REGISTERED NUMBER: 00941798 (England and Wales)

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

DALE POWER SOLUTIONS LIMITED

Page

Company Information

1

Strategic Report

2

Directors' Report

8

Independent Auditors' Report

10

Statement of Comprehensive Income

14

Statement of Financial Position

15

Statement of Changes in Equity

16

Notes to the Financial Statements

17

DIRECTORS:

A W Marr

G L Hepburn

M A Biagioni

J M Henderson

REGISTERED OFFICE:

Salter Road

Eastfield Industrial Estate

Scarborough

North Yorkshire

YO11 3DU

REGISTERED NUMBER:

00941798 (England and Wales)

INDEPENDENT AUDITORS:

Fortus Audit LLP

5 & 6 Manor Court

Manor Garth

Scarborough

North Yorkshire

YO11 3TU

BANKERS:

National Westminster Bank Plc

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

PRINCIPAL ACTIVITIES

Dale Power Solutions Limited celebrated its 90th anniversary in 2025 and continues to trade in a large number of market sectors on a global basis. The Company manufactures, installs and services Generators, UPS, and ancillary equipment, it also provides renewable energy solutions like battery storage systems. Dale Power Solutions Limited's business model focuses on its technical capabilities, identifying and implementing the most appropriate energy solution to meet customer requirements. The Company also offers life cycle monitoring and condition based maintenance programmes nationally through teams of mechanical and electrical service engineers. This provides customers with the best possible solution and customer experience on a 24/7 basis.

Dale Power Solutions Limited's strength is based on continuing to invest in its people and infrastructure, providing reliable, quality products and support services, underpinned by excellent technical knowledge and quality manufacturing.

REVIEW OF BUSINESS

During the year ended 31 December 2025, Dale Power Solutions Limited delivered a strong financial and operational performance, reflecting continued execution of the Company's long term growth strategy and sustained investment in people, infrastructure and national service capability. The year was characterised by continued revenue growth, improved profitability and a number of important strategic milestones which further strengthened the Company's market position.

Turnover increased to £38.6 million (2024: £32.0 million), representing a significant year on year increase driven by growth across core product sales, service and maintenance activities and installation revenues. Operating profit increased to £2.5 million (2024: £1.6 million), reflecting improved gross margin performance and the benefits of operational efficiencies implemented over recent years. Gross profit rose to £13.1 million (2024: £10.8 million), with gross margin remaining strong at approximately 34%, demonstrating the quality of the Company's project execution, service proposition and pricing discipline in a competitive market.

The Company continued to invest in its national infrastructure during the year to support future growth and improve customer service. As part of this strategy, Dale Power Solutions relocated to a new and enhanced facility in St Albans, providing a strengthened operational base to better support customers across the South of England. This investment significantly enhances the Company's ability to respond rapidly to customer requirements in the region and underpins its ambition to provide consistently high service levels nationwide.

A further major strategic milestone during the year was the completion of the acquisition of Calibre Power in Aberdeen. This acquisition strengthens the Company's presence in Scotland, broadens its technical capability, and enhances its ability to support customers operating in energy critical environments, including offshore and remote locations. The integration of Calibre Power has further reinforced the Company's service offering and supports the Group's ambition to provide truly national coverage.

As a result of these developments, Dale Power Solutions is now firmly established as a truly national power solutions provider, with an expanded footprint spanning England, Scotland and key regional service hubs. The Company has continued to invest in expanding its field based engineering workforce, increasing the number of service engineers deployed strategically across the UK. This expanded coverage enables the business to provide faster response times, improved resilience and enhanced service continuity for customers operating mission critical power systems.

In addition to geographical expansion, the Company continued to grow its activity in energy transition and resilience solutions during 2025. Demand for renewable energy solutions and hybrid power solutions, including BESS and UPS remained strong as customers increasingly focus on energy security, carbon reduction and net zero objectives. The Company's technical expertise and ability to deliver bespoke solutions positions it well to support customers as these markets continue to develop.

The Company maintained a disciplined approach to cash management and working capital throughout the year. Net assets increased to £8.1 million (2024: £6.3 million), reflecting strong profitability and retained earnings growth. Liquidity remained robust, supported by ongoing trading performance and continued support from the Company's funding partners.

