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Registered number: 10562584
GMT BIOGAS LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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GMT BIOGAS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The directors present their report and the financial statements for the year ended 31 January 2025.
Directors’ Report
The past twelve months have marked a transformative and exciting chapter in GMT’s journey. Since its founding in 2017 by Phil and Gianluca Greenaway as a design-and-build professional services firm, GMT has evolved into a leading developer of biomethane infrastructure. Today, GMT is actively developing a platform of 15 greenfield biomethane projects across the UK, leveraging its proprietary Plug Flow Reactor (PFR) technology. As a fully integrated developer, GMT manages the entire lifecycle of its projects—from site identification and permitting to design, construction, and full-scale operations.
Under our new organisational structure, we have made significant progress in advancing our strategic objectives and laying the groundwork for long-term growth.
Strategic Partnerships and Investment
In March 2024, we welcomed our new equity partners, SWIFT 3 and Rika Biotech. Their expertise and resources have strengthened GMT’s management team and will support the delivery of our ambitious development pipeline. This long-term partnership reflects strong confidence in GMT’s vision and capabilities and positions us to lead the growth of the UK biomethane industry while exploring expansion opportunities internationally.
Project Pipeline and Milestones
This investment has enabled us to pursue a robust pipeline of projects, many of which are now in advanced stages of planning and execution.
In December 2024, GMT achieved a major milestone with the acquisition of Cambridge Biopower, a 35GWh gas-to-grid and 500kWe CHP plant. Originally developed by GMT as the UK’s first farm-based virtual gas-to-grid pipeline, the facility is now being expanded to 40GWh.
Looking ahead to 2025, GMT has over 320GWh of projects in various stages of planning consent. Many have either been recommended for approval or previously received planning for biogas or waste treatment facilities.
A key highlight of the year is the commencement of the Great Heck Project (80GWh) in North Yorkshire. This marks a significant milestone in our ownership portfolio and operational expansion. Ground preparation is underway, with full construction scheduled to begin in September 2025. We anticipate achieving First Gas and Accreditation by October 2026, furthering our contribution to sustainable energy solutions.
Planning approval for the Great Bowden Project has been recommended by Leicestershire County Council, with final determination expected on 10 October 2025. Subject to approval, we anticipate reaching Final Investment Decision (FID) in early 2026, followed by construction.
The Great Gidding Project in Northamptonshire has received partial planning consent, marking another step forward in our operational expansion. We forecast FID in the next financial year, with construction to commence shortly thereafter.
Operational Services Expansion
While progressing toward our goal of becoming a 1TWh gas producer, we have also expanded our Operational Services business. Through our subsidiary, GMT Operational Services Ltd, we have secured £920k in annual recurring revenue, with forecasts indicating 100% year-on-year growth by 2027.
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GMT BIOGAS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
Outlook
As we look ahead, GMT remains committed to delivering on its strategic goals, driving innovation, and creating long-term value for our stakeholders. We are confident that our integrated development model, strong partnerships, and expanding operational capabilities will continue to position GMT as a leader in the biomethane sector.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Mr G Greenaway
Director
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GMT BIOGAS LIMITED
REGISTERED NUMBER: 10562584
BALANCE SHEET
AS AT 31 JANUARY 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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GMT BIOGAS LIMITED
REGISTERED NUMBER: 10562584
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Mr P Greenaway
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Mr G Greenaway
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The notes on pages 5 to 15 form part of these financial statements.
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
GMT Biogas Limited (“the company”) is a private company limited by shares incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information.
The functional and presentational currency of the company is pounds sterling (£) and rounded to the nearest whole pound.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the forseeable future. The validity of this assumption depends upon an improvement in the compnay's trading position and continued financial support from its directors and shareholders. The finaancial statements do not included any adjustments that would result if such support is not continuing.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss 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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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The average monthly number of employees, including directors, during the year was 8 (2024 - 4).
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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Transfers between classes
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Charge for the year on owned assets
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Transfers between classes
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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Investments in subsidiary companies
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The Company owns 100% of the issued share capital of Great Heck Green Energy Limited, Great Gidding Green Energy Limited, GMT Tide Midco Limited and Cambridge Biopower Limited.
The Company holds a minority 10% interest in Great Bowden Green Energy Limited.
All of the above named companies were incorporated in England and Wales.
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured and are interest free.
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Prepayments and accrued income
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Bank overdrafts totalling £nil (2024: £47,734) are secured by the company.
Included within bank loans falling due within one year is a balance of £10,182 (2024: £44,085) that is secured by the company.
The company had a balance of £10,003 (2024: £12,304) outstanding on obligations under finance lease and hire purchase contracts falling due within one year. These are secured against the assets to which they relate.
Amounts owed to group undertakings are unsecured and are interest free.
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Creditors: Amounts falling due after more than one year
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Obligations under finance leases and hire purchase contracts
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Amounts owed to group undertakings
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Included within bank loans is a balance of £30,275 (2024: £40,457) falling due after more than one year that is secured by the company.
The company has a balance of £2,418 (2024: £12,422) outstanding on obligations under finance lease and hire purchase contracts falling due after more than one year. These are secured against the assets to which they relate.
Amounts owed to group undertakings are unsecured and are interest free.
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within 1 year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £313 (2024: £nil) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 January 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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GMT BIOGAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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Transactions with directors
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During the year, there were transactions between the company and a director. Advances to the director totalled £3,000 (2024: £10,542) and repayments totalled £10,572 (2024: £nil). At the balance sheet date, £3,000 (2024: £10,572) was owed to the company. Interest of £nil (2024: £nil) has been charged to this loan. The loan is repayable on demand.
During the year, there were transactions between the company and a second director. Advances to the director totalled £9,000 (2024: £nil). At the balance sheet date, £9,000 (2024: £nil) was owed to the company. No interest has been charged on this balance.
These balances are included within other debtors, are unsecured, and are repayable on demand.
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Related party transactions
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Included within other debtors falling due within one year is a balance of £nil (2024: £430) due from GMT Biogas (Developments) Limited, a company with management in common. This balance is unsecured, interest free and repayable on demand.
Included within other debtors falling due after more than one year is a balance of £17,976 (2024: £nil) due from Great Bowden Green Energy Limited, a company with management in common. This balance is unsecured and interest free.
Included within other creditors is a balance of £nil (2024: £13,500) due to Corvus Biogas Limited, a company with a director in common. This balance is unsecured, interest free and repayable on demand.
The Company has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into between wholly owned members of the Group.
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