The directors present the strategic report for the year ended 31 December 2024.
Bio Capital 2 Limited operates in the UK renewable energy sector. It is a platform for ownership and operation of UK based operational Anaerobic Digestion (AD) assets. As at 31 December 2024 the company held a portfolio of two AD assets which it owns and operates.
Investors in the company are investment funds managed through a joint venture by Equitix AD 2 Co Limited and Helios 5 Bio Gas UK 1 LP who have a track record of investment in the renewable energy and infrastructure sectors.
Each asset is held as part of the company’s investment portfolio and is recognised in accordance with the accounting policies adopted by the company. The value to the company is through fair value as part of a directly held basket of investments rather than as a media through which the company conducts its business. The assets, which are subsidiary companies in the group, are accounted for at fair value under FRS 102 and, in accordance with FRS 102 and the Companies Act, the financial statements of Bio Capital 2 Ltd are not consolidated.
A group wide long term strategy is fully developed which sees continued investment in the portfolio to optimise the efficiency and robustness of operations and enhance operational revenue generation through innovation in product development.
The company has placed emphasis on the ongoing improvement in HSEQ across all companies and has received industry recognition for its initiatives in this.
The company’s operating loss for the year, (before interest, depreciation and amortisation) was £1.7m (2023: Loss £0.9m) on turnover of £0.0m (2023: £0.0m), which the directors consider to be satisfactory. The profit before taxation in the year is £12.9m (2023: Loss £9.3m).
The net current assets as at 31 December 2024 are £39.4m, an increase of 8.0% on the previous year and the net assets are £9.3m (2023: Net liabilities£3.6m).
The increase in profit before taxation and net assets results from the movement in fair value of its investments in the year.
The company has not made any significant donations to charities in the year (2023: £Nil) and did not make any donations to political parties.
Future developments
On 23 April 2025, Equitix AD Co 2 Limited became the 100% shareholder of the company following the successful acquisition of Helios 5 Biogas UK 1 LP’s interest in the Company. The transaction marks the evolution of a successful partnership between two leading infrastructure and energy investors who jointly developed the business.
The company monitors a range of financial indicators; operating profit and loss, profit before tax and net assets. These results for the year are detailed in the business review.
The company monitors a range of subsidiary company operational KPIs, with the following overall results across group:
The accident frequency rate
The accident frequency rate (AFR) is calculated for all Bio Capital subsidiary companies cumulatively. The AFR shows the number of accidents sustained by all workers for every 1,000,000 hours worked. The AFR has decreased by 26% from the previous year.
Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR)
The Company compares its injury incidence rates of reported non-fatal injuries (reported to the HSE under RIDDOR) against various industries.
There was 1 RIDDOR reportable lost time injury (in excess of 7 days) in the 12 month period.
Feedstock Processed & Controlled
Total tonnages controlled for the period were 97% of budget and 5% higher than the previous year.
Biogas/biomethane generation
Biogas generated during the period was 94% of budget and 2% lower than the previous year.
Key Cost Metrics
The company monitors the cost of feedstock and maintenance costs. These KPIs were in line with the budget for the period.
The company continues to focus on optimising performance to maximise generation opportunity in its operating companies.
The company and its subsidiary companies face the following risks during the normal course of operations:
Legislative risk
The company is at risk of loss of revenue and cash generation from changes in legislation which affect the renewable energy sector.
The company monitors the likelihood and impact of legislative changes through its participation in industry bodies such as Renewable Energy Association (REA) and UK Anaerobic Digestion and Bioresources Association (ABDA).
Price & availability of feedstock risk
The operating facilities of the group require a consistent supply of suitable feedstock to maintain the biology of the plant and resulting generation. Market pressures, weather, plant issues/capacity can all impact feedstock supply.
This risk is mitigated by maintaining strong contractual relationships with its feedstock suppliers. Market pressures faced in recent years continue to impact feedstock costs and revenues which show a strong correlation to agricultural crop price movements.
Plant operating risk
Failure of key components of an operating plant may lead to reduced generation. This risk is mitigated by scheduled planned maintenance and monitoring alongside a team of experienced engineers and long term maintenance partnerships with experienced and competent maintenance providers for specialist plant.
