Prior Power Solutions Limited iXBRL

Company Registration Number: 01499503

Prior Power Solutions Limited

Reports and Financial Statements

for the financial year ended 31 December 2025

Prior Power Solutions Limited

DIRECTORS AND OTHER INFORMATION


Directors	Lars Eikeland
	Patrick Joy
	James Michael Rix
	Steven Shipley


Company Secretary	Steven Shipley


Company Registration Number	01499503


Registered Office and Business Address	Gapton Hall Road
	Gapton Hall Industrial Estate
	Great Yarmouth
	Norfolk
	England


Independent Auditors	FLC Frank Lynch & Co.
	Chartered Certified Accountants and Statutory Auditors
	Avoca House
	28-31 Seatown Place
	Dundalk
	Co Louth
	Republic of Ireland


Bankers	HSBC UK Bank PLC
	1 Centenary Square
	Birmingham
	United Kingdom


Solicitors	Birketts LLP
	Kingsfisher House
	1 Gilders Way
	Norwich
	NR3 1UB

Prior Power Solutions Limited

STRATEGIC REPORT

for the financial year ended 31 December 2025

The directors present their strategic report on the company for the financial year ended 31 December 2025.

Review of the Company's Business

The directors present their strategic report for the year ended 31st December 2025.

Development and Performance

The company is well positioned to capitalise on sustained demand for its products and services, supporting continued growth and development. The ongoing expansion of the nitrogen pump rental fleet, together with the enhancement of integrated service offerings, has delivered strong results and will continue to underpin the business going forward. As part of the global Suretank Group, the company benefits from the strength and resources of an international network.

The company maintains a strong OEM reputation in liquid nitrogen and fluid pumps, reinforcing its position in the market. The mechanical servicing and parts division also performed well during the year across multiple sectors, including oil and gas, wind and power generation, with this momentum expected to continue into 2026, supported by consistent demand and utilisation.

Whilst a significant proportion of revenue remains linked to the energy sector and is therefore exposed to fluctuations in global markets, customer confidence remains strong. This reflects the company’s in-house technical capability, proven track record and differentiated multi-brand offering, positioning the business for continued growth, underpinned by further rental fleet expansion and sustained high levels of service activity.

Financial Key Performance Indicators

Turnover for the company for the year ended 31st December 2025 was £18.4m (2024: £15.5m), representing growth of approximately 18.8% year on year. This indicates an increase in sales activity and suggests that the company successfully expanded its revenue base during the period.

The profit for the financial year after taxation amounted to £655,216 (2024 - £320,551).

Gross Profit Margin: Gross profit margin improved from 22.18% in 2024 to 24.99% in 2025, demonstrating that the company generated a higher profit from each euro of sales.

Net Profit Margin: Net profit margin increased from 2.06% to 3.55%, indicating that a larger proportion of turnover was converted into profit after all operating and financing costs. This improvement reflects enhanced overall profitability and suggests that the company's earnings performance strengthened during 2025.

Debtors days: The average collection period increased from 45 days to 57 days, showing that the company took approximately 12 days longer to collect amounts owed by customers in 2025.

Creditors days: The number of days taken to pay suppliers increased from 46.07 days in 2024 to 52.80 days in 2025, indicating that the company is taking longer to settle trade payables. This may support short-term cash flow management but could place pressure on supplier relationships if payment terms are exceeded.

Debt Ratio: The debt ratio increased from 65.94% to 66.23%, indicating that approximately two-thirds of the company's assets continue to be financed through liabilities.

On behalf of the board



Steven Shipley	James Michael Rix
Director	Director

24 June 2026	24 June 2026

Prior Power Solutions Limited

DIRECTORS' REPORT

for the financial year ended 31 December 2025

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

Principal Activity

The company is the leading provider of specialised products and services to the oil and gas, marine, renewables, power generation, mining, industrial and construction industries.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £655,216 (2024 - £320,551).

The directors do not recommend payment of a dividend.

