REGISTERED NUMBER: 07756008 (England and Wales)

Boston Energy Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

J Cattermole

J Godber

M N Parkes

I M Langley

REGISTERED OFFICE:

Westcott House

Hesslewood Office Park

Ferriby Road

Hessle

East Yorkshire

HU13 0LH

REGISTERED NUMBER:

07756008 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The company's key activities are the supply of technical services, manpower and training to the wind industry. Services are provided in the UK, Europe and Asia.

The Directors have continued to invest in and enhance the capabilities of the business to allow support of customers as the wind energy industry continues to increase in size and reach.

The key performance indicators of the business are Turnover and Operating Profit. Turnover for the period ended 31 December 2025 was £44.3m (2024 £45.2m). Operating Profit for the same period was £8.1m (2024 £7.4m).

PRINCIPAL RISKS AND UNCERTAINTIES

The company has a risk management structure to identify, manage and mitigate significant risks.

Operational risks

The company has seen a high level of growth in recent years including significant growth in headcount. This increases the risk of recruitment of the right quality of individual. The company continues investing in increased training of its technicians to deliver against contracts, with accredited training capability in-house. A high level of focus on health and safety is encouraged and monitored across the business.

Cyber risk

The company recognises the growing threat of cyber related fraud and attack and has put in place measures to protect its systems and information from attack. These continue to be reviewed and upgraded as the threat evolves.

Liquidity risk

The company has established working capital facilities to support the anticipated level of growth and seasonal nature of its business. Management manage customer payment times closely and forecasts cashflow on a regular basis.

Market risk

The company operates in a market which is seeing significant growth across a relatively small number of major customers, including OEMs and wind farm operators.

SECTION 172(1) STATEMENT

The directors have a duty, under section 172 (1) of the Companies Act 2006, to promote the success of the

Company for the benefit of its members as a whole. This includes having due regard to the broad range of

stakeholders of the Company, such as its workforce, customers, suppliers, shareholders, and its impact on

the wider community and environment.

The Company’s Board comprises the Chair person, Chief Executive Officer, Chief Financial Officer and

non-executive directors, who together are responsible for setting the strategy and managing the Group in line with established corporate governance principles. The Board regularly reviews the Group’s strategic

objectives, goals and priorities to ensure the long-term consequences of decisions are well understood.

The Company engages with its shareholders on a regular basis through formal Board meetings, Board Audit and Remuneration Committees, and through regular presentation of business and financial information.

It is a strategic priority for the Group to continue to enhance its reputation and delivery support for key

customers, and its employees. Customer feedback is sought regularly at different management levels

through project delivery, and employees are encouraged to engage with senior management through regular all-hands forums. The environmental impact of the Group’s operations is being considered through the implementation of a formal ESG strategy.

The Board is committed to maintaining a high standard of business conduct and to act equitably between its members. This commitment is supported by the governance structure and policies that are in place, and continue to be strengthened in response to changes in the business and market environment.

ON BEHALF OF THE BOARD:

J Godber - Director

12 June 2026

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

DIVIDENDS

No further dividends were paid after the year end.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J Cattermole

J Godber

M N Parkes

Other changes in directors holding office are as follows:

I M Langley was appointed as a director after 31 December 2025 but prior to the date of this report.

GOING CONCERN

The directors are required under company law to consider whether it is appropriate to prepare the financial statements on the basis that the Group is a going concern.

The Directors confirm that, having reviewed the Company's cash requirements for the 12-month period following the date of approval of these financial statements, they have a reasonable expectation that the Company has adequate resources to continue to operate and meet its liabilities as they fall due. The Directors consider this appropriate for the following reasons:

Forecasts have been subject to sensitivity analysis, including downside scenarios, which indicate that the Company is expected to continue operating within the terms of its available facilities.

The Company incurred a statutory profit before tax of £8.0m in the period to 31 December 2025 and had net assets of £6.1m at that date, as well as maintained a positive net current asset position of £5.5m.

Accordingly, the financial statements are prepared on a going concern basis.

ENGAGEMENT WITH EMPLOYEES

The directors make use of senior management throughout the company to ensure that all employees are kept up to date with key and relevant information. The company consults its employees as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the company and a general awareness of the company's performance.

EMPLOYEE INVOLVEMENT

The directors believe that all employees should be kept informed about the development and performance of the business. This has been achieved through internal media methods and regular meetings which are held between local management and employees to allow a free flow of information and ideas.

DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the

requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors continuously consider key stakeholder relationships and develops them through ongoing

support from all employees. The group considers relationships with customers and suppliers on a group-wide and local level and maintains strong relationships with all parties.

