Ais Utilities Limited

	Page
Company Information	1
Strategic Report	2—3
Director's Report	4
Independent Auditor's Report	5—8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to the Statement of Cash Flows	14
Notes to the Financial Statements	15—19

Page 1

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Strategic Report

For The Year Ended 31 March 2026

Strategic Report

The director presents his strategic report for the year ended 31 March 2026.

Review of the Business

The Company delivered a strong performance during the year, achieving significant growth in profitability, improved operational performance and continued investment in organisational capability and future expansion. The benefits of a disciplined commercial strategy, focused on operational efficiency, robust cost control and selective project acquisition, were reflected in materially improved margins and earnings. At the same time, the Company invested in its people and organisational capability, strengthening the foundations for future expansion and sustainable value creation.

The Company's strategic focus during the year was to prioritise opportunities that aligned with its target margins and wider objectives. This disciplined approach, combined with improved project execution and cost control, contributed to a significant increase in profitability.

Revenue for the year was £16.9m (2025: £19.1m). Whilst lower than the previous year, this reflected the Company's deliberate focus on securing projects capable of generating sustainable returns rather than pursuing revenue growth alone.

Gross profit increased by 47% to £7.8m (2025: £5.3m), with gross margin increasing from 27.7% to 46.3%. EBITDA increased by 136% to £2.6m (2025: £1.1m), reflecting enhanced commercial management, improved operational efficiency and a favourable project mix.

The Company continued to invest in its operational and organisational capability during the year. Additional recruitment across key operational, commercial and support functions increased administrative costs; however, the Director regards this expenditure as a strategic investment that will enhance operational capacity and strengthen the Company's ability to deliver and manage a growing project portfolio.

The Company's financial position strengthened significantly during the year, with net assets increasing to £2.4m (2025: £0.9m) and cash at bank increasing to £1.8m (2025: £1.4m). This provides a solid platform from which to support growth and invest in strategic opportunities.

Whilst mindful of ongoing economic and geopolitical uncertainty, the Director remains positive about the outlook for the sector. Continued demand for new housing, investment in critical infrastructure and the transition towards a more electrified economy are expected to support demand for the Company's services in the years ahead. The investment made in personnel and organisational capability during the year is expected to support increased capacity, improved efficiency and future growth.

Key Performance Indicators

The Director uses the following key performance indicators to monitor the performance and development of the business:

31 Mar 26 31 Mar 25

£'000 £'000

Revenue 16,913 19,054

Gross Profit 7,828 5,282

EBITDA 2,615 1,133

EBITDA Margin 15.4% 5.9%

Net Assets 2,398 878

Cash at Bank 1,791 1,352

During the year, the Company achieved significant improvements in gross profit, EBITDA and EBITDA margin, reflecting the success of its focus on operational efficiency, cost control and selective project acquisition. The strengthening of net assets and cash reserves further demonstrates the Company's ability to generate sustainable profits and maintain a robust financial position.

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Ais Utilities Limited

Strategic Report (continued)

For The Year Ended 31 March 2026

Principal Risks and Uncertainties

The Company operates in a sector subject to commercial and operational risks.

Market and Economic Conditions

Demand for utility infrastructure services is influenced by activity within the UK construction and property development sectors. Changes in housing market conditions, interest rates and investor confidence may impact the timing, scale or viability of customer developments.

The Company mitigates this risk through maintaining a diverse customer base, operating across multiple sectors and regions, and actively monitoring future workload.

Economic and Geopolitical Uncertainty

The Company operates within a sector influenced by wider economic and geopolitical conditions. Inflationary pressures, global conflicts, supply chain disruption, changes in interest rates and broader economic uncertainty may impact investment levels within the construction and development sectors and influence demand for utility infrastructure services.

The Company seeks to mitigate this risk through disciplined cost management, regular forecasting, a diversified customer base and ongoing monitoring of market conditions.

Labour Availability and Resource Capacity

The Company's continued success depends upon its ability to attract, retain and develop skilled employees across technical, operational and management functions. The utilities and infrastructure sectors continue to experience competition for experienced personnel, particularly in project delivery and commercial roles.

A shortage of suitably qualified individuals, together with increasing competition for talent, could impact the Company's ability to deliver projects efficiently, support growth and maintain service levels.

