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Registered number: SC429928
Enerquip Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2025
Infinity Advisors Ltd t/a Infinity Partnership
Enerquip Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2
Directors' Report | 3—4
Independent Auditor's Report | 5—8
Profit and Loss Account | 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13
Notes to the Statement of Cash Flows | 14
Notes to the Financial Statements | 15—21

Page 1
Enerquip Limited
Company Information
For The Year Ended 31 December 2025
Company Information

Directors | J P Duncan
| A A Polson
| A M Robins
| S H Cowie
Secretary | K E Polson
Company Number | SC429928
Registered Office | 5 Carden Place
| Aberdeen
| AB10 1UT
Auditors | AJB Scholes Ltd
| 8 Albert Street
| Kirkwall
| Orkney
| KW15 1HP

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Enerquip Limited
Strategic Report
For The Year Ended 31 December 2025
Strategic Report
The directors present their strategic report for the year ended 31 December 2025.
Review of the Business
In the year ended 31 December 2025 the company achieved a turnover of £21.3m (2024 : £21.8m) and a profit before tax of £1.6m (2024 : £3.0m). Net assets at the balance sheet date were £6.5m (2024 : £4.9m). The movement was in line with the expectations of the directors.
Principal Risks and Uncertainties
The company face a variety of risks and uncertainties, both foreseeable and unforeseeable. The board consider the main risks to be:
Unpredictability of the oil and gas market
The demand for our products is influenced by both the condition of the oil and gas market, and the oil price. The
significant volatility we have seen in recent years is likely to continue with the transition to green energy amid growing
worldwide concern about climate change. Low oil and gas prices impact the expenditure plans of our key clients and
therefore the demand for our services which could limit our profitability and growth. The company manages its risk by
constantly monitoring the status of the oil and gas market and have put in place a strategy to diversify both its client
base, ensuring that it services national oil companies, international oil companies and independent clients including other
service companies, and the geographical basins in which we operate.
Political risks
Recent global economic conditions have had a significant impact on countries whose economies are exposed to the
downturn in commodity pricing, placing greater pressure on governments to find alternative means of raising revenue
and increasing the risk of social and labour unrest. The company manages this risk by regularly reviewing current and
future operations and new opportunities in locations where political risk is considered to be a key factor in the
commercial success of the operations. This is notable for actual and potential operations in the Middle East.
Product development risks
Our success depends, in part, on the continued successful development of our products and the acceptance of those
products by our clients. To manage this risk we maintain an active dialogue with all of our customers to understand their
business requirements and employ rigorous product development control processes to ensure that our products meet the
needs of our clients.
Financial and treasury risks
The company undertakes transactions in multiple currencies and manages working capital positions across a number of
different markets and geographical areas. The company actively monitors, evaluates and manages these currencies,
working capital and cash flow to ensure all financial commitments are met as they fall due.
Key Performance Indicators
The directors consider the key performance indicators of the business to be turnover (2025: £21.3m; 2024: £21.8m),
gross margin (2025: 34.2%; 2024: 38.5%) and EBITDA (2025: £2.4m; 2024 : £3.2m).
On behalf of the board

A M Robins Director
17th June 2026

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Enerquip Limited
Company No. SC429928
Directors' Report For The Year Ended 31 December 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2025.
Principal Activity
The principal activity of the company in the year under review was that of the manufacture, supply and maintenance of torque machinery.
Directors
The directors who held office during the year were as follows:

J P Duncan
A A Polson
A M Robins
S H Cowie

Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Enerquip Limited
Directors' Report (continued)
For The Year Ended 31 December 2025
Independent Auditors
The auditors, AJB Scholes Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

A M Robins Director
17th June 2026

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Independent Auditor's Report
to the Members of
Enerquip Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Enerquip Limited (the 'company') for the year ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and notes to the financial statements, including 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 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 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 12 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 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.
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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5
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Independent Auditor's Report (continued)
to the Members of
Enerquip Limited
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—4, 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.
Page 6
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Independent Auditor's Report (continued)
to the Members of
Enerquip Limited
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identify and assess the
risks of material misstatement in 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.
In identifying and assessing 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, and control environment;
· results of our enquiries of management;
· any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:
· identifying, evaluating and complying with laws and regulations and whether they were aware of
any instances of non-compliance;
· detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;
· the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations.
· the matters discussed among the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and irregularities. Income recognition, purchases and stock were key areas of focus. In
common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk
of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing
on provisions of those laws and regulations that had a direct effect on the determination of material amounts and
disclosures in the financial statements, such as tax legislation and relevant companies acts.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material
penalty. These include laws and regulations pertaining to employment regulations; and health and safety legislation.
In addition to the above, our procedures to respond to risks identified included the following:
· reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial statements;
· enquiring of management concerning actual potential litigation and claims;
· performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud;
· reading minutes of meetings of those charged with governance; and
· in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities ocurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council's website at:https://ww.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 7
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Independent Auditor's Report (continued)
to the Members of
Enerquip Limited
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 that 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.

