Company registration number 09534124 (England and Wales)
MARBLE HOLDINGS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MARBLE HOLDINGS UK LIMITED
COMPANY INFORMATION
Director
Mr S Tohani
Company number
09534124
Registered office
7 Kestral Court
Waterwells Drive
Quedgeley
Gloucester
England
GL2 2AT
Auditor
Lawrence Grant LLP
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
United Kingdom
HA1 1BE
MARBLE HOLDINGS UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
MARBLE HOLDINGS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The director presents the strategic report for the year ended 31 March 202 5.

Fair review of the business

The group's principal business is the provision of Energy supply to commercial customers. Its primary focus was originally to the supply of large industrial assets however has since diversified its portfolio across many UK sectors. The business also participates in Balancing Mechanism, Energy Efficiency Schemes and Trading Activities to improve energy consumption, overall efficiency, and carbon footprint.

These group accounts are made up of the trading, wholly owned subsidiaries Marble Power Limited and Fleetsolve Limited, dormant, wholly owned subsidiaries Marble Power Trading Limited, Fuelsolve Limited and Castula Energy Supply Limited and their parent company, Marble Holdings UK Limited.

Financial results

The group's statement of comprehensive income is set out on page 10 and shows sales in the current year of £176.6m (2024: £199m). The group produced a gross profit for the year of £19.1m and operating profit of £4.1m.

The group's balance sheet as at 31 March 2025 shows net assets of £25m (2024: £22.1m).

Principal risks and uncertainties

The director recognises that within the business there are a number of risks which may affect the performance of the group. These risks are subject to regular review and, where appropriate, processes are established to minimise the level of exposure.

Price risk

The price volatility risk of the energy in which the group trades, caused by global economic as well as traditional supply and demand factors, continues to be the principal risk in the business model.

Global political and economic conditions

The group's customer base is exclusively in the United Kingdom meaning its exposure to global geopolitical conditions on this side of the business is low.

The group continues to monitor the domestic and international energy market and adjusts to risks as they are identified.

Development and performance

The group has expanded its sales to non-GFG Alliance companies in the year and intends to continue this trend in order to diversify its customer book.

The group’s gross profit margin decreased to 10.8% from that achieved in the previous year of 15.1%. The decrease is as a result of energy market stabilisation.

Key performance indicators

The group considers turnover and gross profit as its key performance indicators; both of which have been discussed above.

The group also considers the main non-financial key performance indicator to be network performance.

Marble Power has access to the Spot, Day-Ahead and Curve power markets. We constantly work with our internal generation and demand assets to understand their power requirements and to optimise the power purchases and sales to benefit the group. In the short-term markets we are active in the Balancing Mechanism and have supported network stability and reduced end-user bills by importing excess Wind Power in Scotland. Further along the curve, we work with our large energy users to manage their risk and charges to ensure energy supply is delivered at the cheapest price. Finally, we look to utilise self-generation as much as possible to limit our exposure to network risk and charges.

MARBLE HOLDINGS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Section S172 (1) Statement

Section 414CZA (1) of the Companies Act 2006 requires the Directors to explain how they have considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the company. When making decisions, the Director ensures that they can act in the way that would most likely promote the company's success to the benefit of its members as a whole, and in doing so have regarded (amongst other matters) the following matters:

The likely consequences of any decision in the long term
The Company is operating in a regulated sector, and both the Directors and Senior Management understand the need for forecasting and having in place the tools to track progress and measure performance. Our team has extensive knowledge of the Energy markets from an operational and trading viewpoint. All trading decisions and positions are reviewed daily regardless of duration.

1. The likely consequences of any decision in the long term
   The Company is operating in a regulated sector, and both the Directors and Senior Management understand the need for forecasting and having in place the tools to track progress and measure performance. Our team has extensive knowledge of the Energy markets from an operational and trading viewpoint. All trading decisions and positions are reviewed daily regardless of duration.

