IEE Corporation Limited - Limited company accounts 25.1

REGISTERED NUMBER: 10749046 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

IEE CORPORATION LIMITED

Page

Company Information

1

Report of the Director

2

Consolidated Income Statement

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

7

DIRECTOR:

B Torbica

REGISTERED OFFICE:

Blackburn House

Third Floor East Suite

22-26 Eastern Road

Romford

Essex

RM1 3PJ

REGISTERED NUMBER:

10749046 (England and Wales)

ACCOUNTANTS:

Clemence Hoar Cummings

Chartered Accountants

Blackburn House

Third Floor East Suite

22-26 Eastern Road

Romford

Essex

RM1 3PJ

The director presents his report with the financial statements of the company and the group for the year ended 31 May 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of supporting the development and implementation of clean energy projects, including hydropower, solar, and wind plants, as well as smart infrastructure, carbon-neutral industrial solutions, and environmental engineering services.

DIRECTOR

M Jovasevic held office from 1 June 2024 until after 31 May 2025 but prior to the date of this report.

B Torbica was appointed as a director after 31 May 2025 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

B Torbica - Director

27 October 2026

TURNOVER

5,883,814

8,628,409

Cost of sales

5,203,102

7,180,589

GROSS PROFIT

680,712

1,447,820

Distribution costs

18,345

832

Administrative expenses

771,142

809,986

789,487

810,818

(108,775

)

637,002

Other operating income

249,995

257,987

OPERATING PROFIT

4

141,220

894,989

Interest receivable and similar income

-

2,329

141,220

897,318

Interest payable and similar expenses

29,280

86,597

PROFIT BEFORE TAXATION

111,940

810,721

Tax on profit

20,508

110,148

PROFIT FOR THE FINANCIAL YEAR

91,432

700,573

Profit attributable to:

Owners of the parent

91,432

700,573

FIXED ASSETS

Intangible assets

6

-

11,129

Tangible assets

7

1,228,165

1,116,815

Investments

8

2,261,771

3,003,945

3,489,936

4,131,889

CURRENT ASSETS

Stocks

129,880

6,930

Debtors

9

4,086,383

2,537,124

Cash at bank and in hand

203,747

192,577

4,420,010

2,736,631

CREDITORS

Amounts falling due within one year

10

4,239,950

4,070,826

NET CURRENT ASSETS/(LIABILITIES)

180,060

(1,334,195

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,669,996

2,797,694

CREDITORS

Amounts falling due after more than
one year

11

(236,041

)

(104,978

)

PROVISIONS FOR LIABILITIES

-

(2,711

)

NET ASSETS

3,433,955

2,690,005

CAPITAL AND RESERVES

Called up share capital

1

Other reserves

194,067

221,517

Other reserves

401,482

(444,024

)

Fair value reserve

12

556

Retained earnings

2,422,048

2,558,175

3,018,154

2,336,225

NON-CONTROLLING INTERESTS

13

415,801

353,780

TOTAL EQUITY

3,433,955

2,690,005

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 27 October 2026 and were signed by:

B Torbica - Director

FIXED ASSETS

Intangible assets

6

-

Tangible assets

7

-

Investments

8

6,151

CURRENT ASSETS

Debtors

9

1,234,579

551,900

CREDITORS

Amounts falling due within one year

10

15,455

NET CURRENT ASSETS

1,219,124

536,445

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,225,275

542,596

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

1,225,274

542,595

1,225,275

542,596

Company's profit for the financial year

682,679

551,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 27 October 2026 and were signed by:

B Torbica - Director

1.	STATUTORY INFORMATION

IEE Corporation 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 General 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The financial statements of the subsidiaries are included in the consolidated financial statements from the date that control passes to the Group and are consolidated on a line-by-line basis. Intra-group balances, transactions, income and expenses are eliminated in full on consolidation.

Non-controlling interests represent the equity and results attributable to shareholders outside the Group and are presented separately within equity and profit for the financial year.

Investments in subsidiary undertakings are eliminated against the Group's share of the subsidiaries' net assets at the date of acquisition. Any resulting goodwill is capitalised and accounted for in accordance with the Group's accounting policy on goodwill.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Consolidated Income Statement, following an assessment at the Consolidated Balance Sheet date indicating the recoverable amount was less than its carrying value.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

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

The average number of employees by undertakings that were proportionately consolidated during the year was 75 (2024 - 71 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

178,856

119,138

Patents and licences amortisation

265

-

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	INTANGIBLE FIXED ASSETS

Group

Other

intangible

assets

£

COST

At 1 June 2024

26,868

Impairments

(10,864

)

At 31 May 2025

16,004

AMORTISATION

At 1 June 2024

15,739

Charge for year

265

At 31 May 2025

16,004

NET BOOK VALUE

At 31 May 2025

-

At 31 May 2024

11,129

7.	TANGIBLE FIXED ASSETS

Group

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 June 2024

3,991

2,172,955

2,176,946

Additions

-

290,206

At 31 May 2025

3,991

2,463,161

2,467,152

DEPRECIATION

At 1 June 2024

1,663

1,058,468

1,060,131

Charge for year

789

178,067

178,856

At 31 May 2025

2,452

1,236,535

1,238,987

NET BOOK VALUE

At 31 May 2025

1,539

1,226,626

1,228,165

At 31 May 2024

2,328

1,114,487

1,116,815

8.	FIXED ASSET INVESTMENTS

Group

Shares in

group

undertakings

£

COST

At 1 June 2024

3,003,945

Disposals

(742,174

)

At 31 May 2025

2,261,771

NET BOOK VALUE

At 31 May 2025

2,261,771

At 31 May 2024

3,003,945

Company

Shares in

group

undertakings

£

COST

At 1 June 2024

and 31 May 2025

6,151

NET BOOK VALUE

At 31 May 2025

6,151

At 31 May 2024

6,151

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Trade debtors

1,794,715

910,418

-

Amounts recoverable on contract

1,858,691

1,177,427

-

Other debtors

432,977

449,279

1,234,579

551,900

4,086,383

2,537,124

1,234,579

551,900

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Bank loans and overdrafts

357,147

25,440

-

Hire purchase contracts

62,884

20,116

-

Trade creditors

3,381,989

2,477,761

-

Taxation and social security

109,938

22,785

-

Other creditors

327,992

1,524,724

15,455

4,239,950

4,070,826

15,455

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

2025

2024

£

Hire purchase contracts

236,041

104,978

12.

RESERVES

Group

Fair

value

reserve

£

At 1 June 2024

and 31 May 2025

556

13.	NON-CONTROLLING INTERESTS

The Group holds less than 100% of the equity share capital of the following subsidiaries:

Subsidiary

Principal activity

Ownership

NCI

IEE Technology d.o.o Banja Luka

Technology services

75%

25%

IEE Consult d.o.o Bon

Consultancy

75%

25%

IEE Consulting GmbH

Consultancy

90%

10%