The Company seeks to mitigate this risk through investment in employee training and development, succession planning, employee engagement and proactive recruitment strategies designed to strengthen workforce capability and support future expansion.

Supply Chain and Cost Inflation

The availability and cost of materials, subcontractors and specialist services remain subject to market pressures.

Management continually monitors supply chain performance, maintains relationships with key suppliers and seeks to secure competitive pricing arrangements wherever possible.

Regulatory Environment

The Company operates within a regulated utility industry and is required to comply with relevant health and safety, environmental and industry standards.

Management actively monitors regulatory developments and maintains robust compliance procedures to ensure the Company continues to meet its obligations.

Credit Risk

The Company is exposed to credit risk arising from the potential failure of customers to meet their contractual payment obligations. The Company's customer base primarily comprises property developers, housebuilders, commercial developers and other organisations involved in construction and infrastructure projects. Economic conditions, financing constraints within the development sector and project specific challenges may affect customers' ability to settle outstanding balances when due.

To mitigate this risk, the Company undertakes credit assessments of customers, utilises staged billing and payment arrangements aligned to project milestones, monitors aged debtors and outstanding balances regularly and maintains defined credit control and escalation procedures.

On behalf of the board

Mr C P Davies

Director

22 September 2026

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Ais Utilities Limited

Company No. 12362426

Director's Report For The Year Ended 31 March 2026

Director's Report

The director presents his report and the financial statements for the year ended 31 March 2026.

Principal Activity

The principal activities of the Company are that of an Independent Connection Provider (ICP), delivering utility infrastructure solutions for residential, commercial and mixed-use developments across the United Kingdom.

Directors

The director who held office during the year was as follows:

Mr C P Davies

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 director is 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. He is 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 director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

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

Independent Auditors

The auditors, Fairman Harris, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr C P Davies

Director

22 September 2026

Page 4

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Independent Auditor's Report

to the Members of

Ais Utilities Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Ais Utilities Limited for the year ended 31 March 2026 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 director's 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 entity's ability to continue as a going concern for a period of at least 12 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 director is 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Ais Utilities Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 or returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is 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 director 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 director is 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.

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Independent Auditor's Report (continued)

to the Members of

Ais Utilities Limited

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

● the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

● we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the industry.

● we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, data protection, anti-money-laundering, employment, environmental and health and safety legislation;

● we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

● identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

● making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

● considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:

● performed analytical procedures to identify any unusual or unexpected relationships;

● tested journal entries to identify unusual transactions;

● assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and

● investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

● agreeing financial statement disclosures to underlying supporting documentation;

● reading the minutes of meetings of those charged with governance;

● enquiring of management as to actual and potential litigation and claims; and

● reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

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Independent Auditor's Report (continued)

to the Members of

Ais Utilities Limited

F Meghani (Senior Statutory Auditor)

for and on behalf of Fairman Harris , Statutory Auditor

22 September 2026

Fairman Harris

1 Landor Road

London

SW9 9RX

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Ais Utilities Limited

Profit and Loss Account

For The Year Ended 31 March 2026

Profit and Loss Account

		2026	2025
	Notes	£	£
TURNOVER		16,912,815	19,053,808
Cost of sales		(9,084,442 )	(13,771,587 )

GROSS PROFIT		7,828,373	5,282,221

Administrative expenses		(5,345,626 )	(4,161,320 )

OPERATING PROFIT	3	2,482,747	1,120,901
Other interest receivable and similar income	7	53,246	17,195
Interest payable and similar charges	8	(22,030 )	-

PROFIT BEFORE TAXATION		2,513,963	1,138,096
Tax on Profit		(610,991 )	(295,596 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,902,972	842,500

The notes on pages 14 to 19 form part of these financial statements.

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Ais Utilities Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2026

Statement of Comprehensive Income

	2026	2025
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,902,972	842,500
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	1,902,972	842,500

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Ais Utilities Limited

Balance Sheet

As At 31 March 2026

Balance Sheet

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	9		139,475		36,387

			139,475		36,387
CURRENT ASSETS
Stocks	11	910		-
Debtors	12	6,562,629		6,435,746
Cash at bank and in hand		1,790,652		1,352,040

		8,354,191		7,787,786
Creditors: Amounts Falling Due Within One Year	13	(5,945,977 )		(6,796,456 )

NET CURRENT ASSETS (LIABILITIES)			2,408,214		991,330

TOTAL ASSETS LESS CURRENT LIABILITIES			2,547,689		1,027,717

Creditors: Amounts Falling Due After More Than One Year	14		(150,001 )		(150,001 )

NET ASSETS			2,397,688		877,716

CAPITAL AND RESERVES
Called up share capital	16		100		100
Profit and Loss Account			2,397,588		877,616

SHAREHOLDERS' FUNDS			2,397,688		877,716

On behalf of the board

Mr C P Davies

Director

22 September 2026

The notes on pages 14 to 19 form part of these financial statements.