Directors

The directors who served during the financial year are as follows:

Lars Eikeland

Patrick Joy

James Michael Rix

Steven Shipley

There were no changes in shareholdings between 31 December 2025 and the date of signing the financial statements.

Future Developments

The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 and apply them consistently;

-make judgements and accounting estimates that are reasonable and prudent;

-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The 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 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.

Disclosure of Information to Auditor

Each persons who are directors at the date of approval of this report confirms that:

In so far as the directors are aware:

-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and

-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, FLC Frank Lynch & Co., (Chartered Certified Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

On behalf of the board

Steven Shipley

James Michael Rix

Director

24 June 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Prior Power Solutions Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Prior Power Solutions Limited ('the company') for the financial year ended 31 December 2025 which comprise the Profit and Loss Account, the Statement of Total Recognised Gains and Losses, the Balance Sheet, the Reconciliation of Shareholders' Funds, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the financial year then ended;

-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's 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.

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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept; 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 for the financial statements

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 they 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 has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to detect material misstatements in respect of irregularities relating to fraud

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we considered the nature of the entity, its control environment and the applicable legal and regulatory framework. Our audit procedures included enquiries of management, review of relevant documentation, testing of journal entries and consideration of accounting estimates for evidence of management bias. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements arising from fraud or non-compliance with laws and regulations may not be detected, particularly where there is collusion, forgery, deliberate omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Francis Lynch FCA FCCA (Senior Statutory Auditor)

for and on behalf of

FLC FRANK LYNCH & CO.

Chartered Certified Accountants and Statutory Auditors

Avoca House

28-31 Seatown Place

Dundalk

Co Louth

Republic of Ireland

24 June 2026

Prior Power Solutions Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Prior Power Solutions Limited

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 December 2025

	2025	2024
Notes	£	£

Turnover	4	18,441,920	15,524,567

Cost of sales		(13,832,905)	(12,081,614)
		─────────	─────────
Gross profit		4,609,015	3,442,953

Distribution costs		(72,740)	(54,414)
Administrative expenses		(3,473,297)	(2,999,267)
		─────────	─────────
Operating profit	5	1,062,978	389,272

Interest receivable and similar income	6	244	-
Interest payable and similar expenses	7	(168,150)	(170,088)
		─────────	─────────
Profit before taxation		895,072	219,184

Tax on profit	9	(239,856)	101,367
		─────────	─────────
Profit for the financial year		655,216	320,551
		═════════	═════════

Prior Power Solutions Limited

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

for the financial year ended 31 December 2025

2025

2024

Profit after taxation

655,216

320,551

Revaluation reserve unrealised movement on revaluation of property

125,892

─────────

Total comprehensive income for the financial year

655,216

446,443

═════════

All the activities of the company are from continuing operations.

Prior Power Solutions Limited

Company Registration Number: 01499503

BALANCE SHEET

as at 31 December 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets

4,769,293

3,759,602

─────────

Current Assets

Stocks

1,934,944

1,886,961

Debtors

3,255,069

2,337,341

Cash and cash equivalents

201,183

166,466

─────────

5,391,196

4,390,768

─────────

Creditors: amounts falling due within one year

(4,560,763)

(3,563,764)

─────────

Net Current Assets

830,433

827,004

─────────

Total Assets less Current Liabilities

5,599,726

4,586,606

Creditors:

amounts falling due after more than one year

(1,516,474)

(1,355,669)

Provisions for liabilities

(652,091)

(454,992)

─────────

Net Assets

3,431,161

2,775,945

═════════

Capital and Reserves

Called up share capital

100

100

Revaluation reserve

1,847,067

1,847,067

Other reserves including the fair value reserve

200

200

Retained earnings

1,583,794

928,578

─────────

Equity attributable to owners of the company

3,431,161

2,775,945

═════════

Approved by the Board and authorised for issue on 24 June 2026 and signed on its behalf by



