REGISTERED NUMBER: 04147622 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

European Support Services (UK) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

R Kjellerup

R J Dye

SECRETARY:

Camamile Limited

REGISTERED OFFICE:

15 Newland

Lincoln

Lincolnshire

LN1 1XG

REGISTERED NUMBER:

04147622 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

PRIMARY ACTIVITIES

The group's principal activity is primarily the service, overhaul and repairs of gas turbines.

The parent company's objective is to serve as a management company for the group companies.

DEVELOPMENT IN ACTIVITIES AND FINANCES

Profit after tax for the year is £2,679,370 (2024: £4,218,316).

Net profit is considered to be satisfactory given the current market conditions.

OUTLOOK

For 2026, the management expect the level of profit to continue.

KEY PERFORMANCE INDICATORS

2025

2024

£

£

Turnover

16,846,218

22,222,906

Gross profit

9,832,167

11,734,832

Gross margin

58.4%

58.0%

Profit before taxation

3,429,275

5,451,038

Net assets

17,193,843

16,409,020

RISKS

The group operates in a range of currencies and as a result fluctuations in these currencies can have a significant impact on the performance of the group. The directors assess and monitor the risks of the group on a continual basis.

INTELLECTUAL CAPITAL RESOURCES

The group's core business involves providing high-quality services. This element places additional demands on the intellectual capital resources concerning development and provision of services.

STAFF

In order to continuously provide high-quality services it is crucial that the group is able to recruit and retain staff with profound technical knowledge. The group's objective is for the entities to always have the highest level of knowledge and relevant technologies with a view to ensuring a high capacity for change.

ENVIRONMENTAL PERFORMANCE

The group aims to provide services consistently with the strictest of security and environmental regulations, and the group's enterprises make a targeted effort in this context, including securing external approval under applicable standards.

ON BEHALF OF THE BOARD:

R J Dye - Director

27 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the service, overhaul and repairs of gas turbines.

DIVIDENDS

Interim dividends per share were paid as follows:

113.51854

- 6 January 2025

101.68904

- 12 June 2025

103.61860

- 22 October 2025

318.82619

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 2,125,295 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

R Kjellerup

R J Dye

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006, certain disclosures required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, which are considered by the directors to be of strategic importance, have been included in the Strategic Report. The directors’ report should be read in conjunction with the Strategic Report for a full understanding of these matters.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R J Dye - Director

27 July 2026

Opinion

We have audited the financial statements of European Support Services (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent 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 a Report of the Auditors 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.

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

Our work is performed to include an assessment of the susceptibility of the group and parent company's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We plan our work to gain an understanding of the significant laws and regulations that are of significance to the group and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

-

We obtained an understanding of how the group and parent company are complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Group and Parent Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

Substantive procedures performed in accordance with the ISAs (UK).

-

Challenging assumptions and judgments made by management in its significant accounting estimates.

-

Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

-

Assessing the extent of compliance with the relevant laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

27 July 2026

TURNOVER

16,846,218

20,222,906

Cost of sales

7,014,051

8,488,074

GROSS PROFIT

9,832,167

11,734,832

Administrative expenses

5,808,133

5,511,440

OPERATING PROFIT

4

4,024,034

6,223,392

Interest receivable and similar income

4,933

49,366

4,028,967

6,272,758

Interest payable and similar expenses

5

599,692

821,720

PROFIT BEFORE TAXATION

3,429,275

5,451,038

Tax on profit

6

749,905

1,232,722

PROFIT FOR THE FINANCIAL YEAR

2,679,370

4,218,316

Profit attributable to:

Owners of the parent

1,886,721

3,017,093

Non-controlling interests

792,649

1,201,223

2,679,370

4,218,316

PROFIT FOR THE YEAR

2,679,370

4,218,316

OTHER COMPREHENSIVE INCOME

Exchange differences on translation

826,053

(656,786

)

Other changes in equity

(9

)

(2,345

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

826,044

(659,131

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,505,414

3,559,185

Total comprehensive income attributable to:

Owners of the parent

2,464,952

2,555,701

Non-controlling interests

1,040,462

1,003,484

3,505,414

3,559,185

FIXED ASSETS

Tangible assets

10

11,265,676

11,941,271

Investments

11

23,346

22,222

11,289,022

11,963,493

CURRENT ASSETS

Stocks

12

22,265,226

16,420,662

Debtors

13

3,153,952

5,212,348

Cash at bank

166,403

647,401

25,585,581

22,280,411

CREDITORS

Amounts falling due within one year

14

15,497,658

12,203,105

NET CURRENT ASSETS

10,087,923

10,077,306

TOTAL ASSETS LESS CURRENT LIABILITIES

21,376,945

22,040,799

CREDITORS

Amounts falling due after more than one year

15

(3,807,434

)

(5,184,972

)

PROVISIONS FOR LIABILITIES

19

(375,668

)

