The Directors present the strategic report for Renewable Transport Fuel Services Ltd (the “Company”) and its subsidiaries (the “Group”) for the year ended 31 March 2025.

The principal activity of the Company continues to be that of sourcing and delivery of biomethane for transport to CNG Fuels Ltd ("CNG Fuels"), who are the Group's principal customer and fellow group undertaking, in the UK through an exclusive supply agreement. The demand of Biomethane increased by 20% during this financial year and is likely to go through further growth in the years to come. The Directors do not anticipate any changes in the Company’s principal activity going forward.

The Company mass balances renewable biomethane from biomass feedstocks through the natural gas pipeline grid in sufficient quantities to match those quantities of Bio-CNG dispensed to provide customers with up to 100% renewable and sustainable low-carbon fuel for their vehicles. The Company is the exclusive supplier of biomethane to CNG Fuels and has been so since its formation in early 2017.

The biomethane that the Company supplies to CNG Fuels is required to meet all of the sustainability criteria of the Renewable Transport Fuel Obligation (RTFO) to qualify as biomethane for transport. These requirements are available in the Department for Transport - RTFO Guidance for Biomethane, including as a chemical precursor and RTFO Compliance Guidance 2025. CNG Fuels receives the Biomethane from the Company which is audited each month by an accredited RTFO auditor to prove compliance of the dispensed Biomethane with the RTFO requirements. Once the monthly supply has been deemed to be compliant it is eligible to receive Renewable Transport Fuel Certificates ("RTFCs") which are able to be monetised through sale to other fuel suppliers who require them to meet their increasing biofuel-mandated blending obligation levels.

The Company contracted Biomethane from more than 30 different producers across Europe in the year ending 31st March 2025. The term of individual contracts in the sourcing portfolio are spread between a spot volume of 1-month to 12-year contracts. Market exposures to volatility in the natural gas price, bio-premium and RTFC prices are managed using a variety of contract pricing models and hedging instruments.

The Company’s principal sources of revenue are the sales of biomethane premium, natural gas and the sale of RTFCs to obligated fuel suppliers and these RTFCs are valued through a number of market-based factors and traded either directly between supplier counterparties or via a number of brokers.

Results and dividends

The profit for the financial year amounted to £6,952,418 (2024: loss of £1,783,471) as shown on page 11 and the net assets of the Group amounted to £14,617,529 (2024: £7,590,973) as shown on page 12.

Revenue has increased in the financial year due to the significant increase in Biomethane volume and also an increase in RTFC price. The increase in net assets is the impact of the total comprehensive profit for the year and other movements in equity, illustrated on page 13.

The primary commercial business risks and uncertainties affecting the Group relate to considerations specified below. In addition to these risks, the Group is also exposed to cash flow, credit, liquidity and foreign exchange risk. Details of management policies to mitigate these risks are detailed in notes 1.15, 19, and 23 to the financial statements.

Biomethane supply materially impaired

Customers primarily choose compressed biomethane for their carbon-saving benefits. In the Obligation Period of 2024, the Company provided 100% of its Bio-CNG as RTFO-approved biomethane. While there was ample supply in the Obligation period, any systematic impairment to supply from sources or countries would affect the carbon saving credentials to an extent.

Inventory risk

CNG Fuels’ demand has been remarkably robust against recent market disruptions. If CNG Fuels does not dispense enough biomethane due to increase competition or delays to large orders of arriving trucks into their customer fleets, the Company will still need to meet its obligations.

Competition Risk supply side

The Company competes with other attractive alternatives for feedstock and fuel options. The business faces competition from diesel and other mass adoptable alternative fuels that it does not supply including Liquified Natural Gas (LNG) and Hydrotreated Vegetable Oil (HVO). These fuels have their own unique characteristics which make them attractive as alternatives.

Loss of key employees

The Company has developed a unique trading business in which employees have developed critical know-how on the trading of biomethane with all the legislation and engineering behind it in order to meet all the regulatory requirements.