2. The interests of the company's employees
   The Company has a reliance on the employees. The Company's management recognise that the success of the business depends not only on attracting talent, but on retaining and motivating its employees across the board. In this respect, communication is taking place weekly between the management and the team members as well as individually throughout the week. During these sessions, the progress is shared, and all team members have an opportunity to table questions and concerns, using the common forum or individual touch points. Although there is currently no equity scheme in place, the company operates a discretionary bonus scheme and is finalising the criteria aiming at rewarding the trading team based on the overall company's target as well as bespoke and mutually agreed trading targets. This will allow to measure more accurately the trading team performance and justify to the Board a targeted higher compensation for the individuals concerned.

3. The need to foster the company's business relationships with suppliers, customers, and others
   The directors seek to promote strong mutually beneficial relationships with suppliers, customers, the Regulators, and other authorities. The Company prides itself in delivering excellent customer service and can report that to date and since inception it has received no official customer complaint which would have to be notified to and recorded by OF-GEM the Industry regulator. The company equally aims to treat all suppliers in the same way it deals with customers, to foster long term relationships.

4. The impact of the company's operations on the community and the environment
   The company is committed to have a positive impact on both community and the environment. To this extent, the company is committed to assist customers and suppliers alike with their goals of sustainability by sourcing and delivering renewable power where possible and ultimately offsetting any carbon footprint it may have.
   Where the company does not currently publish updated environment, social and governance (ESG) policies and policies on engagement pursuant to the Stewardship Code, it has to report yearly to OFGEM its energy mix by type of generation and will continue to work towards delivering green energy where possible.

5. The desirability of the company maintaining a reputation/or high standards of business conduct
   The directors and management recognise the importance of acting in ways which promote high standards of business conduct and believe in quality, consistency and integrity. The management regularly reviews and approves clear operating frameworks and processes, it issues compliance reports weekly to the management and adapts continuously its internal procedures to ensure that high standards are maintained both within the businesses and in the business relationships the company has. The directors intend for these policies and values to be embedded within the culture of the business.

6. The need to act fairly between members of the company
   The Directors aim to act fairly between the company’s members when delivering the company’s strategy.

MARBLE HOLDINGS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

On behalf of the board

Mr S Tohani
Director
3 February 2026
MARBLE HOLDINGS UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the group continues to be that of supply of gas and electricity services to business customers and engineering and maintenance of sustainable power solutions.

.

The principal activity of the company continues to be that of a holding company.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Mr S Tohani
Energy and carbon report

Marble Holdings Ltd has appointed Carbon Footprint Ltd, a leading carbon and energy management company, to independently assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government’s ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance’.

The GHG emissions have been assessed following the Greenhouse Gas Protocol Corporate standard and has used the 2024 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the GHG Protocol reporting both location and market-based emissions for Scope 2 electricity usage. The operational control approach has been used.

The table below summarises the GHG emissions for reporting year 1st April 2024 31st March 2025.

Scope | Emission Source | Location-Based (tCO₂e) | Market-Based (tCO₂e)
1 | Natural Gas | 5.02 | 5.02
Diesel | 48.48 | 48.48
Scope 1 | Subtotal | 53.49 | 53.49
2 | Electricity | 10.09 | 21.70
Company vehicles (EV) charging | 3.16 | 6.35
Scope 2 | Subtotal | 13.25 | 28.05
3.6 | Cash Opt Out vehicles (fuel) | 6.48 | 6.48
Cash Opt Out vehicles (PHEV) | 0.91 | 0.91
Grey Fleet (fuel) | 0.91 | 0.91
Cash Opt Out vehicles (EV) charging | 0.13 | 0.27
Scope 3 | Subtotal | 8.43 | 8.56
All | Total tCO₂e | 75.30 | 90.10
Total tCO₂e per employee (FTE) | 2.15 | 2.57
Total tCO₂e per £M Turnover | 0.43 | 0.51
SECR | Total energy consumption (kWh) | 326,329.99

No additional measures have been taken during this financial year to improve energy efficiency.

