Company registration number 11357910 (England and Wales)
CROWN GAS AND POWER 2 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
CROWN GAS AND POWER 2 LIMITED
COMPANY INFORMATION
Directors
A J Greenhalgh
M C Greensmith
T W Day
D R Marriott
A Harris
(Appointed 24 October 2024)
P Ivers
(Appointed 23 April 2025)
Company number
11357910
Registered office
The Oil Centre
Bury New Road
Heap Bridge
Bury
Lancashire
United Kingdon
BL9 7HY
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
CROWN GAS AND POWER 2 LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 23
CROWN GAS AND POWER 2 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

The directors present the strategic report for the year ended 31 July 2025.

Business review

The Directors are pleased to report that the company has delivered a strong performance for the year, with all key metrics broadly in line or exceeding expectations. As trading conditions have stabilised, the retail supply market has become increasingly competitive.

Despite a decline in wholesale prices over the past 12 months, the potential for significant price volatility remains. Gas and electricity markets remain coupled anchoring energy prices within the UK to global energy markets. Several historic and ongoing factors have shaped physical supply and market sentiment, including:

- A mild winter in 2024/25

- Limited UK storage

- Lower LNG during the 2024/25 period

- Heightened geopolitical tensions in the Middle East

- Weak wind generation and extensive Norwegian pipeline maintenance.

The trading team continues to manage these risks effectively through robust modelling and proactive market strategies.

Electricity volumes delivered to customers rose by an impressive 700% year-on-year, with similar growth observed in customer and meter numbers. This expansion reflects the company’s successful entry into the electricity market, building on the strong foundations established in the gas sector.

To support this rapid growth, the company has significantly expanded its sales and service teams. Maintaining a strong reputation remains a core priority, with a continued focus on leveraging established relationships with Third Party Intermediaries (TPIs).

Developments and future outlook

The company is currently navigating a challenging market landscape, driven by rising non-commodity costs, the introduction of new charges and net-zero costs. These pressures are affecting the entire market and are expected to continue impacting suppliers and customers in the short to medium term.

Looking ahead, the company remains committed to a strategy of controlled, service-led growth. This includes embracing regulatory changes such as the Market-Wide Half-Hourly Settlement (MHHS), which will enable the development of new, customer-focused products.

Continued investment in digital infrastructure will support the transition to a more data-driven marketplace, while ensuring the delivery of best-in-class service to our expanding customer base.

CROWN GAS AND POWER 2 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 2 -
KPIs

The company has made good progress in relation to the key elements of its strategy. The Board monitors the progress of the company using the following Key Performance Indicators:

- Number of new acquisitions

- Renewal Rates

- Volume delivered by product

- Debtor Days and Debtor Aging Profile

- Gross Profit Margin

- Overall, Balance Sheet Strength

Performance is measured against the forecast and prior month for each of these measures and has been satisfactory for the current year. The overall portfolio growth has actually been ahead of budget. Management continues to monitor these KPI’s on a monthly basis and any significant variance is investigated and acted upon promptly.

Principal risks and uncertainties

The Company uses financial instruments; these include cash, loans and other various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Companies operations.

The existence of these financial instruments exposes the Company to several financial risks. The Directors review and agree policies for managing each of these risks which have remained unchanged from previous year and are described in more detail below.

Liquidity risk

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safety and profitably.

Interest rate risk

The Company finances its operations through a combination of retained profits, directors' current accounts, other loans and cash. The Company manages its exposure to interest rate fluctuations on its finance leases by entering into fixed rate agreements.

Commodity/Trading Risk

The Company is exposed to movements in the wholesale gas markets. The Company typically procures gas based on its customers seasonal normal demand, using forward contracts, at fixed prices. Customers demand is subject to fluctuations, the trading team are constantly reviewing demand and amending forecasts and hedges accordingly to ensure all demand is procured.

CROWN GAS AND POWER 2 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 3 -
Credit risk

The Company's principle financial assets are cash and trade debtors. The risk associated with cash is limited. The principal credit risks arise therefore from trade debtors.

The price of Natural Gas has a direct impact upon the value of debt incurred. The continuation of a relatively high base commodity price of natural gas during the year has a negative impact upon the risks associated with trade debtors.

The Company offers credit terms to its customer in line with standard industry credit terms. The group has a diverse portfolio of SME and mid-market sized customers. All customers are credit assessed at the point of agreeing a contract, limits for customers are based on a combination of payment history, third party credit references and commercial credit insurance availability. Credit limits are reviewed by the credit risk manager on a regular basis in conjunction with debt ageing, collection history and the continued availability of credit insurance on individual customers.

