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Registered number: 15491664
GMT BIOGAS HOLDINGS LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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GMT BIOGAS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025
The directors present their report and the financial statements for the period ended 31 January 2025.
The company was incorporated on 15 February 2024 and began trading with immediate effect.
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 HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD 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 Messore-Greenaway
Director
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GMT BIOGAS HOLDINGS LIMITED
REGISTERED NUMBER: 15491664
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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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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GMT BIOGAS HOLDINGS LIMITED
REGISTERED NUMBER: 15491664
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 period 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 G Messore-Greenaway
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The notes on pages 5 to 8 form part of these financial statements.
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GMT BIOGAS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
GMT Biogas Holdings 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:
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.
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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 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 period was 4.
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Investments in subsidiary companies
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The company owns 100% of the issued share capital of GMT Biogas Limited. This company was incorporated in England and Wales.
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GMT BIOGAS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
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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 interest free.
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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