Ryan Allan (Senior Statutory Auditor) for and on behalf of AJB Scholes Ltd , Statutory Auditor
17th June 2026
AJB Scholes Ltd 8 Albert Street Kirkwall Orkney KW15 1HP

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Enerquip Limited
Profit and Loss Account
For The Year Ended 31 December 2025
Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 21,327,822 |  | 21,770,091
Cost of sales |  | (14,037,073 ) |  | (13,395,374 )
GROSS PROFIT |  | 7,290,749 |  | 8,374,717
Administrative expenses |  | (5,188,003 ) |  | (4,764,115 )
Other operating income |  | 71,526 |  | 119,150
OPERATING PROFIT | 4 | 2,174,272 |  | 3,729,752
(Loss)/profit on disposal of fixed assets |  | (2,505 ) |  | 7,757
Other interest receivable and similar income | 8 | 10,281 |  | 28,624
Interest payable and similar charges | 9 | (590,504 ) |  | (747,465 )
PROFIT BEFORE TAXATION |  | 1,591,544 |  | 3,018,668
Tax on Profit | 10 | (13,307 ) |  | (778,580 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 1,578,237 |  | 2,240,088

The notes on pages 14 to 21 form part of these financial statements.
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Enerquip Limited
Statement of Comprehensive Income
For The Year Ended 31 December 2025
Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 1,578,237 |  | 2,240,088
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 1,578,237 |  | 2,240,088

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Enerquip Limited
Balance Sheet
As At 31 December 2025
Balance Sheet

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 11 |  | 87,768 |  | 28,868
Tangible Assets | 12 |  | 719,003 |  | 822,714
Investments | 13 |  | 744 |  | 799
|  |  | 807,515 |  | 852,381
CURRENT ASSETS
Stocks | 14 | 1,890,561 |  | 1,715,184 |
Debtors | 15 | 12,037,421 |  | 13,617,429 |
Cash at bank and in hand |  | 2,877,940 |  | 1,656,266 |
|  | 16,805,922 |  | 16,988,879 |
Creditors: Amounts Falling Due Within One Year | 16 | (11,069,492 ) |  | (12,863,974 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 5,736,430 |  | 4,124,905
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 6,543,945 |  | 4,977,286
PROVISIONS FOR LIABILITIES
Deferred Taxation | 17 |  | (72,303 ) |  | (83,881 )
NET ASSETS |  |  | 6,471,642 |  | 4,893,405
CAPITAL AND RESERVES
Called up share capital | 19 |  | 200,000 |  | 200,000
Profit and Loss Account |  |  | 6,271,642 |  | 4,693,405
SHAREHOLDERS' FUNDS |  |  | 6,471,642 |  | 4,893,405

On behalf of the board

A M Robins Director
17th June 2026

The notes on pages 14 to 21 form part of these financial statements.
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Enerquip Limited
Statement of Changes in Equity
For The Year Ended 31 December 2025
Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 January 2024 | 200,000 | 2,453,317 | 2,653,317
Profit for the year and total comprehensive income | - | 2,240,088 | 2,240,088
As at 31 December 2024 and 1 January 2025 | 200,000 | 4,693,405 | 4,893,405
Profit for the year and total comprehensive income | - | 1,578,237 | 1,578,237
As at 31 December 2025 | 200,000 | 6,271,642 | 6,471,642