STREAMLINED ENERGY AND CARBON REPORTING

Reporting period: 1 January 2025 - 31 December 2025

Comparative period: 1 January 2024 - 31 December 2024

Reporting Methodology and Boundary

This disclosure has been prepared in accordance with the Streamlined Energy and Carbon Reporting (SECR) requirements under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2018.

Greenhouse gas emissions have been calculated using the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and UK Government greenhouse gas conversion factors published by the Department for Energy Security and Net Zero.

Boston Energy Limited forms part of a wider group structure. Historically, energy consumption and emissions data were captured and reported at a consolidated group level. For the purposes of this disclosure, emissions and energy consumption have been apportioned to Boston Energy Limited on a revenue basis, which Boston Energy considers to be the most reasonable proxy for operational activity.

Company Activities

Boston Energy Limited provides recruitment and operational support services to the wind energy sector. Due to the nature of operations, business travel represents the most significant contributor to emissions. During the reporting period the company continued to monitor energy consumption and deploy locally based technicians where possible to reduce travel-related emissions. The company remains committed to achieving carbon neutrality by 2040.

Energy Consumption and Associated Emissions

Scope

Emissions Source

Energy Consumption 2025 (kWh)

Energy Consumption 2024 (kWh)

Emissions 2025 (tCO2e)

Emissions 2024 (tCO2e)

YoY%C hange

Scope 1

Fleet Vehicles

347,160

-

89.84

-

N/A

Scope 2

Electricity

37,317

44,282

6.61

9.47

-30.2%

Scope 3

Grey Fleet

786,703

935,514

191.31

236.95

-19.3%

Short-term leased vehicles

599,263

757,186

138.58

192.06

-27.8%

Upstream electricity

21,126

-

3.71

-

N/A

Totals

1,791,569

1,736,982

430.05

438.48

-1.9%

Footnote

Scope 1 fleet fuel consumption data was not captured during 2024. Improved monitoring was implemented in 2025, and therefore comparable Scope 1 emissions for 2024 are not available.

Intensity Metric

FY2025

FY2024

YoY% Change

tCO2e per £100k of revenue

0.97

0.97

0%

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Godber - Director

12 June 2026

Opinion

We have audited the financial statements of Boston Energy Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 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 profit 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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' 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 a Report of the Auditors 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 focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including United Kingdom Accounting Standards (FRS102) the Companies Act 2006 and tax legislation. We also considered those laws and regulations that may have an indirect material effect on the financial statements including data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and 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 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 relevant regulators and the company's legal advisors.

Due to 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. 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.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

17 June 2026

TURNOVER

3

44,318,139

45,172,782

Cost of sales

31,251,391

32,694,504

GROSS PROFIT

13,066,748

12,478,278

Administrative expenses

5,093,648

5,098,133

7,973,100

7,380,145

Other operating income

116,518

-

OPERATING PROFIT

5

8,089,618

7,380,145

Exceptional costs

6

66,528

84,656

8,023,090

7,295,489

Interest receivable and similar income

30,144

12,555

8,053,234

7,308,044

Interest payable and similar expenses

7

68,516

275,606

PROFIT BEFORE TAXATION

7,984,718

7,032,438

Tax on profit

8

2,002,036

1,765,886

PROFIT FOR THE FINANCIAL YEAR

5,982,682

5,266,552

PROFIT FOR THE YEAR

5,982,682

5,266,552

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,982,682

5,266,552

FIXED ASSETS

Tangible assets

10

679,116

689,164

Investments

11

161

164

679,277

689,328

CURRENT ASSETS

Debtors

12

19,912,520

15,229,687

Cash at bank

5,946,190

6,664,390

25,858,710

21,894,077

CREDITORS

Amounts falling due within one year

13

20,313,800

9,534,572

NET CURRENT ASSETS

5,544,910

12,359,505

TOTAL ASSETS LESS CURRENT LIABILITIES

6,224,187

13,048,833

PROVISIONS FOR LIABILITIES

15

154,722

162,050

NET ASSETS

6,069,465

12,886,783

CAPITAL AND RESERVES

Called up share capital

16

1,093

1,093

Share premium

17

1,549

1,549

Retained earnings

17

6,066,823

12,884,141

SHAREHOLDERS' FUNDS

6,069,465

12,886,783

The financial statements were approved by the Board of Directors and authorised for issue on 12 June 2026 and were signed on its behalf by:

J Godber - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2024

1,093

7,617,589

1,549

7,620,231

Changes in equity

Total comprehensive income

-

5,266,552

-

5,266,552

Balance at 31 December 2024

1,093

12,884,141

1,549

12,886,783

Changes in equity

Dividends

-

(12,800,000

)

-

(12,800,000

)