Market Risk

The Company manages and monitors a combination of exposure it has, including natural gas prices, intercountry gas market spreads, GBP/EUR exchange rates, border capacity and gas shipping costs, biomethane supply costs and RTFC prices. The Company’s principle revenue source is from the sale of RTFCs generated at CNG Fuels stations from the supply of biomethane, and secondarily the sale of natural gas associated with the biomethane supply contracts from suppliers. So these are the principal risks the business must consider within its overall mitigation strategy.

Policy Risk

The business is supported by multiple government-implemented policies and frameworks including the Renewable Transport Fuel Obligation (RTFO) and the EU RED and national legislations in European countries.

The RTFO framework is viewed as a robust piece of low carbon transport legislation with no end date and increasing obligations to supply renewable fuels continuing to increase until 2032. The business can generate Renewable Transport Fuel Certificates by supplying RTFO-approved biomethane. These, in turn, enable it to purchase growing supplies of biomethane to meet customer needs.

The EU RED framework assesses for example the classification of feedstocks, the multiplier between the first and the second generation feedstocks and greenhouse gas emissions calculations.

Geopolitical Risk

The geopolitical tensions in the middle-east and the ongoing Ukraine-Russian conflict continue to impact the natural gas prices, natural gas hub spreads and volatility within the natural gas market. The commodity prices have largely revert back to median levels. Nonetheless, there is still uncertainty on the aforementioned conflicts which can result in increase of volatility in the natural gas markets.

Fraud and corruption risks

With regard to identifying and mitigating fraud and corruption risks, the Company has taken the following measures.

Control environment

The culture of the Company is fostered through general standards of conducting business, the mission and vision of the Company, its core values, the code of conduct and its corporate responsibility policy. These are applicable to all employees.

Code of conduct and employee development

The Company’s code of conduct provides practical guidelines that clarify the importance of acting with integrity. These guidelines consider, among other things, the dealings of employees, contracts with suppliers and other contractors, bribery and corruption, fraud and theft, conflict of interest and fostering fair competition. Sanctions can be imposed if the code of conduct is breached. Ethical and compliant behaviour is a core value of our business. Our clients, suppliers, employees and other stakeholders have to be able to rely on absolute integrity from our part. As such, it is non-negotiable. All of our activities rely on and require ethical and compliant conduct from our leaders, employees and partners in all aspects of our companies’ business.

Whistle blower

For concerns relating to misconduct at work, breaches of this Code of Conduct or other illegal activities within the Company, employees are encouraged to raise concerns in the knowledge that their action will be viewed positively and that they will be protected from victimisation which may result from their reporting of these facts. Actual or suspected criminal offences, failure to comply with legal obligations, serious health and safety risks, modification or falsification of sustainability documentation and record keeping, damage to the environment, financial and procedural irregularities as well as deliberate suppression or concealment of any of these should be reported.

Corruption risks

The Company is resolutely opposed to bribery and corruption regardless of its form. Sales and purchases of the company’s products or services are made solely on the basis of price, quality, performance, value, and for the benefit of the Company. Business decisions, sales or purchases must never be made as a result of inducements from third parties such as: gifts; money; entertainment; or favours in any other form.

Management involvement

The informal side of risk management is primarily driven by the direct involvement of the Management Board. The Company believes that this is crucial, because circumstances that apply to projects can be unpredictable, and relying only on formalised procedures can be insufficient. Therefore, the Company believes that it is important to involve individuals with sufficient knowledge and experience.

Key Performance Indicators (KPIs) help the board assess performance against Group priorities set out during the year.

1. Volumes: The Company grew volumes of Biomethane supplied by 60% through the Financial year, representing both the ability to catch up on biomethane throughout the financial year when market conditions improved (+40%) as well as reflecting strong performance of CNG Fuels’ in both additional numbers of customers as well as existing customers replacing larger numbers of diesel tractor units with Compressed Natural Gas ("CNG") tractor units within their annual replacement cycles (+20%).

