other debtors | 186,191 | 34,653
| Prepayments and accrued income | 178,998 | 161,833
| Amounts recoverable on long-term contracts | 1,056,716 | 1,224,087
|  | 7,362,004 | 11,413,042
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,799,388 | 2,842,729
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 674,073 | 607,592
| Trade creditors | 112,692 | 230,077
| Amounts owed to group undertakings | 21,996 | 5,034,687
| Corporation tax | - | 132,429
| Other taxation and social security | 709,172 | 519,871
| Obligations under finance lease and hire purchase contracts | 13,076 | -
| Other creditors | - | 3,095
| Accruals and deferred income | 2,402,064 | 2,170,015
|  | 3,933,073 | 8,697,766
| See Note 18 for details of the bank loan. Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Page 21
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loan | 1,221,579 | 1,900,013
| Net obligations under finance leases and hire purchase contracts | 60,703 | -
|  | 1,282,282 | 1,900,013
| See Note 18 for details of the bank loan.
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 674,073 | 607,592
| Amounts falling due 1-2 years |  |
| Bank loans | 722,084 | 657,369
| Amounts falling due 2-5 years |  |
| Bank loans | 499,495 | 1,242,644
|  | 1,895,652 | 2,507,605
| On 10 September 2024 a bank loan totalling £2,650,000 was taken out and is secured against a fixed and floating charge over all assets. The related interest rate is 3.15% over base rate. The balance is repayable in monthly instalments over a period of 4 years. On 9 April 2026 the bank loan was repaid in full.
19. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 13,077 | -
| Between 1-5 years | 60,702 | -
|  | 73,779 | -
Page 22
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (7,128)
| Charged to profit or loss | (45,640)
| At end of year | (52,768)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (65,741) | (7,354)
| Other timing differences | 12,973 | 226
|  | (52,768) | (7,128)
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
22. | Reserves
Profit and loss account Profit and loss account includes all current and prior period retained profits and losses.
23. | 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 £402,632 (2024: £472,393). Contributions totalling £51,889 (2024: £116,743) were payable to the fund at the balance sheet date. Page 23
TNEI Services Limited Notes to the Financial Statements For the year ended 31 December 2025
24. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 178,417 | 91,744
| Later than 1 year and not later than 5 years | 608,866 | 274,887
|  | 787,283 | 366,631
25. | Related party transactions
| In preparing these financial statements, the directors have taken advantage of the exemption available under section 33 paragraph 1A of the Financial Reporting Standard 102, and have not disclosed transactions entered into between wholly owned group undertakings.
26. | Controlling party
The ultimate controlling party is The New Energy Group EOT. The immediate parent company is The New Energy Holdings Limited, a company registered in England and Wales, company number 09905044.
Page 24