Company registration number 07475331 (England and Wales)
ELLOUGH AD PLANT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ELLOUGH AD PLANT LIMITED
COMPANY INFORMATION
Directors
Mr C P Winward
Mr C M Waters
Secretary
Hawksmoor Partners Limited
Company number
07475331
Registered office
The Old School
High Street
Stretham
Ely
CB6 3LD
Auditor
Ensors
First Floor
Victory House, Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
ELLOUGH AD PLANT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
ELLOUGH AD PLANT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

Ellough AD Plant produces renewable bio-methane which is injected into the local gas distribution network that supplies both homes and businesses within the locality. The plant takes feedstocks from local farms and creates digestate as a by-product which is a natural organic soil conditioner used by the farms that supply the feedstock as a substitute to man-made fertilisers.

The bio-methane produced by the plant is sold to gas off takers and the plant also receives government backed incentives in the form of Feed in Tariff (FiT) and Renewable Heat Incentive (RHI).

Ellough AD plant and other similar plants are key in achieving the UK’s goal of becoming Net Zero by 2050. The biogas produced does not release further carbon into the atmosphere, thereby reducing harmful greenhouse gas emissions.

Review of the business

The financial results are a product of the high capacity output the plant operates at which is well above industry normal levels and is in turn a reflection of the operating company Eco Verde Energy (EVE).

EVE has implemented robust policies and procedures across all aspects of plant operations to achieve the best possible results in a safe and compliant manner. A continuous improvement and learning methodology gives confidence for the future that the plant will continue to perform at the highest levels.

During this financial year, significant maintenance works were proactively undertaken to support the plant’s ongoing performance and strengthen its operational resilience. These works included the scheduled five-year degritting of three primary digesters and the after-digester, as well as the complete degritting and relining of the digestate storage lagoon.

Principal risks and uncertainties

The directors continue to mitigate the risks of reducing gas prices by the use of a professional organisation to hedge volumes typically over a 3 year rolling period. Whilst inflation has impacted some cost elements such as feedstock this has been offset by index linked increases to FiT and RHI tariffs.

The plant maintains a strong positive cash flow with adequate reserves for unforeseen costs and is making its payments to its principal funder on time and in line with expectations.

Key performance indicators

Turnover has decreased by 10% to £16.8 million compared with £18.8 million in 2023 due to decreases in gas export pricing and Feed in Tariff due to maintenance on the CHP.

Direct costs have increased by 7.8% to £8.3 million compared with £7.7 million in 2023, in the main due an increase in costs.

The gross profit margin reflects a decrease by 25% compared in the previous year of 59%, resulting in profits before tax of £2.7 million compared with £5.0 million in 2023.

Overheads have dropped by 13% to £2.1 million compared with £2.4 million in 2023. This is due to careful monitoring of purchases.

The balance sheet presents a solid position, with net assets increasing from £12.1 million to £13.9 million, and balances at bank totalling £2.5 million.

ELLOUGH AD PLANT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr C M Waters
Director
7 October 2025
ELLOUGH AD PLANT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company was that of the manufacture of biogas.

Results and dividends

The results for the year are set out on page 8.

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

Directors

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

Mr C P Winward
Mr C M Waters
Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company’s auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising.

The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr C M Waters
Director
7 October 2025
ELLOUGH AD PLANT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

ELLOUGH AD PLANT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ELLOUGH AD PLANT LIMITED
- 5 -
Opinion

We have audited the financial statements of Ellough AD Plant Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, 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).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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' r eport 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.

ELLOUGH AD PLANT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ELLOUGH AD PLANT LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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.