2. Biomethane secured: The business supplied 100% RTFO-approved renewable biomethane from waste feedstocks to CNG Fuels across the 2024 obligation (calendar year).

3. Employees: During the year the Group retained an average number of 11 average.

The principal activities of the Company and the Group are expected to remain unchanged going forward. The Company strives to increase its biomethane sourcing capabilities and broaden the diversity of its supply portfolio, and actively explores opportunities in alternative sourcing markets within Europe and new pricing and contract models to align with supplier interests.

Directors of the Company must act in the way which 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. They must do so in accordance with a set of general principles and duties. These duties are detailed in Section 172 of the Companies Act 2006, summarised as follows:

• Consider the likely consequences of any decisions in the long term,

• Consider the interests of the Company’s employees,

• Need to foster the Company’s business relationships with suppliers, customers and other key stakeholders,

• Review and assess the impact of the Company’s operations on the community and the environment,

• Maintain a reputation for high standards of business conduct, and

• Act fairly between members of the Company.

In discharging its Section 172 duties the Board has considered the factors set out above and the views of key stakeholders, including the creditors of the Company.

The directors consider the needs of various stakeholders of the Company and the wider Group, and ensure engagement, consultation and action with such groups, to the appropriate degrees. This is crucial for building and maintaining positive relationships to help facilitate the long term success of the Group.

The directors have identified the following key stakeholder groups, the reasons for their importance and how the Company actively engages with them to support the ethos of Section 172:

Employees

Our team is essential to our business success and achieving the strategic goals set by the board. We strive to attract top talent and provide our employees with the skills necessary to drive ongoing business growth.

Customers

We engage with our customers to understand their evolving needs and ensure our ability to adapt accordingly.

Suppliers

We depend on the capability and performance of our suppliers to carry out our core business activities, and we will continue to cultivate strong partnerships with them.

Community and the environment

We strive to ensure a consistent and reliable supply of biomethane to the transport market, aiming to contribute to cleaner air in communities and a reduction in climate change impacts. Furthermore, we understand the importance the production of biomethane has on economic growth and job creation in the renewable sector.

Long term decision making

We have long-term ambitions to maintain our position as the leading specialist in sourcing and supplying

biomethane. To meet increasing demand and secure our position in the industry, making strategic, long-term

decisions is essential for our continued success.

Maintaining a reputation for high standards of business conduct

We strive to operate ethically and responsibly with all our stakeholders to uphold high standards of business

conduct.

Act fairly between members of the company

There is a careful balance between executing the Company’s long-term strategy and its impact on stakeholders. In

our decision-making, we consider the effects on all stakeholders and strive to act in a manner that is fair to

everyone involved with the Company.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the Group continued to be that of the aggregation of Biomethane from producers for supply to the UK transportation sector.

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

At the time of approving the directors report, management liability insurance was in force for the benefit of the directors of the Group. This cover was also in force during the periods covered by the financial statements.

Please refer to note 37 for more information regarding a change in parent undertaking and controlling party which occurred after the reporting date but before the date of signing these financial statements.

The Group incorporated a new subsidiary undertaking in the Netherlands, Refuels Holding B.V., with an issued share capital of €1, which is 100% owned by RTFS.

On 7 August 2025, the RTFS Group acquired 100% of the issued share capital of Bio Energie Holwerd B.V. for initial consideration of €1, and contingent consideration up to a maximum of €1,000,000 which will only become payable upon certain conditions. The acquired company holds a biomethane production facility in the Netherlands, which following its acquisition now becomes a fully integrated provider of clean fuels. Further information on the book values of the assets and liabilities acquired as part of the business combination are detailed in note 35.

Please refer to the Group's strategic report for information around the future developments of the Group.