In December 2025 the Group refinanced its banking facilities, moving to a new National Westminster Bank Plc ("NatWest") facility. The refinancing delivers lower financing costs, increased headroom and greater flexibility, strengthening the Group's funding platform and supporting continued investment and growth.

Dale Power Solutions continues to place significant emphasis on its people, recognising that its technical expertise, safety culture and customer focus are key differentiators. Investment in training, recruitment and retention remained a priority during the year, enabling the Company to support growth while maintaining high operational and service standards. The Company also remained committed to its environmental, social and governance responsibilities, including improvements in energy efficiency, investment in sustainable technologies and maintaining a positive and inclusive working environment.

The Company also entered 2026 with a record high forward order book, providing strong revenue visibility and underpinning the Board's confidence in the outlook. At December 2025, the forward order book stood at almost £24 million, representing a 15% increase on the prior year (which itself was approximately 40% higher than 2023).

Overall, 2025 represented a year of strong financial progress, strategic delivery and national expansion. The directors believe that the Company is well positioned to continue its growth trajectory, supported by a strengthened operational platform, a growing national presence, a skilled and expanding workforce, and strong order book visibility. The Board remains confident in the Company's ability to deliver sustainable value for customers, employees and shareholders over the long term.

PRINCIPAL RISKS AND UNCERTAINTIES

Dale Power Solutions Limited uses financial instruments, comprising derivatives, borrowings, cash and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risk arising from the company's financial instruments is liquidity risk. Both foreign currency risks along with interest rate risks present a lower risk to the business. The directors review and agree policies for managing each of these risks and they are summarised below.

Liquidity risk

The group continues to have strong relationships with its funding partners. The Group's term debt is provided by National Westminster Bank Plc to DEPS Holdings Limited, and also provides Dale Power Solutions Limited an invoice discounting facility. The company continues to have a strong record of managing financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The group has modelled its future cashflow and covenant compliance for a period not less than 12 months from the date these financial statements have been signed with no liquidity risk identified. The directors do not foresee any change to this position which is achieved through cash generation through trading activities and intercompany accounts.

Currency risk

Dale Power Solutions Limited is exposed to transaction and translation foreign exchange risk. Exposures are minimised by natural hedging of matching revenues and costs whenever possible. The resulting net exposure is hedged when known, mainly utilising the forward hedge market.

Interest rate risk

Dale Power Solutions does utilise bank facilities but primarily finances its operations through trading activities and intercompany accounts. The majority of the debt is via intercompany loans and at a fixed interest rate for the medium term, albeit the NatWest Invoice Discounting facility is variable, which from December 2025 is 2% above base rate. As the amortisation profile relating to the bank loan held by DEPS Holdings is over 20 years, the overall debt financing cost remains low, consequently the directors believe that the company's overall cash exposure to interest rate fluctuation is low and will continue to be met through operating cash flows.

Research and development

Research and development costs are written off in the Statement of Comprehensive Income in the period in which they occur.

Financial

The effective management of its financial exposures is central to preserving Dale Power Solutions Limited's profitability. As the company operates in a number of different markets with a range of products, there is not one area which presents significant financial risk. Consequently, the financial risks follow the general UK economic conditions which are monitored on a continuing basis.

Mitigation

Dale Power Solutions finance team provide support to management and to ensure accurate financial reporting, forecasting and tracking of the company's business performance. Financial performance is reviewed monthly by senior management and the Board. In the event of forecasted business performance falling, the business has previously demonstrated its ability to consider and implement short, medium and long term mitigation options.

Security and Safety

Dale Power Solutions Limited is committed to protecting its customer and corporate data, the safety of its people and infrastructure, as well as having in place stringent fraud prevention and detection measures. A significant breach could impact the company's ability to operate.

Mitigation

Dale Power Solutions Limited continues to invest in new technological and physical controls and improving broader business processes in order to protect its data, employees, assets and to comply with its legal and contractual obligations.

Principal risks and uncertainties

Dale Power Solutions Limited's business model and the execution of its strategy is subject to a number of risks. The factors below describe the risks and uncertainties which affect the company, but they are not intended to be an exhaustive analysis of all the potential risks which may arise in the ordinary course of business. The directors are of the opinion that sufficient internal controls are in place to monitor these factors and enable timely management response to mitigate these risks.