Steven Shipley			James Michael Rix
Director			Director

Prior Power Solutions Limited

RECONCILIATION OF SHAREHOLDERS' FUNDS

as at 31 December 2025

	Called up	Revaluation	Retained	Special	Total
	share	reserve	earnings	reserve
	capital
	£	£	£	£	£

At 1 January 2024	100	1,721,175	608,027	200	2,329,502
	─────────	─────────	─────────	─────────	─────────
Profit for the financial year	-	-	320,551	-	320,551
Other gains and losses	-	125,892	-	-	125,892
	─────────	─────────	─────────	─────────	─────────
Total comprehensive income	-	125,892	320,551	-	446,443
	─────────	─────────	─────────	─────────	─────────
At 31 December 2024	100	1,847,067	928,578	200	2,775,945
	─────────	─────────	─────────	─────────	─────────
Profit for the financial year	-	-	655,216	-	655,216
	─────────	─────────	─────────	─────────	─────────
At 31 December 2025	100	1,847,067	1,583,794	200	3,431,161
	═════════	═════════	═════════	═════════	═════════

Prior Power Solutions Limited

CASH FLOW STATEMENT

for the financial year ended 31 December 2025

	2025	2024
Notes	£	£

Cash flows from operating activities

Profit for the financial year

655,216

320,551

Adjustments for:

Interest receivable and similar income

(244)

Interest payable and similar expenses

168,150

170,088

Tax on profit on ordinary activities

239,856

(101,367)

Depreciation

343,143

229,959

Profit/loss on disposal of tangible assets

(250)

(2,101)

─────────

1,405,871

617,130

Movements in working capital:

Movement in stocks

(47,983)

62,341

Movement in debtors

(960,483)

(118,873)

Movement in creditors

925,375

404,017

─────────

Cash generated from operations

1,322,780

964,615

Interest paid

(168,150)

(170,088)

Tax paid

(2)

─────────

Net cash generated from operating activities

1,154,628

794,527

─────────

Cash flows from investing activities

Interest received

244

Payments to acquire tangible assets

(1,352,834)

(829,441)

Receipts from sales of tangible assets

250

2,451

─────────

Net cash used in investment activities

(1,352,340)

(826,990)

─────────

Cash flows from financing activities

New long term loan		418,813	128,437
New short term loan		59,163	-
Repayment of short term loan		(245,547)	(186,384)
		─────────	─────────
Net cash generated from/(used in) financing activities		232,429	(57,947)
		─────────	─────────

Net increase/(decrease) in cash and cash equivalents		34,717	(90,410)
Cash and cash equivalents at beginning of financial year		166,466	256,876
		─────────	─────────
Cash and cash equivalents at end of financial year	13	201,183	166,466
		═════════	═════════

Prior Power Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2025

General Information

Prior Power Solutions Limited is a company limited by shares incorporated in the United Kingdom. Gapton Hall Road, Gapton Hall Industrial Estate, Great Yarmouth, Norfolk, England is the registered office, which is also the principal place of business of the company. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Prior Power Solutions Limited is the leading provider of specialised products and services to the oil and gas, marine, renewables, power generation, mining, industrial and construction industries.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 December 2025 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Revenue is recognised when control of goods or services passes to the customer and is measured at the amount expected to be received. Revenue from the sale of parts and manufactured products is recognised on delivery to the customer. Revenue from bespoke engineering and fabrication contracts is recognised over time where performance obligations are satisfied as work progresses, based on the stage of completion. Rental income from hire assets is recognised on a straight-line basis over the rental period.

Going concern

In preparing the financial statements, the Directors have considered the going concern position. The Company primarily meets its day to day working capital requirements through cashflows generated from operating activities, together with loans provided by related parties within the Group. In December 2023 the company refinanced its loan facility with HSBC to a total that amounted to £1,600,000 repayable in 5 years. The financial statements are prepared on the going concern basis provided that the loan will be fully repaid by due date or successfully refinanced.