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Ais Utilities Limited

Statement of Changes in Equity

For The Year Ended 31 March 2026

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2024	100	935,116	935,216
Profit for the year and total comprehensive income	-	842,500	842,500

Dividends paid	-	(900,000)	(900,000)

As at 31 March 2025 and 1 April 2025	100	877,616	877,716


Profit for the year and total comprehensive income	-	1,902,972	1,902,972

Dividends paid	-	(383,000)	(383,000)

As at 31 March 2026	100	2,397,588	2,397,688

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Ais Utilities Limited

Statement of Cash Flows

For The Year Ended 31 March 2026

Statement of Cash Flows

		2026	2025
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,039,643	570,747
Interest paid		(22,030 )	-
Tax paid		(119,470 )	(212,325 )

Net cash generated from operating activities		898,143	358,422

Cash flows from investing activities
Purchase of tangible assets		(129,051 )	(18,371 )
Interest received		53,246	17,195

Net cash used in investing activities		(75,805 )	(1,176 )

Cash flows from financing activities
Equity dividends paid		(383,000 )	(900,000 )
Proceeds from new other loans		-	150,001
Amount introduced by directors		-	120,000
Amount withdrawn by directors		(726)	-

Net cash used in financing activities		(383,726 )	(629,999 )



Increase/(decrease) in cash and cash equivalents		438,612	(272,753 )
Cash and cash equivalents at beginning of year	2	1,352,040	1,624,793

Cash and cash equivalents at end of year	2	1,790,652	1,352,040

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Ais Utilities Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2026

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2026	2025
	£	£
Profit for the financial year	1,902,972	842,500
Adjustments for:
Tax on profit	610,991	295,596
Interest expense	22,030	-
Interest income	(53,246 )	(17,195 )
Depreciation of tangible assets	25,963	12,130
Impairment of fixed asset investments	-	300,000
Movements in working capital:
Increase in stocks	(910 )	-
Increase in trade and other debtors	(138,230 )	(4,564,202 )
(Decrease)/increase in trade and other creditors	(1,329,927 )	3,701,918

Net cash generated from operations	1,039,643	570,747

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2026	2025
	£	£
Cash at bank and in hand	1,790,652	1,352,040

3. Analysis of changes in net funds

	As at 1 April 2025	Cash flows	As at 31 March 2026
	£	£	£
Cash at bank and in hand	1,352,040	438,612	1,790,652
Debts falling due after more than one year	(150,001)	-	(150,001)

	1,202,039	438,612	1,640,651

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Ais Utilities Limited

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

Ais Utilities Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12362426 . The registered office is 1 Landor Road, London, SW9 9RX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Revenue is measured at the fair value of the consideration received or receivable, net of value-added tax (VAT) and trade discounts. The company recognizes revenue as follows:

Connection Project Management & Utility Infrastructure Contracts

Where the outcome of a contract for utility connection, design, project management, and infrastructure adoption can be estimated reliably, total contract revenue—including both direct client contract fees and associated Asset Value (AV) income—is recognized by reference to the stage of completion of the contract activity at the reporting date, in accordance with FRS 102 Section 23 (Percentage of Completion Method)

Total Contract Value & AV Income:

Total estimated contract revenue includes the expected Asset Value (AV) consideration receivable from Independent Distribution Network Operators (IDNOs) upon grid adoption. AV income forms an integral part of the total contract economics and is recognized across project milestones in line with the overall operational progress of the job.

Measurement of Completion:

The stage of completion is determined by management using operational and physical milestones achieved on each project (such as formal design submission, approved legal/land rights review, site readiness, and physical energization). This output-based methodology reflects the true performance obligations delivered and relative operational progress of the company’s project management services over the contract lifecycle.