Market and competition

Dale Power Solutions Limited operates in a competitive environment and faces competition from a broad range of organisations. A failure to maintain the company's Service and Product proposition, in line with changing market dynamics and expectations, could erode the company's competitive position. We are currently experiencing a growth in existing and new markets together with no real increase in the competitive landscape.

Mitigation

Dale Power Solutions Limited operates in a number of different markets, providing a range of different Products or Services, in addition to continuing to invest in Service and Product development. The company regularly reviews its pricing strategy and competitive position to ensure that its offerings are appropriately placed within the market.

Regulatory change

Dale Power Solutions Limited's ability to operate or compete effectively could be adversely affected by the introduction of new laws or regulations. Conversely, changes in regulation have often opened market opportunities for the company.

Mitigation

Dale Power Solutions Limited actively seeks to identify and meet its regulatory obligations and to respond to emerging requirements.

Customer service

The future success of Dale Power Solutions Limited relies on building long term relationships with its customers. A failure to meet customers' expectations could negatively impact the company's brand and competitive position.

Mitigation

Dale Power Solutions Limited strives to consistently exceed its customers' expectations, to put its customers first, to understand what customers want and respond accordingly.

Dale Power Solutions Limited makes significant investments in order to deliver continuous improvement to its customer service, including continuing investment in IT, people, expansion of products and service offerings and providing increased coverage across the UK through an increasing network of field service engineers.

Suppliers

Dale Power Solutions Limited sources from a number of third parties and suppliers, mainly from within the UK, but also across the globe. A failure of an individual supplier or a discontinuation of supply, could adversely affect the company's ability to deliver in the short term.

Mitigation

Dale Power Solutions Limited continues to invest in its supply chain infrastructure to support the long-term business plan. A supplier selection process is in place with appropriate ongoing management and monitoring of key partners and suppliers. The company generally has dual supply capability. In relation to increased energy costs, Dale Power Solutions has introduced a Battery Energy Storage Solution alongside Solar PV generation which has reduced the cost of energy significantly, alongside reduced reliance upon National Grid and reducing its Carbon footprint.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors review the performance of the company through various key performance indicators. The primary financial key performance indicators used are listed below.

Sales growth is calculated by dividing the current year sales by the prior year sales and expressing the result as a percentage.

Gross margin percentage is calculated by expressing the gross margin as a percentage of sales.

Operating results percentage is calculated by expressing the operating result as a percentage of sales.

Days receivable outstanding is calculated on a count back day basis, comparing the trade debtor balance as per the Statement of Financial Position to monthly sales value, stated in days.

Annual inventory turns is the rate at which stock is turned over by the company calculated as the annual cost of sales relative to the net stock value in the Statement of Financial Position.

2025

2024

Sales increase

21%

9%

Gross profit as a percentage of sales

34%

33%

Operating profit as a percentage of sales

6.5%

4.9%

Days receivable outstanding*

51 days

54 days

Days payable outstanding*

51 days

40 days

Annual inventory turns

5.5

4.9

*Calculated as an average using countback method

ON BEHALF OF THE BOARD:

A W Marr - Director

28 August 2026

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

DIVIDENDS

The profit for the year, after taxation, amounted to £1,811,000 (2024 - profit £725,000).

The operating profit was £2,514,000 (2024 - £1,566,000). No dividend has been declared and paid during the year (2024 - £3,568,000).

DIRECTORS

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

A W Marr

G L Hepburn

M A Biagioni

J M Henderson

GOING CONCERN

The financial statements have been prepared on a going concern basis. In making this assessment, the directors have considered the company's financial performance and position, its role as the principal operating entity within the DEPS group, and forecasts prepared for a period of at least twelve months from the date of approval of these financial statements.

Dale Power Solutions Limited is the group's main trading company, generating revenues from the supply, installation and servicing of power solutions. The company's performance, liquidity and cash flow generation are therefore central to the financial position and going concern assessment of the wider DEPS group.

The directors have reviewed detailed company and group cash flow forecasts and financial projections which demonstrate that the company is expected to have sufficient resources to meet its obligations as they fall due for the foreseeable future. These forecasts reflect the company's strong trading performance, a record forward order book, disciplined working capital management, and the availability of group financing arrangements.

The forecasts also take into account existing and committed funding facilities, including the refinancing completed during December 2025, which increased available headroom and reduced overall financing costs across the group. The directors consider that these arrangements provide appropriate financial flexibility to support ongoing operations and planned investment.