Having regard to the factors noted above, the directors are satisfied that the Company has adequate resources to continue in operational existence for the forseeable future, being at least twelve months from the date of approval of these financial statements.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. Cost is the amount of cash or cash equivalents paid or the fair value of other consideration given to acquire an asset, or incurred in producing or delivering goods or services. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold

4% Straight line

Plant and machinery

15% Straight line (Plant & Machinery), 10% Straight line (Rental Assets)

Fixtures, fittings and equipment

15% Straight line

Motor vehicles

20% Straight line

ERP-CRM

15% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Leasing

Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour and an appropriate proportion of production overheads attributable to the stage of completion. Provision is made where necessary for foreseeable losses and for work where the net realisable value is estimated to be lower than cost.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company‘s taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Critical Accounting Judgements and Estimates

The directors consider the accounting estimates and assumptions below to be its critical accounting judgements and estimates:

Work in progress

The valuation of work in progress requires management to estimate the stage of completion of bespoke engineering and fabrication projects, together with the costs required to complete those projects. Actual outcomes may differ from these estimates and could affect the value of work in progress recognised at the reporting date.

Accrued Income

Accrued income is recognised in respect of work performed but not yet invoiced and requires management to estimate the value of work completed and the recoverability of the amounts recognised. Changes in the assessment of contract progress or customer acceptance could result in adjustments to the amounts recognised.

Turnover

The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of providing specialised products and services to the oil and gas, marine, renewables, power generation, mining, industrial and construction industries.


5.	Operating profit	2025	2024
		£	£
	Operating profit is stated after charging/(crediting):
	Depreciation of tangible assets	343,143	229,959
	(Profit) on disposal of tangible assets	(250)	(2,101)
	Loss on foreign currencies	5,809	939
	Operating lease rentals
	- Motor vehicles	9,385	9,032
		═════════	═════════


6.	Interest receivable and similar income	2025	2024
		£	£

	Bank interest	244	-
		═════════	═════════


7.	Interest payable and similar expenses	2025	2024
		£	£

	On bank loans and overdrafts	168,150	170,088
		═════════	═════════


8.	Employees and remuneration

	Number of employees
	The average number of persons employed (including executive directors) during the financial year was as follows:

		2025	2024
		Number	Number

	Administrative Staff	8	8
	Management Staff	2	2
	Production Staff	65	59
	Sales Staff	10	10
		─────────	─────────
		85	79
		═════════	═════════

	The staff costs (inclusive of directors' salaries) comprise:	2025	2024
		£	£

	Wages and salaries	4,087,523	3,434,587
	Social security costs	501,275	378,831
	Pension costs	41,458	34,860
		─────────	─────────
		4,630,256	3,848,278
		═════════	═════════

Tax on profit

2025

2024

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2024 - 25.00%) (Note 9 (b))

─────────

Deferred tax:

Origination and reversal of timing differences

239,856

(101,367)

─────────

Total deferred tax (Note 12)

239,856

(101,367)

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2024 - 25.00%). The differences are explained below:

2025

2024

Profit taxable at 25.00%

895,072

219,184

═════════

Profit before tax

multiplied by the standard rate of corporation tax

in the United Kingdom at 25.00% (2024 - 25.00%)

223,768

54,796

Effects of:

Expenses not deductible for tax purposes

Capital allowances for period in excess of depreciation

(192,010)

(143,718)

Utilisation of tax losses

(31,774)

89,448

Deferred tax

239,856

(101,367)

Deductions allowed

(56)

(526)

─────────

Total tax charge for the financial year (Note 9 (a))

239,856

(101,367)

