Company registration number 03861722 (England and Wales)
LAKESIDE ENERGY FROM WASTE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
LAKESIDE ENERGY FROM WASTE LIMITED
COMPANY INFORMATION
Directors
D W Benjafield
N N Grundon
N S Grundon
R Skehens
P Dorel
P Eyre
J Haynes
Secretary
C Sullivan-Webb
Company number
03861722
Registered office
Thames House
Oxford Road
Benson
Wallingford
Oxfordshire
OX10 6LX
Auditor
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
Business address
Lakeside Road
Colnbrook
Berkshire
SL3 0FE
LAKESIDE ENERGY FROM WASTE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
Detailed profit and loss account
LAKESIDE ENERGY FROM WASTE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the ir strategic report and financial statements for the year ended 30 September 2025.

Review of the business

The principal activity of the company continued to be that of waste incineration, recycling and energy generation.

The company’s primary financial and non-financial key performance indicators are as follows:

| 2025 | 2024 | Movement
Turnover | £70.01m | £123.40m | -43.27%
Profit before taxation | £39.89m | £64.88m | -38.52%
Waste inputs (design 411k Tonnes) | 417k Tonnes | 408k Tonnes | 2.21%
Power exported (design 247k MWh) | 281MWh | 258k MWh | 8.91%
Employee numbers | 47 | 47 |

With no repeat of the very high export power prices received in the previous year, it was projected that both turnover and profit would reduce in the year and this proved to be the case. From an operational perspective, the business performed well and was very close to target for the year with plant availability and energy generation well ahead of budget. With no planned outage expected or incurred in the year, the profit before tax was the second highest since commissioning the plant, only exceeded by the 2024 performance.

Due to the power prices falling below the minimum required to trigger the Electricity Generator Levy (EGL), there were no such charges during the year, nor are they expected in the coming year.

The Government previously announced that the EFW industry will be included in an Emissions Trading Scheme (ETS) from 2028, and this will include the Lakeside facility. The purpose of the scheme is to reduce carbon emissions by encouraging the recovery of residual waste and driving investment in carbon capture technologies. The details of how the scheme and charges will be implemented have still not been finalised, but it is expected that any additional cost associated with the ETS will be passed on to customers through increased gate fees. Lakeside has now installed Carbon14 monitors to record the fossil fuel/biomass fractions contained within the emissions and this information is to be shared as part of the industry collaboration with the regulators.

During the year, Lakeside completed the £1.6m installation of a new SNCR system to ensure that emissions from the plant remained well below the new EA limit for NO x which was reduced from 200mg/m 3 to 180mg/m 3. As part of this installation, Lakeside switched from using ammonia to liquid urea, this has the benefit of working at higher furnace temperatures, being safer for operators and being more readily available.

Due to the sustained performance of the plant and good cash generation within the business, all scheduled finance repayments were met on time, and reserve account balances maintained as required. The total early repayment of senior debt made under a cash sweep arrangement remained at £21m, this has reduced the senior debt term by two years as required and no further mandatory cash sweeps are required or forecast.

The company maintained the accreditation to standards ISO9001, ISO14001, ISO45001, ISO22301 and ISO50001 throughout the year. There were no Lost Time Accidents in the year. All waste is used in the production of energy and all by-products are recycled which was the ninth full year of 100% recycling of all Ash residues and zero to landfill.

LAKESIDE ENERGY FROM WASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Principal risks and uncertainties

The activities of the company generate risk factors that are both internal and external, the principal risks and uncertainties are outlined below:

Commercial risks

Business continuity – The key factor affecting the financial performance of the company is the number of hours that the plant is operational throughout the year. There is a comprehensive maintenance programme in place which includes pre-planned shutdowns where essential and preventative maintenance is conducted and regular meetings with operational staff to discuss improvements and enhancements to the performance and reliability of the plant. Factors which could adversely impact on the business are addressed and regularly reviewed as part of the management system which is accredited to ISO22301.

Waste Supply (Fuel) - All the waste inputs up to the design capacity are fully contracted on long term agreements to Local Authority contractors or to the Shareholders. All contracts are on a take or pay basis resulting in guaranteed income, subject to the plant being available. Additional capacity made available because of good reliability is taken up by existing customers and it is not necessary to go out to the market to source supply.

Electricity prices - the company's results are sensitive to electricity prices which are volatile, being influenced by shifts in world supply and demand of gas and oil along with the general economic and political climate. Until August 2013 the company benefitted from a Non Fossil Fuel Obligation (NFFO) contract. Since then, the company has sold its energy on the open market on fixed term contracts of between 6 months and 1 year and regularly achieves a rate in excess of the market average.

Regulatory risks

Environmental risk – the company’s operations are tightly controlled by UK and EU environmental regulations, and it operates under a permit issued by the Environment Agency. Failure to comply with the permit conditions could mean that the plant would have to stop operating. To mitigate this risk, the company has systems and personnel in place to monitor the performance against the conditions of the permit. In addition, an externally accredited environmental management system is in place to the ISO14001 standard.

