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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The principal activity of the company continued to be the provision of corporate finance advisory services in relation to transactions and strategy for public and private companies within the energy sector.
The Company delivered a decrease in revenue during the year, reflecting lower transaction activity particularly within the oil and gas sub-sector. Performance continues to be driven by the successful execution of advisory mandates and the strength of relationships with clients in the energy sector. Ongoing geopolitical tensions in the Middle East have introduced uncertainty and volatility in global oil and gas markets. This has influenced commodity price movements and contributed to variability in transaction activity and investment decision-making across the sector. The Company continues to monitor these developments and their potential impact on client activity.
During the year, the shareholders completed the sale of the Company to an Employee Ownership Trust (“EOT”). The transaction is intended to support long-term succession planning, align the interests of employees with the ongoing success of the business and provide continuity for clients. There has been no material change to the Company’s operations as a result of the transaction. The Company reported a loss after tax of £290,005 (2025 - profit £1,835,688). The movement in profitability is primarily attributable to falls in revenue as described above. The Company maintains a strong balance sheet position, supported by cash reserves and a disciplined approach to cost management.
The Company is exposed to a number of principal risks and uncertainties, including:
∙Market risk - Revenue is dependent on transactional activity within the energy sector, which can be cyclical and is heavily influenced by macroeconomic factors.
∙Revenue concentration risk - A significant proportion of revenue may be derived from a limited number of transactions or clients in any given year.
∙Key person risk - The business is reliant on the experience and relationships of senior personnel.
∙Regulatory risk - As an FCA-authorised firm, the Company is subject to ongoing regulatory requirements and compliance obligations.
These risks are inherent to the Company’s transaction-based business model.
The directors actively monitor these risks and have implemented appropriate controls to mitigate their potential impact.
The Company’s key performance indicators are revenue and profit before tax. Performance during the year was below the prior year, reflecting the market conditions described above. The Company maintains a healthy pipeline of potential transactions and, if a proportion of these opportunities convert successfully, the directors expect performance to improve. Given the nature and size of the business, the directors do not currently consider additional non-financial KPIs to be necessary.
The Company maintained capital and liquidity resources in excess of the requirements applicable to it as a firm which is authorised and regulated by the Financial Conduct Authority. The directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Page 1
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
In accordance with section 172(1) of the Companies Act 2006, the directors have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.
In doing so, the directors have had regard to:
a) The likely long-term consequences of decisions - the directors consider the likely long-term consequences of their decisions and seek to manage the Company’s affairs in a manner that supports its sustainable success over time. In light of the Company’s employee ownership structure, the Board takes a measured view of long-term stewardship, succession, remuneration and the maintenance of a resilient financial position.
b) The interests of employees - the directors recognise that the Company’s employees are central to its long-term success. The Company seeks to attract, retain and develop high-calibre people by fostering a professional, collaborative and supportive working environment, encouraging ongoing training and development, and aligning employees’ interests with the sustainable success of the business through its employee ownership structure.
c) The need to foster strong business relationships with clients and counterparties - the Company’s success is closely linked to the strength of its relationships with clients, counterparties and other stakeholders. The directors seek to maintain high standards of service, professionalism and integrity, recognising that the Company’s reputation and long-term success depend on delivering trusted advice, understanding clients’ objectives and maintaining constructive relationships across the sector.
d) The impact of the Company’s operations on the community and the environment - the directors recognise the importance of conducting the Company’s business in a responsible manner, with due regard to its impact on the wider community and the environment. Given the nature of the Company’s activities, its direct environmental footprint is limited, but the directors seek to operate efficiently, maintain appropriate policies and procedures, and support a culture of responsible business practice.
e) The desirability of maintaining a reputation for high standards of business conduct - the directors recognise that the Company’s reputation is fundamental to its continued success as a trusted adviser. The Board therefore promotes a culture of integrity, professionalism and compliance, and seeks to ensure that the Company conducts its affairs in a manner consistent with applicable legal and regulatory requirements and the high standards expected by its clients, counterparties and other stakeholders. f) The need to act fairly as between members of the Company - the directors recognise the importance of acting fairly in the interests of the Company’s members, having regard to the Company’s ownership structure following the sale to the Employee Ownership Trust. In that context, the Board seeks to ensure that decisions are taken in good faith in a manner that supports the sustainable success of the Company, while recognising the broader employee ownership framework within which the Company now operates.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Company will continue to focus on delivering high-quality advisory services within its core sectors. While market conditions remain uncertain, the directors believe the Company is well positioned to capitalise on opportunities as they arise.
Since the balance sheet date, there have been changes in senior personnel. These non-adjusting events are being managed in the ordinary course of business and are not expected to have a material impact the Company’s ongoing operations.
On behalf of the board.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The loss for the year, after taxation, amounted to £290,005 (2025 - profit £1,835,688).
During the year dividends of £2,310,092 (2025 - £nil) were paid.
The directors who served during the year were:
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 to 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GNEISS ENERGY LIMITED
We have audited the financial statements of Gneiss Energy Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GNEISS ENERGY LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GNEISS ENERGY LIMITED (CONTINUED)
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.
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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Taxation legislation, and those governed by the UK Financial Conduct Authority (FCA). We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
∙Timing of revenue recognition;
∙Compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to comply with for the purpose of trading;
∙Management override of controls to manipulate the Company's key performance indicators to meet targets.
Our audit procedures to respond to these risks included:
∙Discussions held with the legal and regulatory director and management including consideration of known or suspected instances of fraud or non-compliance with laws and regulations;
∙Reading and evaluating key correspondence with the FCA in relation to compliance with laws and regulations;
∙Reviewing relevant meeting minutes;
∙Reviewing data regarding customer complaints in so far as they related to fraud or non-compliance with laws and regulations;
∙Reviewed internal documentation and correspondence with regulators for evidence of irregularities;
∙Vouching revenue to supporting documentation to confirm timing and completeness; and
∙Reviewed areas of judgement and tested a sample of journal entries for indicators of management bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GNEISS ENERGY LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
81 George Street
EH2 3ES
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Gneiss Energy Limited is a private company limited by shares incorporated in England and Wales. The
registered office is 64 North Row, Mayfair, London, W1K 7DA. The principal activity of the company continued to be the provision of corporate finance advisory services in relation to transactions and strategy for public and private companies within the energy sector.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Interest income is recognised in the statement of comprehensive income using the effective interest method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Depreciation is provided on the following basis:
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 profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The whole of the turnover is attributable to the provision of corporate finance advisory services in relation to transactions and strategy for public and private companies within the energy sector.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 22
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
10.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 24
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 25
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 26
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Company operates a defined contribution pension scheme. Contributions are charged to the profit and loss in the period in which they relate. At the year-end, contributions of £68,340 (2025 - £17,222) were outstanding and are included within other creditors. The balance was settled post year-end.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Following the transaction disclosed at note 22, the Company is under the control of the Trustees of the
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