Enerquip Limited

	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

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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.

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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.

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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.

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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

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	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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