In forming their conclusion, the directors have considered the current geopolitical and macro economic environment. This includes ongoing global conflicts and instability, most notably the risk of disruption to energy markets arising from tensions and military activity in the Middle East. Such events could lead to increased fuel and energy costs, supply chain disruption and inflationary pressures, which may adversely impact operating costs and margins.

Sensitivity analysis has been performed on the forecasts to assess the impact of adverse but plausible scenarios, including increased energy costs, delays in customer receipts and reduced order intake. The directors note that, while these scenarios may place pressure on performance, the forecasts indicate that the company would remain able to operate within available funding and liquidity headroom.

The directors therefore conclude that it remains appropriate to prepare the financial statements on a going concern basis.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has provided an indemnity for its directors, which is a qualifying third-party indemnity provision for the purposes of the Companies Act 2006.

MATTERS COVERED IN THE STRATEGIC REPORT

Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the company. This includes consideration of the future developments of the company.

EQUAL OPPORTUNITY COMMITMENT

Dale Power Solutions is dedicated to diversity and equal opportunity for all, including individuals with disabilities. We emphasise respect, fairness, and recognise each individual's unique skills and potential. Our commitment includes:

- Recruitment: Fair assessment of all applications.

- Support: Tailored assistance for disabled employees.

- Career Development: Equal training and promotion opportunities.

At Dale Power Solutions, we support all employees without prejudice throughout their employment.

DIRECTORS' RESPONSIBILITIES STATEMENT

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 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 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;

-	state whether applicable accounting standards 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.

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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A W Marr - Director

28 August 2026

Opinion

We have audited the financial statements of Dale Power Solutions Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from 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 Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of 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 where 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 nine, 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 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.

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of

irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below:

As part of the audit, we gained an understanding of the legal and regulatory framework applicable to the

Company and the industry in which it operates, and considered the risk of acts by the Company that were

contrary to applicable laws and regulations, including fraud. We considered the Company’s compliance

with laws and regulations that have a direct impact on the financial statements including, but not limited

to, UK company law and UK tax legislation, and we have considered the extent to which non-compliance

might have a material effect on the company financial statements.

Based on our understanding, we designed our audit procedures to identify instances of non-compliance

with such laws and regulations. Our procedures included inquiries of management and of the directors,

reviewing the financial statement disclosures, agreeing to underlying supporting documentation where

necessary, review of Board meeting minutes and review of any applicable correspondence with legal

counsel or tax authorities. We considered the susceptibility of the financial statements to fraud through the

risk of management override.

In respect of management override, we tested journal entries processed during the year, and subsequent

to the year end, and considered bias in accounting estimates, including provisions of intercompany

debtors. We specifically reviewed manual journal postings to revenue and cash to assess for any evidence of manipulation of account balances.

Our audit procedures were designed to respond to risks of material misstatement in the financial

statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than

the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for

example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit

procedures performed and the further removed non-compliance with laws and regulations is from the

events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

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

Jacqueline Godden FCCA (Senior Statutory Auditor)

for and on behalf of Fortus Audit LLP

5 & 6 Manor Court

Manor Garth

Scarborough

North Yorkshire

YO11 3TU

28 August 2026

TURNOVER

4

38,644

32,045

Cost of sales

25,579

21,273

GROSS PROFIT

13,065

10,772

Distribution costs

2,321

2,118

Administrative expenses

8,239

7,146

10,560

9,264

2,505

1,508

Other operating income

5

9

58

OPERATING PROFIT

2,514

1,566

Interest receivable and similar income

8

6

1

2,520

1,567

Interest payable and similar expenses

9

530

622

PROFIT BEFORE TAXATION

10

1,990

945

Tax on profit

11

179

220

PROFIT FOR THE FINANCIAL YEAR

1,811

725

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,811

725

FIXED ASSETS

Intangible assets

13

125

77

Tangible assets

14

2,242

2,057

Investments

15

640

-

3,007

2,134

CURRENT ASSETS

Stocks

16

3,756

4,079

Debtors

17

16,135

16,577

Cash at bank and in hand

624

375

20,515

21,031

CREDITORS

Amounts falling due within one year

18

11,369

11,929

NET CURRENT ASSETS

9,146

9,102

TOTAL ASSETS LESS CURRENT LIABILITIES

12,153

11,236

CREDITORS

Amounts falling due after more than one year

19

(3,815

)

