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TNEI Services Limited
Company Information
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TNEI Services Limited
Contents
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TNEI Services Limited
Strategic Report
For the year ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
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.
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
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TNEI Services Limited
Strategic Report (continued)
For the year ended 31 December 2025
The key performance indicators we use to manage the business are turnover, operating profit and order intake against our business plan.
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.
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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.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
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.
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.
The directors who served during the year were:
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TNEI Services Limited
Directors' Report (continued)
For the year ended 31 December 2025
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.
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TNEI Services Limited
Independent Auditors' Report to the Members of TNEI Services Limited
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 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.
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.
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TNEI Services Limited
Independent Auditors' Report to the Members of TNEI Services Limited (continued)
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.
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.
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:
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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
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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.
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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TNEI Services Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
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TNEI Services Limited
Registered number: 03891836
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
Page 10
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TNEI Services Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Statement of Changes in Equity
For the year ended 31 December 2024
Page 11
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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
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:
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.
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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:
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.
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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.
Analysis of turnover by country of destination:
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 17
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 18
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 20
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 21
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Profit and loss account
Profit and loss account includes all current and prior period retained profits and losses.
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.
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TNEI Services Limited
Notes to the Financial Statements
For the year ended 31 December 2025
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.
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