MARBLE HOLDINGS UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

Activity | 2022/23 | 2023/24 | 2024/25
Total energy consumed (kWh) | 253,151.49 | 294,573.29 | 326,329.99
Total Gross Location-Based Emissions (tCO 2 e) * | 56.72 | 64.02 | 75.30
Total Gross Market-Based Emissions (tCO 2 e) | 66.77 | 76.44 | 90.10
Intensity ratio: tCO 2 e (SECR minimum, market-based) per £M revenue | 0.38 | 0.38 | 0.51

*Includes SECR minimum elements only (UK electricity, natural gas, fuel, company cars & employee mileage).

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and parent 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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr S Tohani
Director
3 February 2026
MARBLE HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARBLE HOLDINGS UK LIMITED
- 6 -
Opinion

We have audited the financial statements of Marble Holdings UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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 group and parent 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 director's 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 group's and parent 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 director 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 director is 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:

- T he information given in the strategic report and the director's 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 director's report have been prepared in accordance with applicable legal requirements.

MARBLE HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARBLE HOLDINGS UK LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing the group's and parent 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 director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

MARBLE HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARBLE HOLDINGS UK LIMITED
- 8 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

- The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;

- Companies Act 2006

- FRS102

- Tax Legislation

- Employment Legislation

- Health and Safety at Work

- Ofgem

- Gas Act 1986

- Electricity Act 1989

- Renewal Obligations Regulations

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing board minutes;

- Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

- Reviewing the financial statements and testing the disclosures against supporting documentation;

- Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

- Inspecting and testing journal entries to identify unusual or unexpected transactions;

- Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

- Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

MARBLE HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARBLE HOLDINGS UK LIMITED
- 9 -

The areas that we identified as being susceptible to misstatement through fraud were:

- Management bias in the estimates and judgements made;

- Management override of controls; and

- Posting of unusual journals or transactions.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

V R Thayalan (Senior Statutory Auditor)
For and on behalf of Lawrence Grant LLP, Statutory Auditor
Chartered Accountants
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom
5 February 2026
MARBLE HOLDINGS UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
176,621,477
198,950,530
Cost of sales
(157,520,508)
(169,002,688)
Gross profit
19,100,969
29,947,842
Administrative expenses
(14,999,135)
(15,017,877)
Other operating income
-
0
5,341
Operating profit
4
4,101,834
14,935,306
Interest receivable and similar income
8
833,907
470,773
Interest payable and similar expenses
9
(250,472)
(110,712)
Profit before taxation
4,685,269
15,295,367
Tax on profit
10
(1,766,282)
(6,178,119)
Profit for the financial year
23
2,918,987
9,117,248
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.

The notes on pages 16 to 33 form part of these financial statements.

MARBLE HOLDINGS UK LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
49,499
8,490
Tangible assets
13
879,109
904,223
928,608
912,713
Current assets
Stocks
17
567,376
604,407
Debtors
18
43,373,105
56,576,732
Cash at bank and in hand
14,996,000
8,618,769
58,936,481
65,799,908
Creditors: amounts falling due within one year
19
(34,882,450)
(44,648,969)
Net current assets
24,054,031
21,150,939
Net assets
24,982,639
22,063,652
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
24,982,539
22,063,552
Total equity
24,982,639
22,063,652

The notes on pages 16 to 33 form part of these financial statements.

The financial statements were approved and signed by the director and authorised for issue on 3 February 2026
03 February 2026
Mr S Tohani
Director
Company registration number 09534124 (England and Wales)
MARBLE HOLDINGS UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
140,000
85,000
Current assets
-
-
Creditors: amounts falling due within one year
19
(139,900)
(84,900)
Net current liabilities
(139,900)
(84,900)
Net assets
100
100
Capital and reserves
Called up share capital
22
100
100

The notes on pages 16 to 33 form part of these financial statements.

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2024 - £0 profit).

