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Registered number: 02152229 YLEM ENERGY LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
YLEM ENERGY LIMITED COMPANY INFORMATION
Directors | I Gadsby
| C Hull
| P Noland
| A Ward
| S Watson
| N Brooks
| T Scott
| S Mitchell
Registered number | 02152229
Registered office | Edison House
| Daniel Adamson Road
| Salford
| Manchester
| M50 1DT
Independent auditor | Forvis Mazars LLP
| Chartered Accountants and Statutory Auditor
| 1 St Peters Square
| Manchester
| M2 3DE
Bankers | Barclays Bank PLC
| Leicester
| Leicestershire
| LE87 2BB
Solicitors | Stevens & Bolton LLP
| Wey House
| Farnham Road
| Guildford
| Surrey
| GU1 4YD
YLEM ENERGY LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 7
Statement of income and retained earnings | 8
Balance sheet | 9
Notes to the financial statements | 10 - 27
YLEM ENERGY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The principal activities of the Company are: the supply of electricity generated from landfill sites; the operation, maintenance and hire of equipment used for the generation of electricity from landfill and other gases; the development and sale of power generation projects from landfill and other gases; the provision of project services relating to the above activities and the provision of project management and operation and maintenance services to landfill gas, natural gas, solar and Battery Energy Storage Systems (BESS).
Business review
The Company continues to operate its landfill gas business seeking to optimise the current installed capacity and continues to provide high quality operation and maintenance services to the landfill gas, natural gas, gas peaking, solar and BESS sectors. Future development The Company is pursuing a number of growth strategies to develop a portfolio of power generating and storage assets. A pipeline of future opportunities continues to be developed utilising a range of technologies to meet the future demands of an increasingly decentralised national grid.
Principal risks and uncertainties
The directors periodically review and agree objectives for managing key risks. These risks, and the way in which the Company seeks to manage them, are summarised below: Market risk The Company’s turnover relates to power generation schemes, generation equipment hire, and operations and maintenance under medium and long-term contracts with third party customers. The output or service is contracted using long term firm or index linked prices with the exception of renewable energy, which benefits from a premium price under the Renewables Obligation. Over the years the UK Government has made several changes to the support mechanisms for renewable power, however there are no indications that Renewable Obligations support is set to change, although the market regulator is proposing to make changes to certain embedded benefits. Risks exist as a result of exposure to energy markets and fluctuating prices, which are mitigated using a range of strategies, including but not limited to division of the portfolio, contract length and timing. Sites are assumed to have a theoretical gas yield and gas rights agreements are in place over the duration of the theoretical economic life of the contract. Liquidity risk and interest rate risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The Company has access to further funding from the group to develop new projects. Credit risk The principal credit risk arises from the Company’s trade debtors. The majority of customers are blue chip or government backed, and the failure of an individual contract would not have a substantial impact on the Company’s performance. Credit risk is minimised by contracting mainly with electricity suppliers with an acceptable international credit rating and by obtaining credit reports for all prospective customers before contracts are signed. Page 1
YLEM ENERGY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Financial key performance indicators
The key performance indicators of the Company are the gross exported electricity to the grid, turnover and operating results of the landfill gas sites. In the year ended 31 March 2025 the company exported approximately 60.0 GWh of electricity to the grid (2024: 66.7 GWh). The Company saw an decrease in turnover of 33.7% (2024: 30.5% increase), gross margin also decreased to 43.4% (2024: 55.1%) due to the decreased power price contracted in the year. This report was approved by the board on 25 November 2025 and signed on its behalf.
P Noland Director
Page 2
YLEM ENERGY LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 to 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. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Results and dividends
The profit for the year, after taxation, amounted to £1,750,000 (2024 - £4,627,000). Net assets have increased to £9,681,000 (2024: £7,931,000). The company paid a dividend of £Nil (2024: £7,000,000) during the year.
Directors
The directors who served during the year were:
I Gadsby
C Hull
P Noland
A Ward
S Watson
N Brooks
T Scott
S Mitchell
Page 3
YLEM ENERGY LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Going Concern
The financial statements have been prepared on the going concern basis for the reasons set out in note 2.3 to the financial statements. The Company made a profit after tax of £1.8m (2024: £4.6m) in the year and has net assets of £9.7m (2024: £7.9m) at the year end. The company has strong contracted income from long term power generation rights and a substantial cash balance. For these reasons the financial statements have been prepared on the going concern basis.
Qualifying third party indemnity provisions
The group has appropriate Directors' and Officers' insurance covering all directors of the Company.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 25 November 2025 and signed on its behalf.