In accordance with the company's articles, a resolution proposing that Price Bailey LLP Chartered Accountants and Statutory Auditor be reappointed as auditor of the company and group will be put at a General Meeting.

As the Group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the Group's auditor is unaware, and

• the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the Group's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

The directors have at the time of approving the financial statements, a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

The directors are responsible for preparing the annual 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 Group and parent company financial statements in accordance with UK adopted international accounting standards. 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 Group and company and of the profit or loss of the Group for that period.

In preparing these financial statements, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the Group's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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.

We have audited the financial statements of Renewable Transport Fuel Services Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group and parent company statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion:

• the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

• the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and

• the financial statements 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council'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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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 group 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the directors' 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company 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.

As explained more fully in the directors' responsibilities statement, 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 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 directors are responsible for assessing the group and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

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.

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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including renewable fuel obligations, GDPR, employment law and health and safety.

We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.

These included the following:

• Agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• Enquiries of management including those responsible for key regulations; and

• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.

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 is available on the Financial Reporting Council's website at: https://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 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.

The income statement has been prepared on the basis that all operations are continuing operations.

Renewable Transport Fuel Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Station Road, Beaconsfield, England, HP9 1QL. The Company and Group's principal activities and nature of its operations are disclosed in the directors' report.

The Group consists of Renewable Transport Fuel Services Limited and all of its subsidiaries.

The financial statements have been prepared in accordance with UK adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except for the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

The consolidated Group financial statements consist of the financial statements of the parent company Renewable Transport Fuel Services Limited together with all entities controlled by the parent company (its subsidiaries) and the Group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the Group’s financial statements from the date that control commences until the date that control ceases.

The directors have at the time of approving the financial statements, a reasonable expectation that the truegroup has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised at the point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer.

The Group recognises revenue from the following major sources:

• Natural Gas

• Biomethane Premium

• RTFC Revenue

The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:

Biomethane is purchased from producers and shipped via gas pipelines to the UK. The natural gas component of the Biomethane is sold off on the National Balancing (NBP) Virtual Trading Point, operated by National Grid, the transmissions system operator in the UK, as natural gas. Natural gas is sold via monthly, quarterly or annual forward contracts or against the spot price (some day ahead and weekend price benchmark). Invoices are raised the month following delivery of the sale, with manual journal bookings recognising the revenue in the month the revenue relates to. This results in accrued income balances being recognised within the statement of financial position until the customer invoice is generated.

The portion of the Biomethane that remains after the natural gas has been sold off is the BioPremium, which passes into inventory. The volume sold is equivalent to the amount of compressed natural gas that customers have dispensed into trucks. The volume is known immediately after the end of the month, with sales invoices being raised to customers in the month following delivery and manual journal bookings recognising the revenue in the month of sale. This results in accrued income balances being recognised within the statement of financial position for the period in which the control of goods changes hands, until the corresponding sales invoice is raised the month after.

Renewable transport fuel certificates (RTFC) revenue arises from the sale of such certificates to customers with revenue being recognised at the point the certificate is delivered to the client. There is no right of return or warranty on the RTFC, hence revenue is recognised in full without possible provision immediately after the transfer of control of the certificate.

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

The Group had no non-current investments at the current or previous reporting date. Please refer to the accounting policies of the parent company (note 40).

At each reporting end date, the group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials only.

Cost is calculated using the weighted average method.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets are recognised in the Group's statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs, except for trade receivables which are initially measured at their transaction price.

When any of the below-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred and then subsequently recognised at fair value. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss in the statement of comprehensive income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, except for trade receivables which are initially recognised at their transaction price, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets, other than those measured at fair value through profit or loss, are subsequently measured net of provision for expected credit losses.

Expected credit losses are measured at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition of the financial asset. If at the reporting date the credit risk has not increased, the expected credit loss allowance for that instrument is at an amount equal to 12-month expected credit losses.