The financial statements were approved and signed by the director and authorised for issue on 3 February 2026
03 February 2026
Mr S Tohani
Director
Company registration number 09534124 (England and Wales)
MARBLE HOLDINGS UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
100
12,946,304
12,946,404
Year ended 31 March 2024:
Profit and total comprehensive income
-
9,117,248
9,117,248
Balance at 31 March 2024
100
22,063,552
22,063,652
Year ended 31 March 2025:
Profit and total comprehensive income
-
2,918,987
2,918,987
Balance at 31 March 2025
100
24,982,539
24,982,639

The notes on pages 16 to 33 form part of these financial statements.

MARBLE HOLDINGS UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
£
Balance at 1 April 2023
100
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
Balance at 31 March 2024
100
Year ended 31 March 2025:
Profit and total comprehensive income
-
Balance at 31 March 2025
100

The notes on pages 16 to 33 form part of these financial statements.

MARBLE HOLDINGS UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
13,244,170
6,255,793
Interest paid
(250,472)
(110,712)
Income taxes paid
(7,366,455)
(2,365,712)
Net cash inflow from operating activities
5,627,243
3,779,369
Investing activities
Purchase of business
(54,999)
492,888
Purchase of tangible fixed assets
(28,920)
(20,618)
Interest received
833,907
470,773
Net cash generated from investing activities
749,988
943,043
Net increase in cash and cash equivalents
6,377,231
4,722,412
Cash and cash equivalents at beginning of year
8,618,769
3,896,357
Cash and cash equivalents at end of year
14,996,000
8,618,769

The notes on pages 16 to 33 form part of these financial statements.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Marble Holdings UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 7 Kestral Court, Waterwells Drive, Quedgeley, Gloucester, England, GL2 2AT.

The group consists of Marble Holdings UK Limited and all of its subsidiaries.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets and liabilities acquired is recognised as goodwill. Investments in subsidiaries are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of Marble Holdings UK Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 March 202 5 with the exception of the dormant subsidiary Fuelsolve Limited which has a November year end and the dormant subsidiary Castula Energy Supply Limited which has a June year end.

All intra-group transactions and balances are eliminated on consolidation .

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

A t the time of approving the financial statements, t he director has a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover in respect of gas and electricity is recognised on the basis of that supplied during the period including government and industry charges and levies, but net of VAT and other sales related taxes.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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 in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.6
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:

Property improvements
variable on cost
Plant and equipment
25% on cost
Fixtures and fittings
20% on cost
Motor vehicles
25% on reducing balance
Other assets
variable on cost
Bio Generators
variable on cost
Tools
50% on cost

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

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

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’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 if, and only if, there is 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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
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 d asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Electricity
166,777,205
178,534,713
Gas
5,332,852
15,566,734
Engineering and maintenance of sustainable power solutions
4,511,420
4,849,083
176,621,477
198,950,530
2025
2024
£
£
Other revenue
Interest income
833,907
470,773
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(12,356)
(6,615)
Depreciation of tangible fixed assets
47,930
24,348
Profit on disposal of tangible fixed assets
(3,894)
-
Amortisation of intangible assets
13,990
198,692
Impairment of intangible assets
-
0
3,070,400
Operating lease charges
419,464
368,985

Included in administration expenses is an exceptional charge for bad and doudbtful debts of £7,132,965 (2024: £nil).

In the previous year included in administration expenses there was an exceptional charge for impairment of related party loans of £5,972,023 and an exceptional charge of £3,070,400 being impairment of goodwill on the acquisition of Fleetsolve Limited.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
30,000
Audit of the financial statements of the company's subsidiaries
240,000
270,976
270,000
300,976
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Adminstration
8
16
1
1
Sales and operations
25
12
-
-
Total
33
28
1
1