Unbilled & Deferred Income:

Accrued Revenue (Unbilled Income):

Recognized where performance milestones have been completed and verified by project managers, but payment has not yet been invoiced to the client at the reporting date.

Deferred Revenue:

Recognized where progress billings or advance payments received from clients exceed the cumulative revenue earned based on physical stage completion at the reporting date.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% Reducing Balance
Computer Equipment	25% Reducing Balance

2.4. Stocks and Work in Progress

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

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Ais Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Financial Instruments

Financial Assets – Loans Receivable

Financial assets are initially recognized at transaction price (including transaction costs). Subsequently, loans receivable are measured at amortised cost using the effective interest method, less any provision for impairment.

Interest income is recognized in the Profit and Loss Account within 'Other Interest Receivable and Similar Income' over the term of the loan using the effective interest rate method.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Operating Profit

The operating profit is stated after charging:

	2026	2025
	£	£
Bad debts	81,462	441,262
Depreciation of tangible fixed assets	25,963	12,130

4. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2026	2025
	£	£
Audit Services
Audit of the company's financial statements	10,200	-

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Ais Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

5. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2026	2025
	£	£
Wages and salaries	2,695,777	1,746,378
Social security costs	319,812	182,907
Other pension costs	30,681	8,744

	3,046,270	1,938,029

6. Average Number of Employees

Average number of employees, including directors, during the year was: 43 (2025: 37)

7. Interest Receivable and Similar Income

	2026	2025
	£	£
Bank interest receivable	37,048	17,195
Other interest receivable	16,198	-

	53,246	17,195

8. Interest Payable and Similar Charges

	2026	2025
	£	£
Interest payable on other loans	16,500	-
Other finance charges	5,530	-

	22,030	-

9. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2025	10,430	60,550	70,980
Additions	44,302	84,749	129,051

As at 31 March 2026	54,732	145,299	200,031

Depreciation
As at 1 April 2025	5,610	28,983	34,593
Provided during the period	8,503	17,460	25,963

As at 31 March 2026	14,113	46,443	60,556

Net Book Value
As at 31 March 2026	40,619	98,856	139,475

As at 1 April 2025	4,820	31,567	36,387

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Ais Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Investments

	Unlisted
	£
Cost or Valuation
As at 1 April 2025	300,000
Disposals	(300,000 )

As at 31 March 2026	-

Provision
As at 1 April 2025	300,000
Disposals	(300,000 )

As at 31 March 2026	-

Net Book Value
As at 31 March 2026	-

As at 1 April 2025	-

11. Stocks

	2026	2025
	£	£
Stock	910	-

12. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	1,524,548	2,445,436
Amounts owed by participating interests	1,035,937	1,202,845
Other debtors	4,002,144	2,787,465

	6,562,629	6,435,746

13. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	1,122,229	1,929,934
Amounts owed to participating interests	90,413	286,032
Other creditors	48,298	238,776
Corporation tax	787,117	295,596
Taxation and social security	245,786	61,508
Accruals and deferred income	3,652,134	3,984,610

	5,945,977	6,796,456

Page 18

Page 19

Ais Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

14. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Other loans	150,001	150,001

15. Loans

An analysis of the maturity of loans is given below:

	2026	2025
	£	£
Amounts falling due between one and five years:
Other loans	150,001	150,001

16. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

17. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £30,681 (2025: £8,744).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

18. Dividends

	2026	2025
	£	£
On equity shares:
Final dividend paid	383,000	900,000

19. Related Party Disclosures

Maxim Eyes (Uk) Limited

Intercompany balance Cr £6,380 (2025: Cr £2,166)

Energ Eyes Limited

Intercompany loan balance Cr £82,391 (2025: Cr £283,866)

Network Delivery Associates Limited

Intercompany balance Cr £197,204 (2025: Cr £125,488)

Tmeg Management Limited

Intercompany balance Dr £80,000, (2025 Dr £80,000)

The Electricity Board Ltd

Intercompany balance Dr £60,000, (2025 Dr £60,000)

Page 19

Director	Mr C P Davies

Company Number	12362426

Registered Office	1 Landor Road
	London
	SW9 9RX

Accountants	Fairman Harris
	1 Landor Road
	London
	SW9 9RX

Auditors	Fairman Harris
	1 Landor Road
	London
	SW9 9RX