═════════


10.	Tangible assets
		Land and	Plant and	Fixtures,	Motor	ERP-CRM	Total
		buildings	machinery	fittings and	vehicles
		freehold		equipment
		£	£	£	£	£	£
	Cost
	At 1 January 2025	2,750,998	1,542,457	308,451	174,431	258,152	5,034,489
	Additions	67,892	1,197,297	31,471	30,030	26,144	1,352,834
	Disposals	-	-	-	(8,000)	-	(8,000)
		─────────	─────────	─────────	─────────	─────────	─────────
	At 31 December 2025	2,818,890	2,739,754	339,922	196,461	284,296	6,379,323
		─────────	─────────	─────────	─────────	─────────	─────────
	Depreciation
	At 1 January 2025	54,782	812,371	266,487	106,711	34,536	1,274,887
	Charge for the financial year	112,049	153,341	13,716	22,492	41,545	343,143
	On disposals	-	-	-	(8,000)	-	(8,000)
		─────────	─────────	─────────	─────────	─────────	─────────
	At 31 December 2025	166,831	965,712	280,203	121,203	76,081	1,610,030
		─────────	─────────	─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2025	2,652,059	1,774,042	59,719	75,258	208,215	4,769,293
		═════════	═════════	═════════	═════════	═════════	═════════
	At 31 December 2024	2,696,216	730,086	41,964	67,720	223,616	3,759,602
		═════════	═════════	═════════	═════════	═════════	═════════

	Revaluation of Freehold Property In 2024 the property was revalued to £2,715,000. The valuation was carried out by Savills and their report is dated 1 July 2024.

11.

Stocks

2025

2024

Work in progress

1,086,201

1,218,628

Finished goods and goods for resale (net of stock provision)

848,743

668,333

─────────

1,934,944

1,886,961

═════════

The replacement cost of stock did not differ significantly from the figures shown.


12.	Debtors	2025	2024
		£	£

	Trade debtors	2,301,931	1,344,632
	Other debtors	362,066	327,121
	Deferred tax asset	351,111	393,866
	Taxation and social security costs (Note 16)	166,372	172,102
	Prepayments and accrued income	73,589	99,620
		─────────	─────────
		3,255,069	2,337,341
		═════════	═════════


13.	Cash and cash equivalents	2025	2024
		£	£

	Cash and bank balances	201,183	166,466
		═════════	═════════

14.

Creditors

2025

2024

Amounts falling due within one year

Bank loan

258,008

186,384

Trade creditors

1,999,137

1,524,891

Amounts owed to group undertakings

201,263

215,788

Taxation and social security costs (Note 16)

115,626

87,723

Other creditors

122,108

163,637

Accruals and deferred income:

Pension accrual

696

15,849

Other accruals

1,863,925

1,369,492

─────────

4,560,763

3,563,764

═════════

The following guarantees and securities are held in respect of the company:

HSBC

First legal charge dated 9 May 2025 over Freehold property: Gapton Hall and Vanguard Road.

Unlimited multilateral guarantee dated 18 December 2023 given by Prior Power Solution, Suretank UK and Gapton Partners Limited.

Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 18 December 2023.

Contract Monies charge dated 05 February 2024.

15.

Creditors

2025

2024

Amounts falling due after more than one year

Bank loan

1,516,474

1,355,669

═════════

Loans

Repayable in one year or less, or on demand (Note 14)

258,008

186,384

Repayable between one and two years

258,008

186,384

Repayable between two and five years

1,258,466

1,169,285

─────────

1,774,482

1,542,053

═════════

In July 2023 the company refinanced its loan facility (committed sterling term loan facility) with HSBC to a total that amounted to £1,600,000, repayable in a 5 year term. The Interest being at a rate of 3.00% per annum (Margin) over the Bank of England Base Rate payable on the outstanding principal amount of the Loan on a monthly basis and on the Final Repayment Date. In Jan 2025 the company obtained a second loan facility with HSBC that amounted to £350,000 under the same interest rate conditions.


16.	Taxation and social security	2025	2024
		£	£

	Debtors:
	VAT	166,372	172,102
		═════════	═════════
	Creditors:
	PAYE / NI	115,626	87,723
		═════════	═════════

17.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Property

Total

Total

allowances

revaluations

2025

2024

At financial year start

248,402

206,590

454,992

162,493

Charged to profit and loss

208,138

(11,039)

197,099

292,499

─────────

At financial year end

456,540

195,551

652,091

454,992

═════════


18.	Share capital			2025	2024
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary Share	100	£1.00 each	100	100

				═════════	═════════


	Patrick Joy		Ordinary	57,746	57,746

19.

