REGISTERED NUMBER: 04838458 (England and Wales)

ENERGIST LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Davies

S F Jones

REGISTERED OFFICE:

2 Park Pavilions

Clos Llyn Cwm

Valley Way Enterprise Park

Swansea

SA6 8QY

REGISTERED NUMBER:

04838458 (England and Wales)

AUDITORS:

Bevan Buckland Audit Ltd (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

4

672,809

635,009

CURRENT ASSETS

Stocks

515,214

849,589

Debtors

5

595,254

517,050

Cash at bank and in hand

1,535,415

767,218

2,645,883

2,133,857

CREDITORS

Amounts falling due within one year

6

984,008

898,487

NET CURRENT ASSETS

1,661,875

1,235,370

TOTAL ASSETS LESS CURRENT LIABILITIES

2,334,684

1,870,379

CREDITORS

Amounts falling due after more than one year

7

379,275

382,689

NET ASSETS

1,955,409

1,487,690

CAPITAL AND RESERVES

Called up share capital

161,887

161,887

Share premium

5,244,944

5,244,944

Revaluation reserve

9

-

145,332

Retained earnings

(3,451,422

)

(4,064,473

)

SHAREHOLDERS' FUNDS

1,955,409

1,487,690

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2026 and were signed on its behalf by:

G Davies - Director

1.	STATUTORY INFORMATION

Energist 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going Concern

The directors have reviewed the company's forecasts and cash flow projections for a period of at least twelve months from the date of approval of the financial statements and, having regard to the company's current financial position and available facilities, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold land and buildings

2% - 20% Straight line

Plant and equipment

12% - 50% Straight line

Fixtures and fittings

20% Straight line

Motor vehicles

33% Straight line

All property, plant and equipment use the cost model and are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply, Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprises direct materials and, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service condition.

An assessment is made for impairment at each reporting date. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairments are also recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies

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 of exchange ruling at the date of transaction. Gains or losses arising in translation in the period are included in the profit or loss.

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.

Assets held under finance leases are recognised in assets at the lower of the assets fair value at the date of the inception and the present value of the minimum lease payments. The related liability in included in the balance sheet as finance lease obligation. The interest on the obligation is charged to profit or loss in the year that it relates.

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.

Debtors

Trade debtors include commission sales earned during the period that are paid to the company after the reporting date.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of the asset have transferred to another party that is able to sell the asset in its

entirety to an unrelated third party.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due their size or incidence.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2024 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2025

552,216

369,857

922,073

Additions

6,800

144,151

150,951

Disposals

-

(60,367

)

(60,367

)

At 31 December 2025

559,016

453,641

1,012,657

DEPRECIATION

At 1 January 2025

105,573

181,491

287,064

Charge for year

24,396

68,209

92,605

Eliminated on disposal

-

(39,821

)

(39,821

)

At 31 December 2025

129,969

209,879

339,848

NET BOOK VALUE

At 31 December 2025

429,047

243,762

672,809

At 31 December 2024

446,643

188,366

635,009

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

214,849

125,810

Amounts owed by group undertakings

217,102

217,093

Other debtors

163,303

174,147

595,254

517,050

Amounts owed by group undertakings are owed by Neogen Plasma Limited , a fellow subsidiary undertaking. These amounts are unsecured , interest free and have no fixed terms of repayment.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

3,670

5,505

Trade creditors

60,046

101,926

Amounts owed to group undertakings

247,000

254,500

Taxation and social security

180,643

52,148

Other creditors

492,649

484,408

984,008

898,487

Amounts owed to group undertakings are owed to Neogen Plasma Limited, a fellow subsidiary undertaking. These amounts are unsecured, interest free and have no fixed terms for repayment.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

-

3,670

Amounts owed to group undertakings

352,003

352,003

Other creditors

27,272

27,016

379,275

382,689

The amounts due to group undertakings are due to the ultimate parent company, Energist (Holdings) Limited. The amount is interest free and secured. The directors of Energist (Holdings) Limited have confirmed that the balance will not fall due for payment until at least 12 months from the date of approval of these financial statements.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

3,670

5,505

Between one and five years

-

3,670

3,670

9,175

Non-cancellable

operating leases

2025

2024

£

£

Within one year

1,450

3,272

Between one and five years

480

2,040

1,930

5,312

Finance lease payments represent rentals payable by the company for certain items of fixed assets. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The Lease liabilities are secured over the assets to which they relate.

9.

RESERVES

Revaluation

reserve

£

At 1 January 2025

145,332

Transfer to retained earnings

(145,332

)

At 31 December 2025

-

During the year the company reviewed the presentation of reserves arising from the transition to FRS 102. A balance of £145,332 previously included within the revaluation reserve has been transferred to retained earnings. The transfer has no effect on total shareholders' funds or profit for the current or prior year.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland Audit Ltd (Statutory Auditors)

11.	RELATED PARTY DISCLOSURES

Beaubridge Energist LLP is a director and significant shareholder of the Ultimate Parent Company. During the year Beaubridge Energist LLP invoiced £138,270 (2024: £100,605) in directors' fees, monitoring fees and expenses for services.

12.	ULTIMATE CONTROLLING PARTY

The directors regard Belmont Investments Limited, a company registered in England and Wales as the immediate parent company. Belmont Investments Limited has a 100% interest in the equity capital of Energist Limited.

The directors regard Energist (Holdings) Limited, a company registered in England and Wales as the ultimate parent company. Energist (Holdings) Limited has a 100% interest in the equity capital of Belmont Investments Limited.

As at 31 December 2025, the directors consider the ultimate controlling party to be Beaubridge Energist LLP by virtue of its shareholding in Energist (Holdings) Limited.