Total comprehensive income

-

5,982,682

-

5,982,682

Balance at 31 December 2025

1,093

6,066,823

1,549

6,069,465

1.	STATUTORY INFORMATION

Boston Energy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Boston Energy Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Wind Bidco Limited, Westcott House, Hesslewood Office Park, Ferriby Road, Hessle, East Yorkshire, HU13 0LH.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements involves, in certain areas, the use of accounting estimates and management judgements. The key areas involving estimates and judgements are as follows:

- Recoverability of debtors

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

Dependant on the contract with the customer, turnover is either recognised on the basis of hours

worked on customer contracts by the employees of the company, or it is recognised on the basis of

fixed price agreed in the contract plus any additional billing as allowed by the contract.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Leases in which the entity assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases. Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the present value of minimum lease payments at inception of the lease, including any incremental cost directly attributable to negotiating and arranging the lease. At initial recognition a finance lease liability is recognised equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. Lease payment are accounted for as described below.

The company assesses at each reporting date whether tangible fixed assets (including those leased under a finance lease) are impaired.

Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives are as follows:

- Long leasehold 10 years

- Plant and machinery 2 - 5 years

- Fixtures and fittings 2 - 5 years

- Motor vehicles 25% reducing balance

Depreciation methods, useful lives and residual values are reviewed, if there is an indication, of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Defined contribution plans and other long term employee benefits

A defined contribution plan is a post-employment benefit plan under which the company pays fixed

contributions into a separate entity and will have no legal or constructive obligation to pay further

amounts. Obligations for contributions to defined contribution pension plans are recognised as an

expense in the profit and loss account in the periods during which services are rendered by

employees.

Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expenses in the period in which the service is received.

Trade and other debtors/creditors

Trade and other debtors/creditors are recognised initially at transaction price less attributable

transaction costs. Subsequent to initial recognition they are measured at amortised cost using the

effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Investments in preference and ordinary shares

Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in profit and loss. Other investments are measured at cost less impairment in profit and loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and all deposits. Bank overdrafts that are

repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Going concern

The directors are required under company law to consider whether it is appropriate to prepare the financial statements on the basis that the Group is a going concern.

The Directors confirm that, having reviewed the Company's cash requirements for the 12-month period following the date of approval of these financial statements, they have a reasonable expectation that the Company has adequate resources to continue to operate and meet its liabilities as they fall due. The Directors consider this appropriate for the following reasons:

Forecasts have been subject to sensitivity analysis, including downside scenarios, which indicate that the Company is expected to continue operating within the terms of its available facilities.

The Company incurred a statutory profit before tax of £8.0m in the period to 31 December 2025 and had net assets of £6.1m at that date, as well as maintained a positive net current asset position of £5.5m.

Accordingly, the financial statements are prepared on a going concern basis.

Provisions

A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation at the reporting date.

Where the Parent Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability in its individual financial statements until such time as it becomes probable that the company will be required to make a payment under the guarantee.

Expenses

Operating lease

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Interest receivable and interest payable

Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit and loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy).

Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.

Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the company's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the Group's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

Related party transactions

The Group discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the option of the directors, separate disclosures is necessary to understand the effect of the transactions on the Group financial statements.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

35,236,338

36,668,482

Europe

9,081,441

8,346,200

Rest of world

360

158,100

44,318,139

45,172,782

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

26,386,199

28,089,225

Social security costs

2,146,132

1,585,242

Other pension costs

189,286

247,285

28,721,617

29,921,752

The average number of employees during the year was as follows:

2025

2024

Administration

56

54

Production

213

205

269

259

Directors' are remunerated by the parent company, Wind Bidco Ltd.

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

164,956

70,756

Depreciation - owned assets

362,824

275,285

Loss on disposal of fixed assets

21,172

14,170

Foreign exchange differences

(134,611

)

140,562

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Exceptional administrative expenses

66,528

84,656

Exceptional administrative expenses in the period include professional fees incurred in the restructuring of the company and costs incurred in the disposal of assets (2024 professional fees incurred in the restructuring of the company).

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

68,276

44,994

Bank loan interest

4,595

56,932

Related party interest

(4,355

)

173,680

68,516

275,606

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

1,311,906

1,705,924

Under provision of tax

in previous years

(250

)

(12,927

)

Foreign tax

-

8,633

Group relief receivable

697,708

-

Total current tax

2,009,364

1,701,630

Deferred tax

(7,328

)

64,256

Tax on profit

2,002,036

1,765,886

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

7,984,718

7,032,438

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,996,180

1,758,110

Effects of:

Expenses not deductible for tax purposes

4,663

8,332

Adjustments to tax charge in respect of previous periods

(267

)

(1,438

)

Fixed asset differences

1,460

882

Total tax charge

2,002,036

1,765,886

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

12,800,000

-