Financial commitments

In July 2023 the company refinanced its loan facility (committed sterling term loan facility) with HSBC to a total that amounted to £1,600,000, repayable in a 5 year term.

20.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 December 2025.


21.	Directors' remuneration	2025	2024
		£	£

	Remuneration	315,915	250,586
	Pension contributions	5,944	2,752
		─────────	─────────
		321,859	253,338
		═════════	═════════

	Highest Paid Director	£	£
	Amounts included above:
	Emoluments and other benefits	173,758	155,108
		═════════	═════════

22.

Related party transactions

The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings.

23.

Parent company

The company regards Suretank Group Ltd as its parent. Suretank Group Ltd is incorporated in the Republic of Ireland.

24.

Post-Balance Sheet Events

There have been no other significant events affecting the operations of the company since the financial year end.


25.	Changes in Equity

	Other Comprehensive Income	2025	2024
		£	£

	Revaluation reserve unrealised movement on revaluation of property	-	125,892
		═════════	═════════


26	Reconciliation of Net Cash Flow to Movement in Net Debt
		Opening	Cash	Other	Closing
		balance	flows	changes	balance

		£	£	£	£

	Long-term borrowings	(1,355,669)	(418,813)	258,008	(1,516,474)
	Short-term borrowings	(186,384)	186,384	(258,008)	(258,008)
		─────────	─────────	─────────	─────────
	Total liabilities from financing activities	(1,542,053)	(232,429)	-	(1,774,482)
		═════════	═════════	═════════	─────────
	Total Cash and cash equivalents (Note 13)				201,183
					─────────
	Total net debt				(1,573,299)
					═════════

Prior Power Solutions Limited

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS

TRADING STATEMENT

for the financial year ended 31 December 2025

	2025		2024
	£		£

Sales

18,441,920

15,524,567

─────────

Cost of sales

Opening stock and work-in-progress

1,886,961

1,949,302

Purchases

11,168,506

9,938,342

Wages and salaries

1,996,212

1,549,866

Social security costs

256,367

171,136

Depreciation of tangible assets

35,667

30,881

Tools

11,730

8,189

SiteCleaning

117,282

94,614

Carriage inwards

235,334

189,683

Health & Safety / Quality

59,790

36,562

─────────

15,767,849

13,968,575

Closing stock and work-in-progress

(1,934,944)

(1,886,961)

─────────

13,832,905

12,081,614

─────────

Gross profit

4,609,015

3,442,953

─────────

Gross profit Percentage

25.0%

22.2%

─────────

Distribution Costs

Motor running expenses

72,740

54,414

─────────

72,740

54,414

─────────

Administrative expenses

Wages and salaries

1,775,396

1,634,135

Director's remuneration

315,915

250,586

Social security costs

244,908

207,695

Directors' defined contribution pension costs

5,944

2,752

Employer & Employee contributions to the pension scheme

35,514

32,108

Staff training

21,151

26,618

Management expenses

51,408

60,082

Commissions payable

25,108

15,884

Rates

100,004

88,339

Insurance

136,236

127,054

Light & Heat

75,521

61,295

Repairs and maintenance

90,180

63,105

Printing, postage & stationery

20,753

23,384

Advertising

30,898

21,405

Internet

82,848

76,620

Leasing of office equipment

9,385

9,032

Travelling and entertainment

70,847

45,785

Legal and professional

37,813

23,927

Bank Charges

11,849

11,054

Bad debts

6,828

11,378

Profit.Loss on exchange

5,809

939

General expenses

8,714

5,814

Subscriptions

3,042

3,299

Profit/losses on disposal of tangibles

(250)

(2,101)

Depreciation of tangible assets

307,476

199,078

─────────

3,473,297

2,999,267

─────────

Finance

Bank interest paid

168,150

170,088

─────────

Miscellaneous income

Bank interest	244	-
	─────────	─────────

Net profit	895,072	219,184
	═════════	═════════