ELLOUGH AD PLANT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ELLOUGH AD PLANT LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Jayson Lawson (Senior Statutory Auditor)
For and on behalf of Ensors, Statutory Auditor
Chartered Accountants
First Floor
Victory House, Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
8 October 2025
ELLOUGH AD PLANT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,760,493
18,821,621
Cost of sales
(8,331,477)
(7,661,066)
Gross profit
8,429,016
11,160,555
Administrative expenses
(2,086,586)
(2,436,732)
Other operating income
55,872
39,465
Operating profit
4
6,398,302
8,763,288
Interest receivable and similar income
7
128,295
22,105
Interest payable and similar expenses
8
(3,796,329)
(3,813,151)
Profit before taxation
2,730,268
4,972,242
Tax on profit
9
(929,416)
(1,602,683)
Profit for the financial year
1,800,852
3,369,559
ELLOUGH AD PLANT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,800,852
3,369,559
Other comprehensive income
-
-
Total comprehensive income for the year
1,800,852
3,369,559
ELLOUGH AD PLANT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
47,942,314
46,740,726
Current assets
Stocks
11
5,548,678
5,047,332
Debtors
12
10,400,449
8,775,258
Cash at bank and in hand
2,504,312
3,847,796
18,453,439
17,670,386
Creditors: amounts falling due within one year
13
(1,055,614)
(5,597,570)
Net current assets
17,397,825
12,072,816
Total assets less current liabilities
65,340,139
58,813,542
Creditors: amounts falling due after more than one year
14
(42,406,397)
(38,610,068)
Provisions for liabilities
(8,992,590)
(8,063,174)
Net assets
13,941,152
12,140,300
Capital and reserves
Called up share capital
18
1
1
Revaluation reserve
22,059,835
22,059,835
Profit and loss reserves
(8,118,684)
(9,919,536)
Total equity
13,941,152
12,140,300
The financial statements were approved by the board of directors and authorised for issue on 7 October 2025 and are signed on its behalf by:
Mr C M Waters
Director
Company Registration No. 07475331
ELLOUGH AD PLANT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
1
22,059,835
(13,289,095)
8,770,741
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,369,559
3,369,559
Balance at 31 December 2023
1
22,059,835
(9,919,536)
12,140,300
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,800,852
1,800,852
Balance at 31 December 2024
1
22,059,835
(8,118,684)
13,941,152
ELLOUGH AD PLANT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
4,781,688
4,722,149
Interest paid
(3,796,329)
(3,813,151)
Net cash inflow from operating activities
985,359
908,998
Investing activities
Purchase of tangible fixed assets
(1,443,467)
(744,320)
Loans made to other entities
(750,000)
-
0
Interest received
128,295
22,105
Net cash used in investing activities
(2,065,172)
(722,215)
Financing activities
Repayment of bank loans
(263,671)
(246,849)
Net cash used in financing activities
(263,671)
(246,849)
Net decrease in cash and cash equivalents
(1,343,484)
(60,066)
Cash and cash equivalents at beginning of year
3,847,796
3,907,862
Cash and cash equivalents at end of year
2,504,312
3,847,796
ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Ellough AD Plant Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old School, High Street, Stretham, Ely, CB6 3LD.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

As at 31 December 2024 the company has retained losses of £8,118,684 (2023: £9,919,536), as shown in the balance sheet. In addition, the company also has £42,406,397 (2023: £42,670,068) worth of borrowings from the group, as disclosed in note 15 of the financial statements.

The parent company has confirmed through a formal letter of support that they will continue to provide financial support for a period of at least twelve months from the date of the approval of the financial statements. For this reason the directors continue to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised on sale of gas and electricity upon transfer to the national grid, invoices are raised monthly or quarterly based on meter readings. Revenue is accrued where necessary.

1.4
Tangible fixed assets

Tangible fixed assets 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:

AD site
N/A
Plant and machinery
12.5% straight line
Fixtures, fittings & equipment
12.5% straight line
Motor vehicles
33.33% straight line

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 credited or charged to profit or loss.

Site development assets are regularly repaired and maintained, and are considered to be in a good state of repair. As such no depreciation is charged to this class of asset.

ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets 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 company 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

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

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 paymen ts 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. A m ounts 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.

ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

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 s ubsequently 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 th r ough 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different to those in which they are recognised in the financial statements.

Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

1.11
Employee benefits

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 stock or fixed assets.

ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Other revenue
Interest income
128,295
22,105

The company's turnover is all derived from its principle activity and is all generated within the UK.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
8
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
13,475
12,600
Depreciation of tangible fixed assets
241,879
202,776
5
Employees

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

2024
2023
Number
Number
Total employees
2
2
ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
365,057
321,548
Social security costs
37,508
32,573
Pension costs
14,904
11,831
417,469
365,952

The company does not directly employ any individuals. All labour and staff costs were recharged from a related company, Eco Verde Energy Limited. Costs above relate to recharges.

6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
11,380
10,432
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
75,629
9,894
Interest receivable from group companies
52,666
12,211
Total income
128,295
22,105
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
128,295
22,105
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
3,796,329
3,813,151
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
929,416
1,602,683
ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,730,268
4,972,242
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
682,567
1,168,477
Tax effect of expenses that are not deductible in determining taxable profit
417,159
342,869
Permanent capital allowances in excess of depreciation
756
(1,071)
Movement in deferred tax
(171,066)
92,408
Taxation charge for the year
929,416
1,602,683
10
Tangible fixed assets
AD site
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
45,397,748
33,577
2,351,042
77,954
8,265
47,868,586
Additions
-
0
-
0
1,442,605
862
-
0
1,443,467
Right-of-use assets recognised
-
0
(33,577)
33,577
-
0
-
0
-
0
At 31 December 2024
45,397,748
-
0
3,827,224
78,816
8,265
49,312,053
Depreciation and impairment
At 1 January 2024
-
0
-
0
1,048,443
71,152
8,265
1,127,860
Depreciation charged in the year
-
0
-
0
238,368
3,511
-
0
241,879
At 31 December 2024
-
0
-
0
1,286,811
74,663
8,265
1,369,739
Carrying amount
At 31 December 2024
45,397,748
-
0
2,540,413
4,153
-
0
47,942,314
At 31 December 2023
45,397,748
33,577
1,302,599
6,802
-
0
46,740,726