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Enerquip Limited
Statement of Cash Flows
For The Year Ended 31 December 2025
Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 2,931,821 |  | 2,896,461
Interest paid |  | (590,504 ) |  | (747,465 )
Tax paid |  | (493,210 ) |  | (19,248 )
Net cash generated from operating activities |  | 1,848,107 |  | 2,129,748
Cash flows from investing activities
Purchase of intangible assets |  | (58,900 ) |  | (28,868 )
Purchase of tangible assets |  | (144,895 ) |  | (513,727 )
Proceeds from disposal of tangible assets |  | (1 ) |  | 7,757
Interest received |  | 10,281 |  | 28,624
Revaluation of investment |  | 55 |  | (1)
Net cash used in investing activities |  | (193,460 ) |  | (506,215 )
Cash flows from financing activities
Repayment of bank borrowings |  | - |  | (28,333 )
Movement on intercompany and associated balances |  | (432,973) |  | (1,033,736)
Net cash used in financing activities |  | (432,973 ) |  | (1,062,069 )
Increase in cash and cash equivalents |  | 1,221,674 |  | 561,464
Cash and cash equivalents at beginning of year | 2 | 1,656,266 |  | 1,094,802
Cash and cash equivalents at end of year | 2 | 2,877,940 |  | 1,656,266

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Enerquip Limited
Notes to the Statement of Cash Flows
For The Year Ended 31 December 2025
Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 1,578,237 |  | 2,240,088
Adjustments for:
Tax on profit | 13,307 |  | 778,580
Interest expense | 590,504 |  | 747,465
Interest income | (10,281 ) |  | (28,624 )
Depreciation of tangible assets | 246,102 |  | 185,657
Loss/(profit) on disposal of tangible assets | 2,505 |  | (7,757)
Movements in working capital:
Increase in stocks | (175,377 ) |  | (235,934 )
Decrease/(increase) in trade and other debtors | 1,602,315 |  | (1,124,397 )
(Decrease)/increase in trade and other creditors | (915,491 ) |  | 341,383
Net cash generated from operations | 2,931,821 |  | 2,896,461

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 2,877,940 |  | 1,656,266

3. Analysis of changes in net funds

| As at 1 January 2025 | Cash flows | As at 31 December 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 1,656,266 | 1,221,674 | 2,877,940

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Enerquip Limited
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Enerquip Limited is a private company, limited by shares, incorporated in Scotland, registered number SC429928 . The registered office is 5 Carden Place, Aberdeen, AB10 1UT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Significant judgements and estimations
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company's accounting policies, the directors are required to make judgements, estimates
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised where the revision affects only that period, or in the
period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts
recognised in the financial statements.
In categorising leases as finance leases or operating leases, management make judgement as to whether
significant risks and rewards of ownership have transferred to the company as lessee.
In determining depreciation rates, management must consider and make judgements on the residual value of the
assets and their residual lives in order to set depreciation rates.
Useful Economic life of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives
and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are
amended when necessary to reflect current estimates, based on technological advancement, future investments,
economic utilisation and the physical condition of the assets.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment
of trade and other debtors, management considers factors including the current credit rating of the debtor, the
ageing profile of debtors and historical experience.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Once the new computer software has been brought in to use it will be amortised on a straight line basis over a period of 10 years.
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Enerquip Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold | In accordance with the property
Leasehold | In accordance with the property
Plant & Machinery | Straight line over 3 years
Motor Vehicles | Straight line over 4 years
Fixtures & Fittings | Straight line over 3 years

Improvements to property are to be depreciated over the remaining lease term once completed.
2.6. Investments
Investments in subsidiary companies are recognised at cost.
2.7. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.
2.8. Stocks and Work in Progress
Stocks and valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stocks.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Enerquip Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.12. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
3. Turnover
Analysis of turnover by geographical market is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
United Kingdom | 482,064 |  | 961,175
Rest of the world | 20,845,758 |  | 20,818,916
| 21,327,822 |  | 21,780,091

4. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bad debts | (20,820) |  | 68,077
Depreciation of tangible fixed assets | 246,102 |  | 185,657

5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 20,800 |  | 20,000

6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 4,023,842 |  | 3,812,193
Social security costs | 503,020 |  | 421,231
Other pension costs | 113,286 |  | 102,022
| 4,640,148 |  | 4,335,446

7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Office and administration | 20 |  | 18
Manufacturing | 61 |  | 59
Management | 3 |  | 2
| 84 |  | 79

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Enerquip Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 10,281 |  | 28,624

9. Interest Payable and Similar Charges

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 4,801 |  | 1,434
Other finance charges | 585,703 |  | 746,031
| 590,504 |  | 747,465