Regulatory Risk

To operate as a shipper and supplier of natural gas the company requires licenses which are issued and monitored by Ofgem. To ensure the group commitments under these licenses are met a dedicated regulatory and compliance team is in place reporting to senior management on a monthly basis or when changes dictate.

Section 172 of Companies Act 2006

Section 172 (1) The Directors of the Company must act in accordance with a set of general duties as detailed in section 172 of the Companies Act 2006.

Directors are briefed on their duties as part of their induction and have access to governance framework and professional advice either through the company secretary, the corporate governance team or if necessary, from an independent provider.

The Board of Directors (The “Board”) confirms it has performed its duties in respect in respect of section 172 of the companies act 2006. Specifically, the Board has considered the long-term factors affecting the company and its strategic direction. The Board in its decision-making process and in fulfilling its duty to promote the success of the company as set out in section 172 for the year ending 31 st July 2025

Risk Management

The role of the Board is to promote the long-term interest of the Company and to oversee risk management.

Principal risks and uncertainties and financial risks as well as management of these risks are outlined in the paragraphs above.

Professional Conduct

The Board oversees compliance with key policies that are intended to instil a culture of acting lawfully, ethically and responsibly. The people team within the business are responsible for ensuring policies are monitored and updated when necessary.

Employees

The Company recognises that its most important assets are its employees. The Company believes empowering its employees at every level Inspires a collaborative workplace where its employees are driven to excel. Our learning and development team provided our staff with the skills and training required to make informed decisions enabling them to continue to meet high standards in serving the company's stakeholders.

The Company promotes diversity by employing from a range of different backgrounds, bringing together skills and expertise to create a diverse culture.

Suppliers

Our suppliers pay a crucial role in the company’s success, and we prioritise maintaining regular and ongoing communication with them. We focus on building a collaborative relationship that promotes growth and success. This commitment involves active engagement across all levels of the company, including the SLT.

CROWN GAS AND POWER 2 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 4 -

Community and Environment

As a responsible energy supplier, the Board has a duty of care to ensure the Company is adhering to climate change responsibility and making ethical and sustainable choices in all business decisions

Business Relationships

The Company maintains strong relationships with customers, suppliers and regulatory bodies. The Board promotes a high level of customer engagement enabling the Company to gain the best understanding of customer needs and provide a high standard of service.

Maintaining a strong relationship with suppliers and regulatory bodies is integral in achieving the high level of growth outlined in the Company's long-term plan.

Shareholders

The Board is committed to openly engaging with the Company's shareholders on a continuous basis and believes shareholders should be informed of all material business events and risks that influence the Company. As part of the Boards commitment to keeping shareholders informed, financial performance, operational performance, market conditions and other key performance indicators are discussed on a regular basis throughout the year.

On behalf of the board

T W Day
Director
13 November 2025
CROWN GAS AND POWER 2 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 5 -

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

Principal activities

The principal activity of the company continued to be that of the sale of electricity.

Results and dividends

The results for the year are set out on page 10.

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:

A J Greenhalgh
M C Greensmith
T W Day
D R Marriott
A Harris
(Appointed 24 October 2024)
P Ivers
(Appointed 23 April 2025)
Energy and carbon report

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

Statement of directors' responsibilities

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;

- 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.

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.

CROWN GAS AND POWER 2 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 6 -
On behalf of the board
T W Day
Director
13 November 2025
CROWN GAS AND POWER 2 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROWN GAS AND POWER 2 LIMITED
- 7 -
Opinion

We have audited the financial statements of Crown Gas and Power 2 Limited (the 'company') for the year ended 31 July 2025 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).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 July 2025 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.

CROWN GAS AND POWER 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROWN GAS AND POWER 2 LIMITED
- 8 -
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.

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.

CROWN GAS AND POWER 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROWN GAS AND POWER 2 LIMITED
- 9 -

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;

- 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.