Health and Safety risk – due to the nature of the processes and equipment operated, the company has a significant level of health and safety risk. To mitigate this risk, the company employs a dedicated EHS Manager whose role is to monitor and improve performance and promote health and safety awareness through training, employee engagement and the distribution of information. The company’s health and safety management system are externally audited and accredited to the ISO45001 standard.

Financial risk

Liquidity risk - The company's exposure to liquidity and cash flow risk is managed by the production of regular operational forecasts which are updated monthly and the construction of a long term detailed financial model to ensure that sufficient funds will be available for the project throughout its lifespan. Cash is held in reserve accounts to ensure funds are available for planned items of major capital expenditure and to service the senior debt in the event of an interruption to business. The company continues to generate sufficient cash to service its loan commitments.

LAKESIDE ENERGY FROM WASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
Section 172 Statement

The directors are aware of their duty under section 172 of the Companies Act 2006 to act in a way which they consider in good faith, would be most likely to promote the success of the Company for the benefit of the members as a whole and, in doing so, have regard to the matters set out in section 172(1) (a) - (f). Examples of how the Board approaches its decision making, in light of its obligations under section 172, and ensuring wider stakeholder engagement, are set out below.

S172(1)(a) The likely consequences of any decision in the long term

Our strategic objectives are to: provide a safe and healthy workplace, generate a return for the shareholders and look to continuously improve the operation of the site through improved reliability and energy efficiency. Our strategic objectives are monitored through the Improvement Programme with the aim of continuously improving in a sustainable way. In approving these strategic objectives, we also consider a host of external factors, such as the evolving economic and market conditions.

S172(1)(b) The interests of the Company’s employees

The company is committed to being a responsible business and is focused on employee engagement and communication, promoting a diverse and inclusive workforce and the continued development of people in a safe working environment.

S172(1)(c) The need to foster the company’s business relationships with suppliers, customers and others

We demonstrate continued commitment to delivering quality of service, value for money and satisfaction to our customers. We continue to foster key strategic and commercial relationships with our supply chain partners, with a focus on quality and sustainability, and focused delivery across the entire supply chain. We have open dialogue and transparent engagement with our regulatory bodies, policy makers and other stakeholders who shape our social contract.

S172(1)(d) The impact of the Company’s operations on the community and the environment

We are committed to providing educational programmes and community sponsorships and engaging in charity support initiatives around the local area. We maintain a proactive and positive relationship with our key environmental regulators

S172(1)(e) The desirability of the company maintaining a reputation for high standards of business conduct

We ensure a transparent approach to conducting business in a responsible manner, with a focus on maintaining good governance. The codes of conduct and policies are regularly updated to ensure the highest of standards are adhered to.

S172(1)(f) The need to act fairly as between members of the company

For the year under review we remain a joint venture company owned on an equal basis by Grundon Waste Management Ltd and Viridor Energy Ltd. Both shareholders have representation on the board of directors along with an independent Chairman and meet on a quarterly basis, with all contributing to decisions made at board level. Monthly operational reports are submitted to both shareholders and relevant decisions of the board are also relayed to employees through regular staff briefings.

By order of the board

C Sullivan-Webb
Secretary
13 January 2026
LAKESIDE ENERGY FROM WASTE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -

The directors present their report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company continued to be that of generating power from waste disposal.

Results and dividends

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

Ordinary dividends were paid amounting to £30,000,000. The directors do not recommend payment of a final dividend.

Directors

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

D W Benjafield
N N Grundon
N S Grundon
R Skehens
P Dorel
P Eyre
J Haynes
Future developments

In January 2025, the Government announced renewed support for the expansion of Heathrow Airport and this was later confirmed as the previously proposed Northwest Runway extension. Lakeside has continued dialogue with Heathrow Airport since the project was previously put on hold and will continue to do so. The expected timeframe until this runway could be operational is at least ten years and Lakeside is currently operating business as usual until such time that there is more clarity or until the uncertainty begins to significantly impact upon the business. The company has for many years been considering the addition of a third processing line, increasing both waste throughput and electricity generation, but until the Heathrow position has been finalised, this remains on hold.

The company constructed an EV charging hub adjacent to the site which became fully operational in 2025. The charging station currently provides superchargers at 360 kW and is capable of charging ten vehicles at any one time, as a result of high demand and usage, it is planned to expand this facility by a further 6 chargers in 2026.

The directors and senior management team keep under constant review opportunities and new technologies which can be adopted by the company. Those that have a positive impact on the wellbeing of employees, provide benefits to stakeholders and are financially and operationally viable will be fully investigated and adopted where possible.