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,693,508
2,264,948
-
0
-
0
Social security costs
473,721
265,346
-
-
Pension costs
115,081
51,797
-
0
-
0
4,282,310
2,582,091
-
0
-
0
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
25,000
40,000
MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
139,279
8,878
Other interest income
694,628
461,895
Total income
833,907
470,773
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
139,279
8,878
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
250,472
110,712
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,770,971
6,084,166
Adjustments in respect of prior periods
-
0
(3,974)
Total current tax
1,770,971
6,080,192
Deferred tax
Origination and reversal of timing differences
(4,689)
97,927
Total tax charge
1,766,282
6,178,119
MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 25 -

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
4,685,269
15,295,367
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,171,317
3,823,842
Tax effect of expenses that are not deductible in determining taxable profit
128,567
1,500,216
Unutilised tax losses carried forward
467,589
44,258
Adjustments in respect of prior years
-
0
(3,974)
Amortisation on assets not qualifying for tax allowances
3,498
49,673
Impairment of consolidation goodwill
-
0
767,600
Deferred tax movement
(4,689)
(3,496)
Taxation charge
1,766,282
6,178,119
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Goodwill
12
-
3,070,400
Recognised in:
Administrative expenses
-
3,070,400
MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024
3,345,502
Additions
54,999
At 31 March 2025
3,400,501
Amortisation and impairment
At 1 April 2024
3,337,012
Amortisation charged for the year
13,990
At 31 March 2025
3,351,002
Carrying amount
At 31 March 2025
49,499
At 31 March 2024
8,490
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.

More information on impairment movements in the year is given in note 11.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
13
Tangible fixed assets
Group
Property improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Other assets
Bio Generators
Tools
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2024
28,478
803,224
24,267
7,434
21,839
32,663
10,666
928,571
Additions
3,501
-
0
3,499
-
0
3,752
-
0
18,168
28,920
Disposals
-
0
(958)
(931)
(19,995)
(25,930)
-
0
-
(47,814)
At 31 March 2025
31,979
802,266
26,835
(12,561)
(339)
32,663
28,834
909,677
Depreciation and impairment
At 1 April 2024
7,855
1,113
3,454
1,342
6,823
1,420
2,341
24,348
Depreciation charged in the year
15,532
1,619
6,560
571
8,904
2,419
12,325
47,930
Eliminated in respect of disposals
-
0
(958)
(931)
(14,474)
(25,347)
-
0
-
(41,710)
At 31 March 2025
23,387
1,774
9,083
(12,561)
(9,620)
3,839
14,666
30,568
Carrying amount
At 31 March 2025
8,592
800,492
17,752
-
0
9,281
28,824
14,168
879,109
At 31 March 2024
20,623
802,111
20,813
6,092
15,016
31,243
8,325
904,223
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Tangible fixed assets
(Continued)
- 28 -

Included in plant and equipment is an asset at cost of £800,000 which was not ready for use at the year end and hence not depreciated.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
140,000
85,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
85,000
Additions
55,000
At 31 March 2025
140,000
Carrying amount
At 31 March 2025
140,000
At 31 March 2024
85,000
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Marble Power Limited
England and Wales
Energy services
Ordinary
100.00
Marble Power Trading Limited
England and Wales
Dormant
Ordinary
100.00
Fleetsolve Limited
England and Wales
Sustainable power
solutions
Ordinary A & B
100.00
Fuelsolve Limited
England and Wales
Dormant
Ordinary
100.00
Castula Energy Supply Limited
England and Wales
Dormant
Ordinary
100.00
MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
16
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
30,049,759
36,847,778
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
33,619,875
35,258,548
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
567,376
604,407
-
-
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,550,529
12,153,492
-
0
-
0
Other debtors
23,475,384
24,694,286
-
0
-
0
Prepayments and accrued income
13,339,007
19,725,458
-
0
-
0
43,364,920
56,573,236
-
-
Deferred tax asset (note 20)
8,185
3,496
-
0
-
0
43,373,105
56,576,732
-
-
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
2,499,190
3,127,735
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
55,000
-
0
Corporation tax payable
570,971
6,166,455
-
0
-
0
Other taxation and social security
691,604
3,223,966
-
-
Other creditors
4,079,849
4,073,310
84,900
84,900
Accruals and deferred income
27,040,836
28,057,503
-
0
-
0
34,882,450
44,648,969
139,900
84,900
MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
20
Deferred taxation