P Noland Director
Page 4
YLEM ENERGY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YLEM ENERGY LIMITED Opinion We have audited the financial statements of Ylem Energy Limited (the ‘company’) for the year ended 31 March 2025 which comprise the Statement of income and retained earnings, the Balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 March 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. Page 5
YLEM ENERGY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YLEM ENERGY LIMITED Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. 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’ responsibilities statement set out on page 3, 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 the financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 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. Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. Page 6
YLEM ENERGY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YLEM ENERGY LIMITED To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorresponsibilities. This description forms part of our auditor’s report. Use of the audit 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. Christopher Martin (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 1 St Peters Square Manchester M2 3DE 25 November 2025 Page 7
YLEM ENERGY LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 16,939 | 25,558
Cost of sales |  | (9,588) | (13,169)
Gross profit |  | 7,351 | 12,389
Administrative expenses |  | (5,638) | (6,196)
Operating profit | 5 | 1,713 | 6,193
Interest receivable and similar income | 9 | 6 | -
Profit before tax |  | 1,719 | 6,193
Tax on profit | 10 | 31 | (1,566)
Profit after tax |  | 1,750 | 4,627
Retained earnings at the beginning of the year |  | 6,031 | 8,404
|  | 6,031 | 8,404
Profit for the year |  | 1,750 | 4,627
Dividends declared and paid |  | - | (7,000)
Retained earnings at the end of the year |  | 7,781 | 6,031
The notes on pages 10 to 27 form part of these financial statements.
Page 8
YLEM ENERGY LIMITED REGISTERED NUMBER: 02152229 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 2,786 |  | 4,531
Fixed asset investments | 13 |  | - |  | -
|  |  | 2,786 |  | 4,531
Current assets |  |  |  |  |
Stocks | 14 | 1,217 |  | 1,434 |
Debtors: amounts falling due within one year | 15 | 8,245 |  | 6,227 |
Cash at bank and in hand | 16 | 2,538 |  | 2,677 |
|  | 12,000 |  | 10,338 |
Creditors: amounts falling due within one year | 17 | (4,219) |  | (5,550) |
Net current assets |  |  | 7,781 |  | 4,788
Total assets less current liabilities |  |  | 10,567 |  | 9,319
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (314) |  | (753) |
Other provisions | 19 | (572) |  | (635) |
|  |  | (886) |  | (1,388)
Net assets |  |  | 9,681 |  | 7,931
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,900 |  | 1,900
Profit and loss account | 21 |  | 7,781 |  | 6,031
|  |  | 9,681 |  | 7,931
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 November 2025.
P Noland
Director
The notes on pages 10 to 27 form part of these financial statements. Page 9
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Ylem Energy Limited, limited by shares, is a Company incorporated in England and Wales under the Companies Act. The address of the registered office is given on the Company Information page. The nature of the Company's operations and its principal activities are set out in the Strategic Report on page 1. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Ylem Group Limited as at 31 March 2025 and these financial statements may be obtained from Companies House. Page 10
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Company's business activities, together with the factors likely to affect its future development and position, are set out in the Strategic Report. The Company has strong contracted income streams flowing from long term power generation rights and a substantial cash balance. The directors believe that the Company is adequately funded to continue developing its core businesses, making selective investments in future power generation projects and managing the associated risks successfully. The directors consider that the Company has adequate resources to continue in operation for the foreseeable future, and so they continue to adopt the going concern basis in preparing the Annual Financial Statements for the year ended 31 March 2025. The assessment has been undertaken at an overall Ylem Group Limited level and therefore a letter of support has been provided to Ylem Energy Limited, confirming support will be provided if needed. Thus, the going concern basis of accounting is appropriate in preparing the Annual Financial Statements for the year ended 31 March 2025.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Turnover represents the value of sales of electricity generated, developed sites sold, hire of equipment and operation and maintenance contracts, exclusive of Value Added Tax. This is measured as the fair value of work done and goods and services provided in the normal course of business. It is recognised once the risks and rewards have been passed onto the customer. Turnover in relation to Renewable Obligation Certificates (ROCs) is recognised on sale of the related electricity to the grid. Page 11
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Business development
Business Development costs are held on the balance sheet and are reviewed throughout the financial year. For any projects that do not progress the costs are released to the profit and loss at that stage, if the project is successful the costs are then capitalised.
