REGISTERED NUMBER: 05967652 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

Go Geothermal Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T Williams

H Erlandsson

C J Bergstrom

J Håkansson

REGISTERED OFFICE:

Unit 9 Maple Way

Newton Aycliffe

Co. Durham

DL5 6BF

REGISTERED NUMBER:

05967652 (England and Wales)

AUDITORS:

S&W Audit

3rd Floor

56 Wellington Street

Leeds

LS1 2EE

FIXED ASSETS

Tangible assets

5

216,156

273,738

CURRENT ASSETS

Stocks

1,402,064

1,430,461

Debtors

6

1,011,935

1,053,666

Cash at bank

304,623

192,921

2,718,622

2,677,048

CREDITORS

Amounts falling due within one year

7

1,959,573

1,253,583

NET CURRENT ASSETS

759,049

1,423,465

TOTAL ASSETS LESS CURRENT LIABILITIES

975,205

1,697,203

CREDITORS

Amounts falling due after more than one year

8

3,708

23,707

NET ASSETS

971,497

1,673,496

CAPITAL AND RESERVES

Called up share capital

11

4

4

Retained earnings

971,493

1,673,492

SHAREHOLDERS' FUNDS

971,497

1,673,496

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

T Williams - Director

1.	STATUTORY INFORMATION

Go Geothermal Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current wider economic conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. Those assessments are dependent on the continued provision of facilities and financial support from CTC AB, the Company's intermediate parent, as discussed below.

CTC AB, as the intermediate parent of the Company, has confirmed in writing that it will provide financial support to the Company to enable it to meet its financial obligations for the foreseeable future which includes the 12-month period from the signing of the financial statements. This support also includes confirmation that there will be no requirement for the Company to repay balances due to group companies where the company is not in a position to do so.

Further, Go Geothermal Ltd has access to group cash pool facility for £350k approved by NIBE treasury AB. They have confirmed in writing that there are no plans to terminate this facility anytime soon.

As with any Company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so and therefore do not consider that there is a material uncertainty in going concern.

Turnover

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

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually upon dispatch of goods from the company's premises.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant and machinery

25%

Fixtures and fittings

10%, 15%, 20%, 25%

Motor vehicles

25%

Computer equipment

25%

Impairment of fixed asset

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 the 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 asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.

Depreciation

Certain fixed assets have not been depreciated as they are held for resale and will be reclassified as stock in the next financial year. As these assets are not intended for long-term use within the business, no depreciation has been applied in accordance with the company's accounting policy.

Stocks

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

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, loans to related parties and investments in ordinary shares.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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. 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.

Employee benefits

Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

Debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. At the end of each reporting year the financial assets are assessed for evidence of impairment. If an asset is impaired, the impairment loss is recognised in the profit and loss.

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.

Creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 25 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

148,434

230,314

56,969

95,384

531,101

Additions

-

10,765

-

20,341

31,106

Disposals

-

-

(12,600

)

-

(12,600

)

At 31 December 2025

148,434

241,079

44,369

115,725

549,607

DEPRECIATION

At 1 January 2025

120,205

53,965

41,255

41,938

257,363

Charge for year

15,900

42,404

11,092

19,292

88,688

Eliminated on disposal

-

-

(12,600

)

-

(12,600

)

At 31 December 2025

136,105

96,369

39,747

61,230

333,451

NET BOOK VALUE

At 31 December 2025

12,329

144,710

4,622

54,495

216,156

At 31 December 2024

28,229

176,349

15,714

53,446

273,738

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

888,744

921,857

Other debtors

123,191

131,809

1,011,935

1,053,666

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

302,989

-

Hire purchase contracts (see note 9)

19,999

7,923

Trade creditors

677,114

461,548

Amounts owed to group undertakings

680,403

357,112

Taxation and social security

176,189

111,512

Other creditors

102,879

315,488

1,959,573

1,253,583

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Hire purchase contracts (see note 9)

3,708

23,707

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.25

31.12.24

£

£

Net obligations repayable:

Within one year

19,999

7,923

Between one and five years

3,708

23,707

23,707

31,630

Non-cancellable

operating leases

31.12.25

31.12.24

£

£

Within one year

111,680

114,433

Between one and five years

446,720

446,720

In more than five years

224,011

335,691

782,411

896,844

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Bank overdraft

302,989

-

Hire purchase contracts

23,707

31,630

326,696

31,630

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

400

Ordinary

0.01

4

4

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

The Report of the Auditors was unqualified.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

S & W Audit Chartered Accountants & Statutory Auditor

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £106,990 (2024: £113,643).

14.	RELATED PARTY DISCLOSURES

The Company is part of a group of entities.

During the year, the Company entered trading transactions with group companies. These transactions consisted of the purchase of goods and services in the normal course of business.

- Total purchases from group undertakings: £801,450 (2024 - 639,921)

At the year end, the following balances were outstanding:

- Trade payable to group undertakings: £680,403 (2024 - 357,112)

15.	ULTIMATE PARENT COMPANY

The ultimate parent company is NIBE Industrier AB, a company incorporated in Sweden. Its registered address is Box 14, SE- 285 21 Markaryd, Sweden.

The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is NIBE Industrier AB. Consolidated accounts are available from NIBE Industrier AB, Box 14, Jarnvagsgaten 40, 285 21 Markaryd, Sweden or www.nibe.com.

16.	ULTIMATE CONTROLLING PARTY

The controlling party is CTC AB, a company incorporated in Sweden.

The ultimate controlling party is Nibe Industrier AB, a company incorporated in Sweden.