Regulatory compliance risk
The company operates within a heavily regulated environment with failure to comply with regulations having the potential to impact operations. The companies across the group operate 1SO9001, ISO 14001 and ISO 45001 with an integrated management system.
Compliance and health and safety are a high priority of the directors and reviewed regularly by the Board. All audits during the year were successfully passed.
Credit risk
The company mitigates credit risk by obtaining external credit reports for every new customer in conjunction with regularly monitoring customer credit levels.
Interest Rate Risk
The company has no external debt.
Energy pricing risk
The company operates in the UK energy market and as such is exposed to movements in wholesale power and gas pricing. Where appropriate, the operating companies within the group have entered into medium term power price agreements to mitigate this risk.
Liquidity risk
the company monitors and manages the cash flow requirements on a group wide basis with annual budgets and monthly rolling forecasts that are reviewed regularly by the directors. The capital requirements of the group are met through cash reserves and shareholder loans.
Section 172(1) statement Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the:
likely consequences of any decisions in the long-term;
interests of the company’s employees;
need to foster the company’s business relationships with suppliers, customers and others;
impact of the company’s operations on the community and environment;
desirability of the company maintaining a reputation for high standards of business conduct, and
need to act fairly as between members of the company.
Decision making
In discharging their responsibilities under section 172 the directors have regard to the factors set out above. They also have regard to other factors which are considered relevant to the decision being made. Those factors, for example, include the interests and views of shareholders, other group companies, employees and other relevant stakeholders.
By considering the Company’s purpose and values together with its strategic priorities and having a process in place for decision-making, the directors aim to make sure that decisions are consistent and predictable.
Authority for day-to-day management of the Company is delegated to executive directors and senior management. The Board set, approve and oversee execution of the business strategy, financial budget and related policies.
Monitoring of this is conducted through Board meetings. Board meetings are held monthly, and activities are reviewed through the consideration and discussion of information, which is sent in advance of each Board meeting and through presentations to the Board, and the consideration of the impact of the relevant decisions on stakeholders.
The Board review financial and operational performance, health and safety, and legal and regulatory compliance at each Board meeting using standard reporting formats. The Board hold a Strategy Board meeting annually to review and agree the future strategic direction of the company and the strategic objectives to be met. In doing this it considers the needs of all its stakeholders and the impact of any change in strategy on each of the stakeholder groups, acting in full awareness of their responsibilities to promote the success of the Company in accordance with section 172 of the Companies Act 2006
The management team also review other areas over the course of the financial year including key risks around stakeholder-related matters, diversity and inclusivity, environmental matters and governance, compliance and legal matters.
Employee engagement
During the year the company had no employees and the group of companies in total had 4 employees. The Board is committed to promoting a diverse and inclusive workplace, reflective of the communities in which it does business. We approach diversity in the broadest sense, recognising that successful businesses flourish through embracing diversity into their business strategy and developing talent at every level in the organisation.
The Board and Senior Management are responsible for ensuring that the company’s purpose, vision and values are effectively communicated to employees and that the company’s activities reflect the culture we wish to instil in employees and drive appropriate behaviours.
All employee contractual terms and conditions are standardised across all companies.
Following consultation with all employees the company introduced the company values which define the organisation across all businesses. These are Make a Difference, Grow Together, One Team.
The company communicates its strategy and objectives through formal and informal meetings. Employees are actively encouraged engage in the objective setting process in team and are regularly advised on progress against the objectives. Employees are encouraged to be involved in decision making and to provide feedback and report any concerns they have.
Fostering business relationships
The company’s key stakeholders are its employees, customers, suppliers, lenders, shareholders and the local communities in which it operates. The views of and the impact of the Company’s activities on those stakeholders are an important consideration for Directors when making relevant decisions.
While there may be cases where the Board judges that it should engage directly with certain stakeholder groups or on certain issues but generally stakeholder engagement best takes place at an operational level.
The stakeholder voice is considered by the Board through information provided by senior management and by direct engagement with stakeholders themselves, where appropriate.
Senior management provide feedback on matters including the priorities of customers in order to build strategic relationships with them and conferences and/or meetings with suppliers to improve our understanding of their requirements.
Executive directors and senior management specifically engage with trade associations to ensure the Company has a voice in the development of the sector and to understand the impact on business operations of government policy.
The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the Board seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making.