| 2.8 | Finance costs
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.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. The assets of the scheme are held separately from those of the company. For defined contribution schemes, the amount charged to the profit and loss account in respect of pension costs and other retirement benefits is the contributions payable in the year. Differences between the contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Page 12
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Leased assets
Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
| 2.12 | Foreign currencies
Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities denominated in foreign currency are translated into Sterling at the exchange rate ruling at the balance sheet date. All exchange differences are taken to the profit and loss account. Page 13
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets
Tangible fixed assets are capitalised at cost. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Site asets |  |
|  |  |  | Long-term leasehold property | - | the life of the operating contract
|  |  |  | Relocatable generators | - | 12 - 15 years
|  |  |  | Overhauls | - | 8 years
|  |  |  | Tools | - | 4 years
|  |  |  | Fixtures and fittings | - | 3 years
|  |  |  | Computer and office equipment | - | 3 - 4 years
|  |  |  | Assets under construction | - | not depreciated
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Assets under construction are not depreciated in line with the applicable accounting framework. Site costs include the anticipated decommissioning costs of power generation projects at the completion of their lives under contract and capital contributions to site costs. Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
| 2.14 | Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Page 14
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | Long term contracts
These are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where appropriate, attributable profits and anticipated losses are recognised.
| 2.18 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.19 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.20 | Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including amounts owed to group undertakings, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.21 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 15
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.22 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
| 2.23 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 16
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Critical accounting estimates and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the accounting policies The directors do not consider there to be any critical accounting judgements that must be applied. Useful lives of tangible fixed assets The company reviews the estimated useful lives of tangible fixed assets at the end of each reporting period. During the current year, the directors determined that the lives are still appropriate. Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the probable outflow of resources, and a reliable estimate can be made of the amount of the obligation.
4. | Turnover
The Company's turnover relates to its principal activities, which are undertaken in the UK. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| United Kingdom | 16,939 | 25,558
|  | 16,939 | 25,558
Page 17
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Operating profit
| The operating profit is stated after (crediting)/charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation and impairment charge | 887 | 1,609
| Exchange differences | (4) | 33
| Other operating lease rentals | 88 | 87
| (Profit)/loss on disposal of tangible fixed assets | - | (21)
6. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 29 | 28
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 4,774 | 4,235
| Social security costs | 528 | 556
| Cost of defined contribution scheme | 211 | 229
|  | 5,513 | 5,020
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and management | 56 | 32
|  | Service and maintenance | 33 | 45
|  |  | 89 | 77
Page 18
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 754 | 661
| Company contributions to defined contribution pension schemes | 139 | 131
|  | 893 | 792
| The highest paid director received remuneration of £182,000 (2024 - £136,000).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £30,000 (2024 - £58,000).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Interest receivable on group balances | 5 | -
| Interest receivable on bank deposits | 1 | -
|  | 6 | -
Page 19
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Adjustments in respect of previous periods | 6 | -
|  | 6 | -
| Group taxation relief | 403 | 1,057
| Total current tax | 409 | 1,057
| Deferred tax |  |
| Origination and reversal of timing differences | (439) | 509
| Adjustments in respect of previous periods | (1) | -
| Total deferred tax | (440) | 509
| Tax on profit | (31) | 1,566
Page 20
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 1,719 | 6,193
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 430 | 1,548
| Effects of: |  |
| Fixed asset timing differences | 9 | 23
| Non taxable expenses | 1 | 1
| Capital allowances for year in excess of depreciation | (403) | (1,062)
| Payment for group relief | 403 | 1,062
| Adjustments to tax charge in respect of prior periods | 6 | (6)
| Other tax adjustments, reliefs and transfers | (477) | -
| Total tax charge for the year | (31) | 1,566
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Intercompany dividend | - | 7,000
|  | - | 7,000
Page 21
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
|  | Assets under con-struction | Tools | Fixtures and fittings | Computer equipment | Site assets | Total
|  | £000 | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |  |