The exception to the above is in respect of trade receivables and accrued income balances resulting from transactions within the scope of IFRS 15 - Revenue from Contracts with Customers, where the Group measures the loss allowance at an amount equal to lifetime expected credit losses where the receivable does not contain a significant financing component.

The Group applies the simplified approach detailed above in respect of its trade receivables and accrued income balances, of which more detail can be seen in note 19.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The Group recognises financial debt when the Group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

• it has been incurred principally for the purpose of selling or repurchasing it in the near term, or

• on initial recognition it is part of a portfolio of identified financial instruments that are managed together and has a recent actual pattern of short-term profit taking, or

• it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.

The Group enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk. The company also enters into natural gas forward contracts in order to manage its exposure to fluctuations in the price of its key inventories. These are held as financial instruments at fair value through profit and loss as they represent instruments held for trading purposes of the business rather than that held for speculative investments, and there is an demonstrable traded market for such instruments, which gives rise to a monetary value of such derivatives.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are classified as current assets or liabilities.

The 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 net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event and it is probable that the group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Equity-settled share-based payments are measured at fair value at the date of grant, or earlier if there was a shared understanding of the terms of the scheme, by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Share based payment expenses are recognised on behalf of the ultimate parent company for the options available to the staff of the Group. These charges are based on the share price available on an open market exchange.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

(i) Transactions and balances

Foreign currency transactions are translated into the functional currency using spot exchange rate for the transaction date.

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Consolidated within the Group financial statements are the results and financial position of a foreign subsidiary undertaking. Items included in the financial statements of each of the entities in the Group are measured using the currency of the primary economic environment in which the Group operates (the functional currency). The functional currency is British Pounds Sterling.

(ii) Translation

The trading results of Group undertakings that have a different functional currency from that of the Group are translated into British Pounds Sterling at the average exchange rate for the year. Their assets and liabilities are translated at the exchange rate as at the reporting date.

Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’.

In the current year, the following new and revised standards, amendments and interpretations have been adopted by the Group. The impact of the adoption of these standards and amendments is not deemed to have a material effect on the current or prior period, and is not anticipated to have a material effect on future periods:

• Amendments to IAS 1 Presentation of Financial Statements: Non-current Liabilities with Covenants, Deferral of Effective Date Amendment (published 15 July 2020) and Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) (published 23 January 2020).

• Lease Liability in a Sale and Leaseback (Amendment to IFRS 16)

• Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

At the date of authorisation of these financial statements, the following standards and interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the UK):

• Lack of Exchangeability (Amendments to IAS 21)

• Annual Improvements to IFRS Accounting Standards — Volume 11

• Amendments to IFRS 9 and IFRS 7 — Amendments to the Classification and Measurement of Financial Instruments

• Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)

• IFRS 18 Presentation and Disclosure in Financial Statements

• IFRS 19 Subsidiaries without Public Accountability: Disclosures

The directors anticipate that the adoption of these standards, amendments and interpretations in future periods will not have a material impact on the financial statements of the Group.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

A key judgement made by management in respect of revenue is the point at which the change in control of goods sold to customers arises and therefore when the revenue should be recognised. Management consider various factors in their assessment of this, such as the underlying contract terms in place as well as when the goods are physically delivered to the customer.

The average monthly number of persons (including directors) employed by the group during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024 - 1).

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

At the reporting date, the Group had UK tax adjusted losses of £Nil (2024: £2,146,412) available. The value of losses at 31 March 2024 was finalised subsequently to the signing of the prior year financial statements and has been restated following finalisation of the corporate tax affairs of the UK parent since.

The Group has recognised a UK deferred tax asset of £Nil (2024: £29,108) on temporary timing differences existing of £Nil (2024: £116,430) at the main rate of UK corporation tax of 25%.

Goodwill relates to the acquisition of an incorporated business in 2021, Renewable Energy Fuels B.V. Goodwill represents the excess consideration paid over the fair value of the net assets acquired at the date of acquisition.