(4,690

)

PROVISIONS FOR LIABILITIES

22

(234

)

(253

)

NET ASSETS

8,104

6,293

CAPITAL AND RESERVES

Called up share capital

23

100

100

Retained earnings

8,004

6,193

SHAREHOLDERS' FUNDS

8,104

6,293

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2026 and were signed on its behalf by:

A W Marr - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2024

100

9,036

9,136

Changes in equity

Dividends

-

(3,568

)

(3,568

)

Total comprehensive income

-

725

725

Balance at 31 December 2024

100

6,193

6,293

Changes in equity

Total comprehensive income

-

1,811

1,811

Balance at 31 December 2025

100

8,004

8,104

1.	STATUTORY INFORMATION

Dale Power Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£) and amounts are rounded to the nearest £   .

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of DEPS Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Salter Road, Eastfield Industrial Estate, Scarborough, North Yorkshire, YO11 3DU.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods (non - construction contracts)

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

-

the company has transferred the significant risks and rewards of ownership to the buyer;

-

the company retains neither continuing managerial involvement to the degree usually

associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sale of goods (construction contracts)

Turnover from the sale of goods which fall under the definition of a construction contract, is recognised by the allocation of contract turnover and contract costs into the accounting period in which the construction work is performed, by reference to the stage of completion of the contract activity, taking appropriate milestones and obligations into account.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of turnover can be measured reliably;

-

it is probable that the company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured

reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of ten years.

Intangible assets

Assets under construction are not being amortised.

Computer software is being amortised evenly over its estimated useful life of five years

Tangible fixed assets

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property - up to 50 years

Plant and machinery - between 2 and 10 years on cost according to asset type

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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.

Going concern

The financial statements have been prepared on a going concern basis. In making this assessment, the directors have considered the company's financial performance and position, its role as the principal operating entity within the DEPS group, and forecasts prepared for a period of at least twelve months from the date of approval of these financial statements.

Dale Power Solutions Limited is the group's main trading company, generating revenues from the supply, installation and servicing of power solutions. The company's performance, liquidity and cash flow generation are therefore central to the financial position and going concern assessment of the wider DEPS group.

The directors have reviewed detailed company and group cash flow forecasts and financial projections which demonstrate that the company is expected to have sufficient resources to meet its obligations as they fall due for the foreseeable future. These forecasts reflect the company's strong trading performance, a record forward order book, disciplined working capital management, and the availability of group financing arrangements.

The forecasts also take into account existing and committed funding facilities, including the refinancing completed during December 2025, which increased available headroom and reduced overall financing costs across the group. The directors consider that these arrangements provide appropriate financial flexibility to support ongoing operations and planned investment.

In forming their conclusion, the directors have considered the current geopolitical and macro economic environment. This includes ongoing global conflicts and instability, most notably the risk of disruption to energy markets arising from tensions and military activity in the Middle East. Such events could lead to increased fuel and energy costs, supply chain disruption and inflationary pressures, which may adversely impact operating costs and margins.

Sensitivity analysis has been performed on the forecasts to assess the impact of adverse but plausible scenarios, including increased energy costs, delays in customer receipts and reduced order intake. The directors note that, while these scenarios may place pressure on performance, the forecasts indicate that the company would remain able to operate within available funding and liquidity headroom.

The directors therefore conclude that it remains appropriate to prepare the financial statements on a going concern basis.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for the revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The major areas of estimation and judgements within the financial statements are as follows:

Contract accounting

When the company recognises revenue as a construction contract or rendering of a service, where revenue straddles a year-end, the company recognises revenue with reference to the stage of completion of the transaction or contract at the reporting period date. The company determines the stage of completion of a transaction or contract using a method that reliably measures the work performed, together with the associated costs.

4.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2025

2024

£'000

£'000

Product sales

19,789

15,037

Service and maintenance sales

13,793

12,857

Installation

5,062

4,151

38,644

32,045

An analysis of turnover by geographical market is given below:

2025

2024

£'000

£'000

United Kingdom

36,210

30,925

Europe

800

153

Rest of the world

1,634

967

38,644

32,045

5.	OTHER OPERATING INCOME

2025

2024

£'000

£'000

Rents received

6

6

Sundry receipts

3

52

9

58

Sundry receipts represents insurance income relating to costs incurred within administrative expenses.