The AD site costing £16,423,236 were revalued at 31 December 2017 by the directors.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Tangible fixed assets
(Continued)
- 20 -

2024
2023
£
£
Cost
17,226,219
17,226,219
11
Stocks
2024
2023
£
£
Raw materials and consumables
5,548,678
5,047,332
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,266,708
817,458
Other debtors
954,785
941,575
Prepayments and accrued income
4,778,956
4,962,546
7,000,449
6,721,579
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
3,400,000
2,053,679
Total debtors
10,400,449
8,775,258
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
-
0
4,060,000
Trade creditors
587,486
712,792
Accruals and deferred income
468,128
824,778
1,055,614
5,597,570
ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
42,406,397
38,610,068

The loans totalling £42,406,397 (2023 - £42,670,068) are secured on the assets of the company.

15
Loans and overdrafts
2024
2023
£
£
Bank loans
42,406,397
42,670,068
Payable within one year
-
0
4,060,000
Payable after one year
42,406,397
38,610,068

The long-term loans are secured on the assets of the company.

Bank loans with a carrying amount of £42,406,397 (2023: £42,670,068) are denominated in sterling. The loans carry a fixed interest rate of 9%, which is fixed until 31 January 2025. The loans mature on 31 January 2025 but are in the process of being renegotiated with the expectation of a new maturity date being 30 June 2026.

16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
9,675,865
2,641,562
Tax losses
(683,275)
(1,202,370)
Revaluations
-
6,623,982
8,992,590
8,063,174
2024
Movements in the year:
£
Liability at 1 January 2024
8,063,174
Charge to profit or loss
929,416
Liability at 31 December 2024
8,992,590
ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Deferred taxation
(Continued)
- 22 -

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

The deferred tax asset included above relates to unused tax losses which are expected to be fully utilised within 12 months.

Deferred tax is recognised in respect of tax losses of £2,733,098, as it is probable that they will be recovered against the reversal of future taxable profits.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
14,904
11,831

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

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
85
85
1
1
Ordinary B shares of 1p each
15
15
-
0
-
0

The Ordinary A shares and Ordinary B shares rank pari passu in all respects. The shares have attached to them full voting, dividend and capital distribution rights; they do not confer any rights of redemption.

19
Operating lease commitments
As lessee

The operating leases represent leases to third parties. The lease is negotiated over a term of 35 years and rentals are fixed for 5 years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. The company reserves the right to terminate the rental contract on every 5th anniversary. There are no options in place for either party to extend the lease terms.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
103,232
103,232
Years 2-5
301,093
404,325
404,325
507,557
ELLOUGH AD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
20
Related party transactions
Transactions with related parties

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

During the year the company made sales of £382,341 (2023: £248,735) of goods to companies under common control. At the year end the company was due £2,081,803 (2023: £893,259) from these companies.

The company purchased £325,492 (2023: £644,702) of goods from companies under common control. At the year end the company owed £44,442 (2023: £38,222) to these companies.

The company has a loan receivable amounting to £1,770,521 (2023: £1,000,000) due from its immediate parent undertaking. This loan carries a fixed interest rate of 2% per annum. The interest is payable annually and the loan is set to mature on 31 December 2026.

The company has a loan receivable amounting to £1,710,825 (2023: £1,678,679) due from a company under common control. The loan carries a fixed interest rate of 2% per annum. The interest is payable annually and the loan is set to mature on 31 January 2025.

21
Ultimate controlling party

The company is under the control of Privilege Holdings Limited, a company registered in England and Wales. The registered office for the company is The Old School, High Street, Streatham, Ely, England, CB6 3LD.

22
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,800,852
3,369,559
Adjustments for:
Taxation charged
929,416
1,602,683
Finance costs
3,796,329
3,813,151
Investment income
(128,295)
(22,105)
Depreciation and impairment of tangible fixed assets
241,879
202,776
Movements in working capital:
Increase in stocks
(501,346)
(1,332,969)
Increase in debtors
(1,625,191)
(3,552,934)
(Decrease)/increase in creditors
(481,956)
641,988
Cash generated from operations
4,031,688
4,722,149
23
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,847,796
(1,343,484)
2,504,312
Borrowings excluding overdrafts
(42,670,068)
263,671
(42,406,397)
(38,822,272)
(1,079,813)
(39,902,085)
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