Impact of the business on the community and environment
The company makes a material contribution to the UK’s transition to Net-Zero as a renewable energy producer and operator of anaerobic digestion plants. It utilising more than 9,000 tonnes of energy crops to produce biogas which is then upgraded into bio-methane for the production to feed into the gas grid network for electricity generation. It also produces nutrient rich bio-fertiliser as a by-product of the process.
Its supply on feedstock is from locally grown energy crops, minimising vehicle fuel usage.
The company also offers a salary sacrifice scheme to all employees to purchase bicycles and electric vehicles.
The company measures its impact through reporting on its carbon footprint. The report is prepared using the accounting and reporting principles set out in The Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.
Corporate Governance
The Board aspires to have high standards of corporate governance.
The company continues to strengthen its own corporate governance principles, aligned to the UK Corporate Governance Code, appropriate for the company, which are designed to ensure effective decision-making to promote the company’s success for the long term.
The primary aim is that the company’s governance is effective in providing challenge, advice and support to management, provides checks and balances and encourages constructive challenge, drives informed, collaborative and accountable decision-making and creates long-term sustainable value for its shareholders and the wider stakeholders.
In the absence of an express corporate governance code, the company complies with relevant law and regulations in relation to governance arrangements and has processes in place to ensure decisions are made at the appropriate level.
Overall, the directors and shareholders are pleased with the company’s performance in 2024 and are confident that the business is on the well placed to deliver to the agreed business plan.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The company manages its cash and borrowing requirements in order to maximise interest income and minimise
interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the
business.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies
which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are
monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Post reporting date events are detailed in the Strategic Report under the subheading ‘Future Developments’.
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Please refer to note 1.2 to the financial statements. The company has net liabilities as at the balance sheet date. Notwithstanding this, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in the financial statements.
We have audited the financial statements of Bio Capital 2 Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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).
Basis for 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
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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
Bio Capital 2 Ltd (the "company") is a private company limited by shares incorporated in England and Wales. The registered office is The Corn Store, Hyde Hall Farm, Buntingford, Hertfordshire, SG9 0RU.
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 £.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, amounts owed to group undertakings and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Interest income
Interest income is recognised in the statement of comprehensive income and retained earnings using the effective interest method.
Finance costs
Finance costs are charged to statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The company has taken advantage of the exemption available under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investments in companies held as part of an investment portfolio are measured at fair value, with changes in fair value recognised in the income statement in accordance with Financial Reporting Standard 102 section 9.9C(a).
In conducting impairment reviews of investments in subsidiaries, the company is also determining whether the amounts receivable from the subsidiaries require impairment or whether a provision against the amounts is required. Determining whether the amounts receivable are impaired is based on the ability of the subsidiaries to generate sufficient cash in the future to enable repayment of the debt. Where expected cash generated is lower than the amounts due to the company, an impairment loss may arise, or a provision may be required to reflect the risk that the full amount is not recovered. After reviewing the business environment and the company's expected future cash flows, management concluded that there was no impairment of amounts due from group undertakings at the current year-end.
The directors conduct valuation reviews of investments in companies held as part of an investment portfolio in accordance with the relevant accounting standards. Fair value movements are recognised in the statement of comprehensive income. The directors review the underlying assets held by the investments and review the performance of the assets and the forecasts prepared to determine the fair value, using a discount rate of 9.50% to 10.50% over a specified period of time. Where external market data is available, such as a transaction or sales process, this is used to form the basis of the valuation
In conducting the impairment review of investment in the subsidiary, the company is also determining whether the amounts receivable from the subsidiary require impairment or whether a provision against the amounts is required. Determining whether the amounts receivable are impaired is based on the ability of the subsidiary to generate sufficient cash in the future to enable repayment of the debt. Where expected cash generated is lower than the amounts due to the company, an impairment loss may arise, or a provision may be required to reflect the risk that the full amount is not recovered. After reviewing the business environment and the company's expected future cash flows, management concluded that there was no impairment of amounts owed by group undertakings at the current year end.
The directors are required to assess the probability of whether unrelieved tax losses will be recovered against the reversal of future taxable profits arising in either the company or re-charged across the wider group. As there is doubt over the timing of when the tax losses will be utilised, the directors have not recognised the deferred tax asset.