Graham Rigby
Senior Statutory Auditor
For and on behalf of Azets
14 November 2025
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
CROWN GAS AND POWER 2 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 10 -
Year
Period
ended
ended
31 July
31 July
2025
2024
Notes
£
£
Turnover
2
105,075,266
10,967,054
Cost of sales
(91,478,878)
(7,993,038)
Gross profit
13,596,388
2,974,016
Administrative expenses
(2,744,895)
(134,910)
Operating profit
3
10,851,493
2,839,106
Interest receivable and similar income
6
324,286
32,811
Interest payable and similar expenses
7
(127,556)
(117,007)
Profit before taxation
11,048,223
2,754,910
Tax on profit
8
(2,771,018)
(688,727)
Profit for the financial year
8,277,205
2,066,183

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CROWN GAS AND POWER 2 LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
299,698
197,445
Tangible assets
10
353,830
-
0
653,528
197,445
Current assets
Debtors
11
22,549,646
7,563,757
Cash at bank and in hand
10,204,734
2,036,339
32,754,380
9,600,096
Creditors: amounts falling due within one year
12
(23,029,005)
(7,788,190)
Net current assets
9,725,375
1,811,906
Total assets less current liabilities
10,378,903
2,009,351
Provisions for liabilities
Deferred tax liability
13
113,639
21,292
(113,639)
(21,292)
Net assets
10,265,264
1,988,059
Capital and reserves
Called up share capital
15
1,000
1,000
Profit and loss reserves
10,264,264
1,987,059
Total equity
10,265,264
1,988,059
The financial statements were approved by the board of directors and authorised for issue on 13 November 2025 and are signed on its behalf by:
T W Day
Director
Company Registration No. 11357910
CROWN GAS AND POWER 2 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
1,000
(79,124)
(78,124)
Period ended 31 July 2024:
Profit and total comprehensive income for the period
-
2,066,183
2,066,183
Balance at 31 July 2024
1,000
1,987,059
1,988,059
Year ended 31 July 2025:
Profit and total comprehensive income for the year
-
8,277,205
8,277,205
Balance at 31 July 2025
1,000
10,264,264
10,265,264
CROWN GAS AND POWER 2 LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
12,522,670
2,299,594
Interest paid
(127,556)
(117,007)
Income taxes paid
(4,019,598)
-
0
Net cash inflow from operating activities
8,375,516
2,182,587
Investing activities
Purchase of intangible assets
(129,404)
(209,431)
Purchase of tangible fixed assets
(402,003)
-
0
Interest received
324,286
32,811
Net cash used in investing activities
(207,121)
(176,620)
Net increase in cash and cash equivalents
8,168,395
2,005,967
Cash and cash equivalents at beginning of year
2,036,339
30,372
Cash and cash equivalents at end of year
10,204,734
2,036,339
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 14 -
1
Accounting policies
Company information

Crown Gas and Power 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oil Centre, Bury New Road, Heap Bridge, Bury, Lancashire, United Kingdon, BL9 7HY.

1.1
Accounting convention

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. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover includes amounts receivable on contracts relating to the supply of electricity to external consumers. Turnover is recognised in the period in which the services are provided to the end consumers and the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software costs
10% Straight Line
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 15 -
1.5
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:

Fixtures and fittings
25% reducing balance
IT equipment
25% reducing balance

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.

1.6
Financial instruments

The company uses only basic financial instruments, which are initially measured at transaction price including transaction cost.

Financial assets and financial liabilities are subsequently carried at amortised cost using the effective interest rate method.

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.

CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.8
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 period. 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 period s 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 17 -
2
Turnover and other revenue

All turnover of the company originated within the United Kingdom and related to the principal activity of the company.

2025
2024
£
£
Other revenue
Interest income
324,286
32,811
3
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
842
849
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
5,250
Depreciation of owned tangible fixed assets
48,173
-
Amortisation of intangible assets
27,151
11,986
Operating lease charges
6,000
4,995
4
Employees

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

2025
2024
Number
Number
25
4

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
992,220
13,504
Social security costs
119,088
1,436
Pension costs
19,673
370
1,130,981
15,310
5
Directors' remuneration

No remuneration was paid to the directors. The directors are remunerated through a related company, Crown Gas and Power Limited and recharged to this entity via management charges.

CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 18 -
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
325,603
32,111
Other interest income
(1,317)
700
Total income
324,286
32,811
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
68,948
117,007
Other finance costs:
Other interest
58,608
-
0
127,556
117,007
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
2,678,671
642,727
Deferred tax
Origination and reversal of timing differences
92,347
46,000
Total tax charge
2,771,018
688,727

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:

2025
2024
£
£
Profit before taxation
11,048,223
2,754,910
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
2,762,056
688,728
Tax effect of expenses that are not deductible in determining taxable profit
8,962
-
0
Rounding
-
0
(1)
Taxation charge for the year
2,771,018
688,727
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 19 -
9
Intangible fixed assets
Software costs
£
Cost
At 1 August 2024
209,431
Additions - internally developed
129,404
At 31 July 2025
338,835
Amortisation and impairment
At 1 August 2024
11,986
Amortisation charged for the year
27,151
At 31 July 2025
39,137
Carrying amount
At 31 July 2025
299,698
At 31 July 2024
197,445
10
Tangible fixed assets
Fixtures and fittings
IT equipment
Total
£
£
£
Cost
At 1 August 2024
-
0
-
0
-
0
Additions
3,504
398,499
402,003
At 31 July 2025
3,504
398,499
402,003
Depreciation and impairment
At 1 August 2024
-
0
-
0
-
0
Depreciation charged in the year
230
47,943
48,173
At 31 July 2025
230
47,943
48,173
Carrying amount
At 31 July 2025
3,274
350,556
353,830
At 31 July 2024
-
0
-
0
-
0
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 20 -
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
6,644,494
1,702,641
Corporation tax recoverable
698,200
-
0
Other debtors
1,947,324
2,926,724
Prepayments and accrued income
13,259,628
2,934,392
22,549,646
7,563,757
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
155,703
35,500
Corporation tax
-
0
642,727
Other taxation and social security
2,919,516
662,792
Other creditors
2,821,982
3,683,261
Accruals and deferred income
17,131,804
2,763,910
23,029,005
7,788,190
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
113,639
21,385
Short term timing differences
-
(93)
113,639
21,292
2025
Movements in the year:
£
Liability at 1 August 2024
21,292
Charge to profit or loss
92,347
Liability at 31 July 2025
113,639
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 21 -
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,673
370

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.

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share Class A of £1 each
300
300
300
300
Ordinary share Class B of £1 each
300
300
300
300
Ordinary share Class C of £1 each
300
300
300
300
Ordinary share Class S of £1 each
100
100
100
100
1,000
1,000
1,000
1,000

There are four classes of Ordinary shares, ranking pari passu. There are no restrictions on the distribution of dividends and the repayment of capital. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the company.

16
Operating lease commitments
Lessee

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:

2025
2024
£
£
Within one year
6,000
6,000
Between two and five years
8,000
14,000
14,000
20,000
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 22 -
17
Related party transactions

During the year the company made sales of £36,402 (2024: £nil) to, purchases of £7,238,669 (2024: £142,572) and was charged managerment fees of £863,347 (2024: £nil) from Crown Gas and Power Limited, a company related by common parties with significant influence over the entity. At the balance sheet date, the company owed £46,856 (2024: £2,548,916) to Crown Gas and Power Limited. The balance is unsecured and repayable on demand. The balance is held within other creditors.

During the year the company made sales of £8,027 (2024: £nil) to Crown Gas and Power (Siteworks) Limited, a company related by common parties with significant influence over the entity. At the balance sheet date, the company was owed £336 (2024: £nil) to Crown Gas and Power (Siteworks) Limited. The balance is unsecured and repayable on demand.

During the year the company made sales of £3,828,137 (2024: £2,621,955) to General All Purpose Plastics Limited, a company related by common parties with significant influence over the entity. At the balance sheet date, the company was owed £93 (2024: £186,145) by General All Purpose Plastics Limited. The balance is unsecured and repayable on demand.

During the year the company made sales of £60,539 (2024: £140,216) to Crown Oil Property Limited. At the balance sheet date, the company also owed £1,187 (2024: £13,352) to Crown Oil Property Limited. The balance is unsecured and repayable on demand.

During the year the company made sales of £194 (2024: £nil) to Crown Oil Environmental Limited. At the balance sheet date, the company also owed £49 (2024: £nil) to Crown Oil Environmental Limited. The balance is unsecured and repayable on demand.

During the prior period, the company received funding from individuals who are classified as persons with significant control (PSCs) over the company. These transactions were undertaken to support the company’s initial operations. No further amounts were received during the current period. As at year end, the company owed a total of £1,000,000 to these individuals. These balances are unsecured and repayable on demand. The balance is held within other creditors.

18
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
8,277,205
2,066,183
Adjustments for:
Taxation charged
2,771,018
688,727
Finance costs
127,556
117,007
Interest
(324,286)
(32,811)
Amortisation and impairment of intangible assets
27,151
11,986
Depreciation and impairment of tangible fixed assets
48,173
-
0
Movements in working capital:
Increase in debtors
(14,287,689)
(7,549,510)
Increase in creditors
15,883,542
6,998,012
Cash generated from operations
12,522,670
2,299,594
CROWN GAS AND POWER 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 23 -
19
Analysis of changes in net funds
1 August 2024
Cash flows
31 July 2025
£
£
£
Cash at bank and in hand
2,036,339
8,168,395
10,204,734
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