The directors have carried out an annual impairment review. They do not believe the underlying cash generating unit to have suffered any indicators of impairment at the current or comparative reporting date.

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Loans and receivables at amortised cost were comprised of unsecured loans provided to related parties of £Nil (2024: £500,000) due to the Group. The loan carried an interest rate of 5% per annum, and was settled in full during the year by way of consideration transferrable to the parent undertaking in respect of group relief losses received.

Details of the Company's subsidiaries at 31 March 2025 are as follows:

Included within trade receivables are ledger debts due from related parties of £2,540,377 (2024: £8,726,934) conducted at market rate on standard credit terms.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No receivable balances are impaired at the reporting end date.

At 31 March 2025, trade receivables are shown net of an allowance for doubtful debts of £Nil (2024: £Nil). Write-offs, reversals and new provisions were all £Nil during the year (2024: £Nil).

The expected credit loss rate applied to trade receivables is based on the Group's historical credit losses experienced over the the three year period to 31 March 2025, which are nil due to the probability of default being so low the required impairment would be immaterial. As such, management has not provided for any expected credit losses arising against trade receivables outstanding at the year end. Management has also considered the fact that materially all of its trade receivable balances at the reporting date are with related parties and judges the associated credit risk with such customers to be remote.

Other loans represent unsecured supplier finance arrangements entered into to settle annual insurance policies, which are structured to be repaid over 10 repayments commencing April 2025. Suppliers have already received payment for these liabilities at both reporting dates and there is not deemed to be any comparable trade payables.

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

The following table details the remaining contractual maturity for the group's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the group may be required to pay.

Borrowings represent supplier finance arrangements payable in equal instalments over 10 months April to December.

Responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Group's funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Included within trade payables are ledger debts due to related parties of £Nil (2024: £6,073,710) conducted at market rate on standard credit terms.

Amounts owed to the parent and fellow group undertakings are unsecured, interest free and repayable on demand.

The Company registered supplier guarantee deposits of €300,000 in 2021, secured by way of fixed charge and a negative pledge, with The Royal Bank of Scotland Plc. At the year end, no balance was outstanding to suppliers covered by this guarantee.

The following are the major deferred tax assets recognised by the Group and movements thereon during the current and prior reporting period.

In accordance with IAS 37, the Group had identified certain contracts that were onerous as of 31 March 2024. The costs of fulfilling these contracts exceeded the economic benefits the Group expected to derive from them.

As of 31 March 2025, the total unavoidable costs related to these contracts amount to £Nil (2024: £722,212). This reflects the lowest amount of net cost that the Group would incur if it were to fulfil the obligations under these contracts, or to exit them immediately.

At the reporting date, total provisions of £Nil (2024: £722,212) are recorded in relation to present obligations under these contracts, which are the result of past events, the outflow of resources embodying economic benefits is probable, and a reliable estimate can be made of the amount of the obligation. The estimate of provision has been determined based on the best information available at the end of the reporting period.

The Group continually reviews the status and estimates associated with these contracts, and revisions to estimates, if any, will be recognised in the period in which they are determined.

The Group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the year end, contributions of £5,229 (2024: £3,757) were payable in relation to defined contribution schemes.

At the comparative reporting date the parent Company had one share option agreement in place. Options are exercisable at prices agreed in the executed agreements. The vesting period is over four years, with 25% of total options granted vesting at the first, second, third and fourth anniversary of the effective date (date of grant). If the options remain unexercised after a period of ten years from the date of grant, the options expire. Options are forfeited if a qualifying exit event or insolvency of the option holder arises. The options are to be settled in equity.

During the year, the final options available under the scheme were exercised and no further options in the Company remain outstanding.