(446,807

)

NET ASSETS

17,193,843

16,409,020

CAPITAL AND RESERVES

Called up share capital

20

67

67

Capital redemption reserve

21

33

33

Retained earnings

21

12,031,839

11,692,155

SHAREHOLDERS' FUNDS

12,031,939

11,692,255

NON-CONTROLLING INTERESTS

22

5,161,904

4,716,765

TOTAL EQUITY

17,193,843

16,409,020

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

R J Dye - Director

FIXED ASSETS

Tangible assets

10

761

1,189

Investments

11

12,044,442

11,005,756

12,045,203

11,006,945

CURRENT ASSETS

Debtors

13

7,006

691,353

Cash at bank

44,671

250,896

51,677

942,249

CREDITORS

Amounts falling due within one year

14

64,751

256,642

NET CURRENT (LIABILITIES)/ASSETS

(13,074

)

685,607

TOTAL ASSETS LESS CURRENT LIABILITIES

12,032,129

11,692,552

PROVISIONS FOR LIABILITIES

19

190

297

NET ASSETS

12,031,939

11,692,255

CAPITAL AND RESERVES

Called up share capital

20

67

67

Capital redemption reserve

21

33

33

Retained earnings

21

12,031,839

11,692,155

SHAREHOLDERS' FUNDS

12,031,939

11,692,255

Company's profit for the financial year

2,464,979

2,556,111

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

R J Dye - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

67

10,070,660

33

Changes in equity

Dividends

-

(934,177

)

-

Total comprehensive income

-

2,555,672

-

Balance at 31 December 2024

67

11,692,155

33

Changes in equity

Dividends

-

(2,125,295

)

-

Total comprehensive income

-

2,464,979

-

Balance at 31 December 2025

67

12,031,839

33

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2024

10,070,760

4,036,611

14,107,371

Changes in equity

Dividends

(934,177

)

(323,330

)

(1,257,507

)

Total comprehensive income

2,555,672

1,003,484

3,559,156

Balance at 31 December 2024

11,692,255

4,716,765

16,409,020

Changes in equity

Dividends

(2,125,295

)

(595,323

)

(2,720,618

)

Total comprehensive income

2,464,979

1,040,462

3,505,441

Balance at 31 December 2025

12,031,939

5,161,904

17,193,843

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

67

10,070,221

33

10,070,321

Changes in equity

Dividends

-

(934,177

)

-

(934,177

)

Total comprehensive income

-

2,556,111

-

2,556,111

Balance at 31 December 2024

67

11,692,155

33

11,692,255

Changes in equity

Dividends

-

(2,125,295

)

-

(2,125,295

)

Total comprehensive income

-

2,464,979

-

2,464,979

Balance at 31 December 2025

67

12,031,839

33

12,031,939

Cash flows from operating activities

Cash generated from operations

1

333,112

5,634,325

Interest paid

(599,692

)

(821,720

)

Tax paid

(549,254

)

(805,194

)

Net cash from operating activities

(815,834

)

4,007,411

Cash flows from investing activities

Purchase of tangible fixed assets

(150,214

)

(673,477

)

Sale of tangible fixed assets

825,170

420

Sale of fixed asset investments

-

(2,210

)

Interest received

4,933

49,366

Net cash from investing activities

679,889

(625,901

)

Cash flows from financing activities

Loan movement in the year

1,781,588

(2,491,281

)

Amount withdrawn by directors

(1,346

)

(1

)

Equity dividends paid

(2,125,295

)

(934,177

)

Net cash from financing activities

(345,053

)

(3,425,459

)

Decrease in cash and cash equivalents

(480,998

)

(43,949

)

Cash and cash equivalents at beginning of year

2

647,401

691,350

Cash and cash equivalents at end of year

2

166,403

647,401

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

£

Profit before taxation

3,429,275

5,451,038

Depreciation charges

583,235

565,774

Loss on disposal of fixed assets

-

3,777

Finance costs

599,692

821,720

Finance income

(4,933

)

(49,366

)

4,607,269

6,792,943

(Increase)/decrease in stocks

(5,844,564

)

605,954

Decrease/(increase) in trade and other debtors

2,058,396

(1,467,863

)

Decrease in trade and other creditors

(487,989

)

(296,709

)

Cash generated from operations

333,112

5,634,325

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

166,403

647,401

Year ended 31 December 2024

31.12.24

1.1.24

as restated

£

£

Cash and cash equivalents

647,401

691,350

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

647,401

(480,998

)

166,403

647,401

(480,998

)

166,403

Debt

Debts falling due within 1 year

(6,812,245

)

(3,169,613

)

(9,981,858

)

Debts falling due after 1 year

(5,066,282

)

1,388,025

(3,678,257

)

(11,878,527

)

(1,781,588

)

(13,660,115

)

Total

(11,231,126

)

(2,262,586

)

(13,493,712

)