10. Tax on Profit

The tax charge on the profit for the year was as follows:
| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | - | 454,518 |  | 743,422
Prior period adjustment | (429,633 ) |  | -
| 24,885 |  | 743,422
Deferred Tax
Deferred taxation | (11,578 ) |  | 35,158
Total tax charge for the period | 13,307 |  | 778,580
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
| 2025 |  | 2024
| £ |  | £
Profit before tax | 1,591,544 |  | 3,018,668
Tax on profit at 25% (UK standard rate) | 397,886 |  | 754,667
Expenses not deductible for tax purposes | 28,363 |  | 11,537
Capital allowances | 28,269 |  | (22,782 )
Prior period adjustment | (429,633 ) |  | -
Deferred tax relating to changes in tax rates or laws | (11,578 ) |  | 35,158
Total tax charge for the period | 13,307 |  | 778,580

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Enerquip Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
11. Intangible Assets

| Computer Software
--- | ---
| £
Cost
As at 1 January 2025 | 28,868
Additions | 58,900
As at 31 December 2025 | 87,768
Net Book Value
As at 31 December 2025 | 87,768
As at 1 January 2025 | 28,868

12. Tangible Assets

| Land & Property
--- | ---
| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total
| £ | £ | £ | £ | £
Cost
As at 1 January 2025 | 566,654 | 720,797 | 113,129 | 145,772 | 1,546,352
Additions | 9,364 | 115,020 | - | 20,511 | 144,895
Disposals | - | (110,740 ) | - | (74,400 ) | (185,140 )
As at 31 December 2025 | 576,018 | 725,077 | 113,129 | 91,883 | 1,506,107
Depreciation
As at 1 January 2025 | 51,796 | 536,770 | 30,551 | 104,521 | 723,638
Provided during the period | 80,496 | 108,388 | 26,371 | 30,847 | 246,102
Disposals | - | (109,783 ) | - | (72,853 ) | (182,636 )
As at 31 December 2025 | 132,292 | 535,375 | 56,922 | 62,515 | 787,104
Net Book Value
As at 31 December 2025 | 443,726 | 189,702 | 56,207 | 29,368 | 719,003
As at 1 January 2025 | 514,858 | 184,027 | 82,578 | 41,251 | 822,714

13. Investments

| Subsidiaries
--- | ---
| £
Cost or Valuation
As at 1 January 2025 | 799
Revaluations | (55 )
As at 31 December 2025 | 744
Provision
As at 1 January 2025 | -
As at 31 December 2025 | -

...CONTINUED
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Enerquip Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025

Net Book Value
As at 31 December 2025 | 744
As at 1 January 2025 | 799

14. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Stock | 1,890,561 |  | 1,715,184

15. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 9,666,974 |  | 10,633,446
Amounts owed by group undertakings | 586,752 |  | 786,567
Amounts owed by participating interests | 222,122 |  | -
Other debtors | 1,561,573 |  | 2,197,416
| 12,037,421 |  | 13,617,429

16. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 2,486,288 |  | 2,527,164
Amounts owed to group undertakings | 4,671,173 |  | 5,081,839
Other creditors | 27,192 |  | 23,619
Corporation tax | 1,006,410 |  | 1,474,735
Taxation and social security | 125,021 |  | 126,012
Accruals and deferred income | 2,753,408 |  | 3,630,605
| 11,069,492 |  | 12,863,974

17. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | 72,303 |  | 83,881

18. Provisions for Liabilities

| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 January 2025 | 83,881 | 83,881
Reversals | (11,578 ) | (11,578)
Balance at 31 December 2025 | 72,303 | 72,303

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Enerquip Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
19. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
182,000 Ordinary A Shares of £ 1.00 each | 182,000 |  | 182,000
18,000 Ordinary B shares of £ 1.00 each | 18,000 |  | 18,000
| 200,000 |  | 200,000

20. Other Commitments
Minimum lease payments under non-cancellable operating leases fall due as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Not later than one year | 250,000 |  | 225,000
Later than one year and not later than five years | 1,000,000 |  | 900,000
Later than five years | 83,333 |  | 337,500
| 1,333,333 |  | 1,462,500

21. Pension Commitments
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.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £113,286 (2024: £102,022).
At the balance sheet date contributions of £22,088 (2024: £23,619) were due to the fund and are included in creditors.
22. Related Party Disclosures
Entities that provide key management personnel services to the entity
During the year under review, the company rented property from Polson Properties Limited a company
controlled by A Polson. In the year under review rent of £290k was incurred (2024 - £225k) an additional £8k
was charged for insurance (2024 - £7k). All such transactions are carried out at arms length and on market terms.
23. Controlling Parties
The controlling party is Enerquip Group Limited, 5 Carden Place, Aberdeen, AB10 1UT.
The ultimate controlling party is the directors.
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