Employees of the Group hold share options under a Share Option Plan offered by the ultimate parent undertaking, Refuels N.V. In accordance with IFRS 2 Share-based Payment, the Group recognises the vesting charges of these options as a share based payment employment cost, with a corresponding increase in equity contributed by the parent undertaking. The share options granted by the parent to employees of the Group are exercisable at prices agreed in the executed agreements and due to be settled in equity. The vesting period is over four years, with 25% of total options granted vesting at the first, second, third and fourth anniversary of the Grant Date. The expiry date of options granted under the plan is 10 years following the plan authorisation date, in May 2033.

The value of such share based payments recognised by the Group during the year was £116,546 (2024: £114,261). Vesting charges are recognised with reference to the fair value of equity instruments granted under the plan, using the parent undertaking's open market exchange price at the date of grant.

The weighted average share price at the date of exercise for share options exercised during the year was £0.01 (2024: N/A).

At the reporting date there were no further options outstanding (2024: 200). The options outstanding at the previous reporting date had an exercise price of £0.01, and a remaining contractual life 6 years.

Within the value of share based payment expenses recognised, £116,546 (2024: £114,261) represents share based payments recognised on behalf of the ultimate parent for employees of the Group.

The Company has one class of issued Ordinary share capital. Each share has attached to it one equally ranking vote, rights to a dividend and capital distributions rights.

During the year 200 Ordinary shares of £0.00001 each were allotted for cash at par.

The share premium account includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

The capital contribution reserve represents the cumulative capital contributions to the Group by its ultimate parent undertaking in respect of share based payments.

The share based payment reserve represents the cumulative share based payment charges recognised by the Group in relation to employee share options in issue and their respective vesting charges to 31 March 2025. The share based payments are due to be settled in equity and more information can be seen in note 28.

Transfers to retained earnings during the year relate to the transfer of accumulated vesting charges relating to share options exercised during the year.

During the prior year, the Company entered into a Deed of Variation relating to a Settlement Agreement with an employee of the Group, in relation to a Share Option Agreement. Under the terms of the agreement, the Company may be liable to make payments to the employee, which are contingent on events yet to occur at the reporting date. The directors estimate that the possible obligations payable to be £290,000. As the existence of the payable obligation will only be confirmed by the occurrence of an uncertain future event, not wholly within the control of the entity, no provision has been recognised in the financial statements.

The Group is not subject to any externally imposed capital requirements.

Please refer to note 37 for more information regarding a change in parent undertaking and controlling party which occurred after the reporting date but before the date of signing these financial statements.

The Group incorporated a new subsidiary undertaking in the Netherlands, Refuels Holding B.V., with an issued share capital of €1, which is 100% owned by RTFS.

On 7 August 2025, the RTFS Group acquired 100% of the issued share capital of Bio Energie Holwerd B.V. for initial consideration of €1, and contingent consideration up to a maximum of €1,000,000 which will only become payable upon certain conditions. The acquired company holds a biomethane production facility in the Netherlands, which following its acquisition now becomes a fully integrated provider of clean fuels.

At the date of authorisation of these financial statements a detailed assessment of the fair value of the identifiable net assets had not been completed and the probability of the contingent consideration becoming payable was not reliably estimatable.

The book values of assets and liabilities of the acquired business are illustrated below, in Euros.

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

During the year the group entered into the following transactions with related parties:

Sales of goods to related parties represent revenue recognised for the sale of Biomethane Premium and RTFCs, conducted at the Group's normal market prices.

Purchases of goods from related parties represent costs recognised for the purchase of RTFC's for onward sale.

Purchase of services from related parties relate to management fees charged to the Group.

Interest received from entities with joint control over the Company relate to interest recognised on unsecured loans carrying 5% interest per annum.

The following amounts were outstanding at the reporting end date:

Amounts due to entities with joint control over the Company at the prior year end consisted of trade payable balances conducted under the supplier's standard credit terms. Amounts due at the current reporting date were comprised of intercompany amounts payable in respect of group relief losses received, which are interest free, unsecured and paid within 3 months of the reporting date.