| At 1 April 2024 | 1,883 | 486 | 46 | 803 | 13,989 | 17,207
| Additions | 50 | 28 | - | 12 | 1,222 | 1,312
| Transfers intra group | (1,889) | - | - | - | - | (1,889)
| Disposals | - | - | (1) | (1) | (628) | (630)
| Transfers between classes | (7) | - | - | - | 7 | -
| Exchange adjustments | - | - | - | - | 66 | 66
| At 31 March 2025 | 37 | 514 | 45 | 814 | 14,656 | 16,066
| Depreciation |  |  |  |  |  |
| At 1 April 2024 | - | 331 | 41 | 603 | 11,701 | 12,676
| Charge for the year | - | 62 | 2 | 66 | 757 | 887
| Disposals | - | - | (1) | (1) | (347) | (349)
| Exchange adjustments | - | - | - | - | 66 | 66
| At 31 March 2025 | - | 393 | 42 | 668 | 12,177 | 13,280
| Net book value |  |  |  |  |  |
| At 31 March 2025 | 37 | 121 | 3 | 146 | 2,479 | 2,786
| At 31 March 2024 | 1,883 | 155 | 5 | 200 | 2,288 | 4,531
Page 22
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Fixed asset investments
|  | Investments in associates
|  | £000
| At 1 April 2024 | -
| Additions | -
| At 31 March 2025 | -
| Associates
| The following were associates of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Ylem Energy SA de CV | Mexico | Production of electricity | Ordinary | 0.002%
| Natural Power Services SA de CV | Mexico | Production of electricity | Ordinary | 0.002%
| Biogas Technology SA de CV | Mexico | Landfill gas flaring | Ordinary | 0.002%
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Raw materials and consumables | 1,209 | 1,136
| Work in progress (goods to be sold) | 8 | 298
|  | 1,217 | 1,434
Page 23
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 820 | 1,629
| Amounts owed by group undertakings | 4,081 | 763
| Amounts owed by related parties | 21 | 63
| Other debtors | 273 | 697
| Prepayments and accrued income | 3,050 | 3,075
|  | 8,245 | 6,227
16. | Cash
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 2,538 | 2,677
|  | 2,538 | 2,677
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 1,308 | 1,429
| Amounts owed to group undertakings | 409 | 1,057
| Other taxation and social security | 626 | 713
| Other creditors | 435 | 45
| Accruals and deferred income | 1,441 | 2,306
|  | 4,219 | 5,550
| Amounts owing to other group undertakings includes £409,000 (2024: £1,057,000) for group relief claimed.
Page 24
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. | Deferred taxation
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | (753) | (244)
| Charged to profit or loss | 439 | (509)
| At end of year | (314) | (753)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | (314) | (753)
|  | (314) | (753)
19. | Provisions
|  | Closure costs provision | Other provisions | Total
|  | £000 | £000 | £000
| At 1 April 2024 | 453 | 182 | 635
| Charged to profit or loss | - | (166) | (166)
| Provided in year | 103 | - | 103
| At 31 March 2025 | 556 | 16 | 572
| The provisions for the Company contain the following: Closure costs provision The Company has a contractual obligation to complete certain works to restore a site once the project has finished and the site has been vacated. Other provisions These consist of supplier contributions, contractual provisions and warranty provisions.
Page 25
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1,900,020 (2024 - 1,900,020) Ordinary shares of £1 each | 1,900 | 1,900
| There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
21. | Reserves
Profit and loss account Includes all current and prior period retained profits and losses.
22. | Contingent liabilities
Under Ylem Group Limited banking arrangements, each participating group company jointly and severally cross-guarantees the liabilities of all other participating group companies. The Company is a participating member under the banking arrangements. At the balance sheet date, the maximum potential liability cross guarantee was £Nil (2024: £Nil).
23. | Pension commitments
The Company operates a defined contribution pension scheme for eligible employees. The charge for the year is detailed in note 7. Amounts payable under the defined contribution scheme at the year end were £Nil (2024: £45,031).
24. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 210 | 228
| Later than 1 year and not later than 5 years | 335 | 346
|  | 545 | 574
Page 26
YLEM ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
25. | Related party transactions
| Switch2 Energy Limited and New-Era Properties Limited are related parties by virtue of being under the common control of a family trust of Mr T Scott. During the year ended 31 March 2025 the Company sold goods and services to Switch2 Energy Limited amounting to £179,471 (2024: £210,120) and New-Era Properties Limited amounting to £Nil (2024: £30,070). Outstanding group balances at 31 March 2025 were: Switch2 Energy Limited - receivable of £20,597 (2024: receivable of £62,863) The Company has claimed the exemption contained in section 33 of FRS 102, which is available to wholly-owned subsidiaries, not to disclose related party transactions with other members of the Group.
26. | Ultimate parent undertaking and controlling party
During the year ended 31 March 2025, the immediate and ultimate holding company was Ylem Group Limited; a company incorporated in the United Kingdom, whose registered address is the same as the Company's as disclosed on the Company Information page. Ylem Group Limited was the parent of the largest and smallest group of companies, of which the Company is a member, that produces consolidated accounts. Ylem Group Limited was ultimately owned by a family trust of Mr Tim Scott, which was considered to be the ultimate controlling party. On 18th November 2025, Atari Limited, a Company registered in Jersey became the immediate and ultimate parent undertaking of Ylem Group Limited. Atari Limited is owned by a family trust of Mr Tim Scott, which is considered to be the ultimate controlling party. Group financial statements for Ylem Group Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
Page 27