The company had no turnover in the current year or prior period.
Exceptional costs are in relation to the sale of the company's share capital subsequent to the reporting date. (see note )
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2024 are as follows:
Registered office address:
Included in other debtors falling due within one year is £118,706 (2023: £425,329) owed by a shareholder to the company. This amount is unsecured, interest bearing at 2.02% per annum and has a final repayment date within 12 months of the balance sheet date.
Amounts owed by group undertakings are unsecured and interest bearing at 10.00% per annum and have a final repayment date for capital and all accrued, unpaid interest of January 2051. Interest payable is calculated on a quarterly basis and compounded quarterly, where unpaid. Repayments of both unpaid interest and capital are at the discretion of the borrower, subject to the final repayment date of January 2051. At the balance sheet date, the capital outstanding was £33,850,289 (2023: £33,850,289).
Corporation tax losses of £1,894,817 (2023: approximately £3,515,000) were carried forward at the balance sheet date. The directors have not recognised a deferred tax asset in relation to these losses as they do not expect them to be utilised for the foreseeable future.
Loans from related parties are unsecured and interest bearing at 10.00% per annum and have a final repayment date for capital and all accrued, unpaid interest of January 2051. Interest payable is calculated on a quarterly basis and compounded quarterly, where unpaid. Repayments of both unpaid interest and capital are at the discretion of the company, subject to the final repayment date of January 2051. At the balance sheet date, the capital outstanding was £51,409,498 (2023: £49,991,498).
A ordinary shares carry no voting rights.
B ordinary shares grant the holders a right to vote.
Both classes of shares grant the holders the right to receive dividend and a distribution of assets on a liquidation of the company on a pro-rata basis.
Retained earnings includes all current and prior period retained profits and losses.
The company had no financial commitments, guarantees or contingent liabilities at the balance sheet date (2023: None).
Bio Capital Limited
In the year to 31 December 2024, management charges of £794,411 (2023: £557,901) were paid to Bio Capital Ltd, a related party.
As at 31 December 2024, an amount of £Nil (2023: £3,000) was due to Bio Capital Limited, a related party, and is included in amounts owed to related parties due within one year.
Helios 5 Biogas UK 2 LP
As at 31 December 2024, deferred distribution of £116,000 (2023: £425,000) was due to Helios 5 Biogas UK 2 LP, a shareholder of the company. This amount is included in other creditors falling due within one year.
As at 31 December 2024, an amount of £30,571,757 (2023: £27,380,499) was due to Helios 5 Biogas UK 2 LP, a shareholder of the company. This amount is included in amounts falling due in more than one year. An interest charge of £2,882,258 (2023: £2,648,206) on the shareholder loan is included in other interest payable and similar expenses in the statement of comprehensive income for the year to 31 December 2024.
As at 31 December 2024, an amount of £118,706 (2023: £425,329) was due by Helios 5 Biogas UK 2 LP, a shareholder of the company. This amount is included in amounts falling due within one year. Included in other interest receivable and similar income in the statement of comprehensive income is interest receivable of £2,377 (2023: £329) on the shareholder loan.
Subsequent to the reporting date, Helios 5 Biogas UK 1 LP sold their 52.85% shareholding in the company to Equitix AD Co 2 Limited and therefore was no longer a related party of the company. As part of the sale, Helios 5 Biogas UK 1 LP novated their shareholder loan to Equitix AD Co 2 Limited.
Equitix AD 2 Co Limited
As at 31 December 2024, deferred distribution of £116,000 (2023: £425,000) was due to Equitix AD 2 Co Limited, a shareholder of the company. This amount is included in other creditors falling due within one year.
As at 31 December 2024, an amount of £30,569,864 (2023: £27,378,784) was due to Equitix AD 2 Co Limited, a shareholder of the company. This amount is included in amounts falling due in more than one year. An interest charge of £2,882,080 (2023: £2,648,044) on the shareholder loan is included in other interest payable and similar expenses in the statement of comprehensive income for the year to 31 December 2024.
Subsequent to the reporting date, Equitix AD Co 2 Limited acquired the remaining 52.85% shareholding in the company from Helios 5 Biogas UK 1 LP. As part of the sale, Helios 5 Biogas UK 1 LP novated their shareholder loan to Equitix AD Co 2 Limited.