Amounts due to the parent company consist of intercompany loans which are unsecured, repayable on demand and interest free.

Amounts owed to key management personnel consisted of director loans which were unsecured, repayment on demand and interest free.

The following amounts were outstanding at the reporting end date:

Amounts due from the parent company consist of trade receivable balances conducted under standard credit terms.

Amounts due from entities with joint control over the company consist of:

• Trade receivable balances of £2,482,941 (2024: £8,689,600) arising from trade conducted at market rate and payable within the Group's standard credit terms agreed with customers.

• Loan receivables of £Nil (2023: £556,862) which are unsecured and carry interest of 5% per annum. The receivable is repayable on demand.

The Group has not made any allowance for bad or doubtful debts in respect of related party debtors, nor has any guarantee been given or received during the current year or prior period regarding related party transactions.

At the reporting date, Refuels N.V. was the ultimate parent company. Its registered office is Evert van de Beekstraat 1- 104, The Base B 1118CL Amsterdam. Refuels N.V. is owned by a number of shareholders and individually no shareholder can exert control.

Refuels N.V. is the smallest and largest parent company to consolidate the results of the RTFS Group for the year.

On 11 April 2025, the wider Refuels N.V. group undertook a reorganisation which resulted in CNG Fuels Ltd becoming the immediate parent undertaking. CNG Fuels Ltd is incorporated in the United Kingdom and its registered office is 1010 Eskdale Road, Winnersh Triangle, Wokingham, United Kingdom, RG41 5TS. CNG Fuels Ltd will be the smallest and largest group to consolidate the results of the RTFS Group for the forthcoming financial year.

Following the above transaction, the ultimate parent company is now Averon Park Limited and its registered office is C/O Foresight Group LLP, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG.

Averon Park Limited is owned by a number of shareholders and individually no shareholder can exert control.

Borrowings represent supplier finance arrangements entered into to settle Group insurance policies. Other non-cash changes above represent the amounts initially financed.

As permitted by s408 of the Companies Act 2006, the Company has not presented its own income statement related notes. The Company's profit for the year was £6,644,785 (2024 - loss of £1,337,433).true

Renewable Transport Fuel Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Station Road, Beaconsfield, England, HP9 1QL. The company's principal activities and nature of its operations are disclosed in the director's report.

The financial statements have been prepared in accordance with UK adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The Company applies accounting policies consistent with those applied by the Group, other than as stated below. To the extent that an accounting policy is relevant to both Group and parent company financial statements, please refer to the Group financial statements for disclosure of the relevant accounting policy.

The average monthly number of persons (including directors) employed by the Company during the year was:

Their aggregate remuneration comprised:

Details of the Company's principal operating subsidiaries are included in note 16.

Included within trade receivables are ledger debts due from related parties of £2,482,941 (2024: £8,689,600) conducted at market rate on standard credit terms.

Amounts owed by subsidiary undertakings are unsecured, interest free and repayable on demand.

Included within trade payables are ledger debts due to related parties of £9,569,533 (2023: £1,335,105) conducted at market rate on standard credit terms.

Amounts owed to the parent and fellow group undertakings are unsecured, interest free and repayable on demand.

The Company registered supplier guarantee deposits of €300,000 in 2021, secured by way of fixed charge and a negative pledge, with The Royal Bank of Scotland Plc. At the year end, no balance was outstanding to suppliers covered by this guarantee.

Directors' loans are interest free, unsecured and repayable on demand.

Other loans represent unsecured supplier finance arrangements entered into to settle annual insurance policies, which are structured to be repaid over 10 repayments commencing April 2025. Suppliers have already received payment for these liabilities at both reporting dates and there is not deemed to be any comparable trade payables.

The director considers that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon during the current and prior reporting period.

Please refer to note 26 to the Group financial statements for more information on the provision recognised by the parent company.