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

Assets
Assets
2025
2024
Group
£
£
Accelerated capital allowances
8,185
3,496
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 April 2024
(3,496)
-
Credit to profit or loss
(4,689)
-
Asset at 31 March 2025
(8,185)
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
115,081
51,797

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
23
Reserves
Profit and loss reserves

Included within profit and loss reserves are the accumulated profits and losses of the group.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
24
Acquisition of a business

On 31 March 2025 the group acquired 100% of the issued capital of Castula Energy Supply Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Cash and cash equivalents
1
-
1
Goodwill
54,999
Total consideration
55,000
The consideration was satisfied by:
£
Cash
55,000
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Profit after tax
-
25
Operating lease commitments
As lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
126,468
181,468
-
-
Years 2-5
449,607
26,075
-
-
After 5 years
55,000
-
-
-
631,075
207,543
-
-
MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
26
Related party transactions

During the year, the group made energy sales (excluding government and industry charges and levies) of £17,123,043 (2024: £30,455,241) and non-energy sales of £554,622 (2024: £1,311,4 2 7) to GFG Alliance entities, which are under the control of Mr P K Gupta or his son Mr S K Gupta, and made purchases of £17,551,501 (2024: £17,419,421) from GFG Alliance entities.

Related party balances due from GFG Alliance entities included in trade debtors is £10,758,337 (2024 - £8,687,241).

Provision for uncollectible receivables related to the amount of GFG Alliance entities outstanding balances is £7,406,505 (2024: £154,158). The amount of bad or doubtful debts relating to GFG Alliance entities included in the profit and loss account is £6,618,862 (2024: £447,199 recovered).

Related party balances to GFG Alliance entities included in trade creditors is £99,116 (2024: £620,815).

At the year end, the group was owed £7,772,715 (2024: £7,472,023) arising from loans made to GFG Alliance entities. Impairment provision for these related party loans is £6,178,966 (2024: £5,972,023). The net balance has been included in other debtors. The impairment charge to the profit and loss account is £206,943 (2024: £5,972,023).

At the year end, the group owed £3,982,693 (2024: £3,982,693) arising from loans made from the GFG Alliance entities. The balance has been included in other creditors.

The group incurred a management charge from a related party group controlled by Mr S K Gupta of £177,565 (2024: £532,694).

The group incurred an insurance expense from a related party group controlled by Mr S K Gupta of £28,495 (2024: £21,136).

During the year the group had facilitated the payment of GFG Alliance entities payroll costs amounting to £766,306 (2024: £11,219,075). The funds required to cover these payroll costs are transferred to a designated bank account of the group by GFG Alliance entities prior to the due date of the payments. This arrangement to facilitate GFG Alliance entities payroll payments ceased on 24 May 2024.

At the year end the company and the group owed Mr P K Gupta £84,900 (2024: £84,900), the balance has been included in other creditors. The loan is interest free.

27
Controlling party

The controlling party is considered to be Mr P K Gupta by virtue of his shareholding.

MARBLE HOLDINGS UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
28
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,918,987
9,117,248
Adjustments for:
Taxation charged
1,766,282
6,178,119
Finance costs
250,472
110,712
Investment income
(833,907)
(470,773)
Gain on disposal of tangible fixed assets
(3,894)
-
Amortisation and impairment of intangible assets
13,990
3,269,092
Depreciation and impairment of tangible fixed assets
47,930
24,348
Movements in working capital:
Decrease/(increase) in stocks
37,031
(123,849)
Decrease/(increase) in debtors
13,218,314
(15,127,099)
(Decrease)/increase in creditors
(4,171,035)
3,277,995
Cash generated from operations
13,244,170
6,255,793
29
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
8,618,769
6,377,231
14,996,000
30
Auditor's liability limitation agreement

The auditors liability is limited by agreement to £200,000.

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