SPE Energy Limited Company accounts

COMPANY REGISTRATION NUMBER: SC079314

SPE Energy Limited

Financial Statements

31 December 2025

SPE Energy Limited

Financial Statements

Year ended 31 December 2025

Contents	Page

Officers and professional advisers	1

Directors' report	2

Independent auditor's report to the members	4

Statement of comprehensive income	8

Statement of financial position	9

Statement of changes in equity	10

Notes to the financial statements	11

SPE Energy Limited

Officers and Professional Advisers

The board of directors	Mr J Jones
	Mr J C Skipper

Company secretary	Mrs D J Skipper

Registered office	Tayview
	Grange of Elcho
	Nr Rhynd
	Perth
	PH2 8QJ

Auditor	Nelson Gilmour Smith
	Chartered accountants & statutory auditor
	Mercantile Chambers
	53 Bothwell Street
	Glasgow
	G2 6TB

Bankers	The Royal Bank of Scotland
	Perth Chief Office
	12 Dunkeld Road
	Perth
	PH1 5RB

SPE Energy Limited

Directors' Report

Year ended 31 December 2025

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

Directors

The directors who served the company during the year were as follows:

Mr J Jones
Mr J C Skipper

Directors' responsibilities statement

The directors are responsible for preparing 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 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

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

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 11 September 2026 and signed on behalf of the board by:

Mr J C Skipper

Director

Registered office:

Tayview

Grange of Elcho

Nr Rhynd

Perth

PH2 8QJ

SPE Energy Limited

Independent Auditor's Report to the Members of SPE Energy Limited

Year ended 31 December 2025

Opinion

We have audited the financial statements of SPE Energy 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 the related notes, 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 FRS 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 loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 the provisions available for small entities, in the circumstances set out in note 14 to the financial statements, 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has 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 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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. 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: Based on our understanding of the company, we identified the principal risks of non-compliance with laws and regulations and the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated managements incentives and opportunities for the fraudulent manipulation of the financial statements, including the risk of of override of controls. Based on our assessment we adopted a substantive approach to our audit testing. Audit procedures performed included: Testing a sample of transactions to source documentation. We select sample sizes having regard to the inherent risk (specific and general), the quality of the internal controls and the risk that our testing might not detect possible misstatements. Making enquiries of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims. Identifying legislation of particular relevance to the entity and obtaining audit evidence regarding compliance with that legislation. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business There are inherent limitations in the audit procedures described above. Also, 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 or concealment. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.

Louise D McAulay BAcc

(Senior Statutory Auditor)

For and on behalf of

Nelson Gilmour Smith

Chartered accountants & statutory auditor

Mercantile Chambers

53 Bothwell Street

Glasgow

G2 6TB

11 September 2026

SPE Energy Limited

Statement of Comprehensive Income

Year ended 31 December 2025

	2025	2024
Note	£	£
Turnover	1,693,038	3,340,707

Cost of sales	1,140,265	2,277,259
	------------	------------
Gross profit	552,773	1,063,448

Administrative expenses	935,878	1,077,837
Other operating income	127,348	127,348
	---------	------------
Operating (loss)/profit	( 255,757)	112,959

Other interest receivable and similar income		–	1,587
Interest payable and similar expenses		24,576	25,832
		---------	------------
(Loss)/profit before taxation	6	( 280,333)	88,714

Tax on (loss)/profit	( 23,071)	71,209
	---------	--------
(Loss)/profit for the financial year	( 257,262)	17,505
	---------	--------

Revaluation of tangible assets	73,345	–
	---------	--------
Total comprehensive income for the year	( 183,917)	17,505
	---------	--------

All the activities of the company are from continuing operations.

SPE Energy Limited

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	7	2,046,620	2,312,134
Tangible assets	8	1,049,355	1,048,329
Investments	9	101	101
		------------	------------
		3,096,076	3,360,564

Current assets

Stocks		688,982	752,377
Debtors	10	203,651	67,251
		---------	---------
		892,633	819,628

Creditors: amounts falling due within one year	11	692,537	494,646
		---------	---------
Net current assets		200,096	324,982
		------------	------------
Total assets less current liabilities		3,296,172	3,685,546

Creditors: amounts falling due after more than one year	12	2,012,042	2,217,499
		------------	------------
Net assets		1,284,130	1,468,047
		------------	------------

Capital and reserves

Called up share capital	15,000	15,000
Revaluation reserve	73,345	–
Profit and loss account	1,195,785	1,453,047
	------------	------------
Shareholders funds	1,284,130	1,468,047
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 11 September 2026 , and are signed on behalf of the board by:

Mr J C Skipper

Director

Company registration number: SC079314

SPE Energy Limited

Statement of Changes in Equity

Year ended 31 December 2025

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 January 2024			15,000	–	1,435,542	1,450,542

Profit for the year					17,505	17,505
			--------	----	------------	------------
Total comprehensive income for the year			–	–	17,505	17,505

At 31 December 2024			15,000	–	1,453,047	1,468,047

Loss for the year					( 257,262)	( 257,262)
Other comprehensive income for the year:
	Revaluation of tangible assets	8	–	73,345	–	73,345
			--------	--------	------------	------------
Total comprehensive income for the year			–	73,345	( 257,262)	( 183,917)

			--------	--------	------------	------------
At 31 December 2025			15,000	73,345	1,195,785	1,284,130
			--------	--------	------------	------------

SPE Energy Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered and incorporated in Scotland . The address of the registered office is 6 Union Plaza (6th Floor), 1 Union Wynd, Aberdeen, AB10 1DQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The nature of the company's business is that there can be considerable unpredictable variation in the timing and amounts of cash inflows. The working capital is provided by a bank overdraft. The continuance of the company is therefore dependent on the ongoing support of the bank. These financial statements have been prepared on a going concern basis which assumes that this support will continue.

Research and development

Research and Development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and are amortised in line with expected sales arising from the project. All other development costs are written off in the year of expenditure.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	At valuation
Plant & Machinery	-	10% straight line
Motor Vehicles	-	25% straight line
Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	7,250	7,250
	-------	-------

5. Employee numbers

The average number of persons employed by the company during the year amounted to 26 (2024: 23 ).

6. Profit before taxation

Profit before taxation is stated after charging:

	2025	2024
	£	£
Amortisation of intangible assets	292,374	289,016
Depreciation of tangible assets	72,319	87,708
	---------	---------

7. Intangible assets

	Development costs
	£
Cost
At 1 January 2025	2,887,638
Additions	26,860
	------------
At 31 December 2025	2,914,498
	------------
Amortisation
At 1 January 2025	575,504
Charge for the year	292,374
	------------
At 31 December 2025	867,878
	------------
Carrying amount
At 31 December 2025	2,046,620
	------------
At 31 December 2024	2,312,134
	------------

8. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	1,131,287	151,736	178,364	61,968	1,523,355
Revaluations	( 171,287)	–	–	–	( 171,287)
	------------	---------	---------	--------	------------
At 31 December 2025	960,000	151,736	178,364	61,968	1,352,068
	------------	---------	---------	--------	------------
Depreciation
At 1 January 2025	244,632	102,230	74,517	53,647	475,026
Charge for the year	–	22,906	44,591	4,822	72,319
Revaluations	( 244,632)	–	–	–	( 244,632)
	------------	---------	---------	--------	------------
At 31 December 2025	–	125,136	119,108	58,469	302,713
	------------	---------	---------	--------	------------
Carrying amount
At 31 December 2025	960,000	26,600	59,256	3,499	1,049,355
	------------	---------	---------	--------	------------
At 31 December 2024	886,655	49,506	103,847	8,321	1,048,329
	------------	---------	---------	--------	------------

Tangible assets held at valuation

The property was valued at a market value of £960,000 by Harris & Birt Chartered Surveyors on 6 February 2026 .

9. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2025 and 31 December 2025	101
	----
Impairment
At 1 January 2025 and 31 December 2025	–
	----

Carrying amount
At 31 December 2025	101
	----
At 31 December 2024	101
	----

10. Debtors

	2025	2024
	£	£
Trade debtors	195,536	62,436
Other debtors	8,115	4,815
	---------	--------
	203,651	67,251
	---------	--------

11. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	379,111	146,525
Trade creditors	36,965	60,438
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1	1
Corporation tax	44,139	71,210
Social security and other taxes	55,123	54,904
Other creditors	177,198	161,568
	---------	---------
	692,537	494,646
	---------	---------

The bank overdraft and loan is secured by a bond and floating charge over the assets of the company.

12. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	72,109
Other creditors	2,012,042	2,145,390
	------------	------------
	2,012,042	2,217,499
	------------	------------

The bank loan is secured by a bond and floating charge over the assets of the company.

13. Related party transactions

There are no transactions with related parties were entered into in the year that are required to be disclosed under the terms of FRS 102 Section 1A.

14. Ethical standards

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.