Auditor

The auditors, Kirk Rice LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

LAKESIDE ENERGY FROM WASTE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -
Energy and carbon report
2025
2024
Energy consumption
TCO2e
TCO2e
Aggregate of energy consumption in the year
- Gas combustion
45
48
- Electricity purchased
120
13
165
61
2025
2024
Emissions of CO2 equivalent
Metric Tonnes
Metric Tonnes
Scope 1 - direct emissions
Emission from activities for which the company own or control including
433,043
375,391
combustion of fuels & operation of facilities (Scope 1) / tCO2e
Scope 2 - indirect emissions
Emissions from purchase of electricity, heat, steam and cooling purchased
164
61
for own use (Scope 2) /tCO2e
Total gross emissions
433,207
375,452
Intensity ratio
Tonnes CO2e per employee
9,217
7,822
Generation of energy

|  |  |  |  |  |  | 202 5 | 202 4
|  |  |  |  |  |  | M etric T onnes | M etric T onnes

Waste incinerated |  |  |  |  | 4 16,701 | 40 7,985
|  |  |  |  |  |  | ═════ | ═════
|  |  |  |  |  |  | 202 5 | 202 4
|  |  |  |  |  |  | M Wh | M Wh
Self supplied electricity |  |  |  |  | 3 0,552 | 33,376
|  |  |  |  |  |  | ═════ | ═════
|  |  |  |  |  |  | 202 5 | 202 4
Energy generation |  |  |  |  | MWh | MWh
Aggregate of energy generation in the year |  |  |
Generation |  |  |  |  |  | 311,948 | 2 91,396
Solar generated |  |  |  |  |  | 170 | 2 05
|  |  |  |  |  |  | ────── | ──────
|  |  |  |  |  |  | 312,118 | 2 91,601
|  |  |  |  |  |  | ═════ | ═════
|  |  |  |  |  |  | 202 5 | 202 4
|  |  |  |  |  |  | M etric T onnes | M etric T onnes
Carbon benefit |  |  |  |  |  | 55,245 | 60,376
|  |  |  |  |  |  | ═════ | ═════

LAKESIDE ENERGY FROM WASTE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.

Measures taken to improve energy efficiency

Lakeside has maintained its accreditation to the Energy Management Standard - ISO50001. In addition, during the year, the opportunity arose to replace the ID Fan Inverters with a more energy efficient version, this is forecast to reduce the parasitic load by 372MWh per annum and reduce Scope 1 CO2 emissions by 72 Tonnes. Further work is being undertaken on the condensate pump inverters which should also produce future savings in energy and CO2 emissions.

Statement of directors' responsibilities

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

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

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

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

By order of the board
C Sullivan-Webb
D W Benjafield
Secretary
Director
13 January 2026
LAKESIDE ENERGY FROM WASTE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAKESIDE ENERGY FROM WASTE LIMITED
- 7 -
Opinion

We have audited the financial statements of Lakeside Energy From Waste Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

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

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

LAKESIDE ENERGY FROM WASTE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAKESIDE ENERGY FROM WASTE LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit approach was developed by obtaining an understanding of the company’s activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control of the environment. Based on this understanding we assessed those aspects of the company’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, FRS102, tax compliance regulations, legislation enforced by the Environment Agency and Health and Safety regulations.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations, omission or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the company financial statements. Our tests included, but were not limited to:

- Agreement of the financial statements disclosures to underlying supporting documentation;

- Reviews of tax computations and returns;

- Enquiries of management and compliance personnel;

- Reviews of correspondence and compliance reports issued by regulatory bodies ; and

- Considering the effectiveness of control environment in monitoring compliance with laws and regulations.

LAKESIDE ENERGY FROM WASTE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAKESIDE ENERGY FROM WASTE LIMITED (CONTINUED)
- 9 -

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Beet (Senior Statutory Auditor)
For and on behalf of Kirk Rice LLP, Statutory Auditor
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
13 January 2026
LAKESIDE ENERGY FROM WASTE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
2025
2024
Notes
£
£
Revenue
3
70,008,858
123,398,839
Cost of sales
(19,070,688)
(47,724,832)
Gross profit
50,938,170
75,674,007
Administrative expenses
(8,027,141)
(7,726,898)
Other operating income
62,550
249,640
Operating profit
4
42,973,579
68,196,749
Investment income
8
273,244
711,996
Finance costs
9
(3,358,624)
(4,032,229)
Profit before taxation
39,888,199
64,876,516
Tax on profit
10
(10,265,363)
(21,610,347)
Profit for the financial year
29,622,836
43,266,169

The income statement has been prepared on the basis that all operations are continuing operations.

LAKESIDE ENERGY FROM WASTE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2025
30 September 2025
- 11 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
69,241,886
72,062,009
Current assets
Trade and other receivables
13
7,615,739
8,101,648
Cash and cash equivalents
23,230,626
35,077,070
30,846,365
43,178,718
Current liabilities
14
(13,379,409)
(17,558,802)
Net current assets
17,466,956
25,619,916
Total assets less current liabilities
86,708,842
97,681,925
Non-current liabilities
15
(25,747,679)
(35,607,167)
Provisions for liabilities
Provisions
17
3,000,000
3,000,000
Deferred tax liability
18
12,299,332
13,035,763
(15,299,332)
(16,035,763)
Net assets
45,661,831
46,038,995
Equity
Called up share capital
20
2,000,000
2,000,000
Retained earnings
43,661,831
44,038,995
Total equity
45,661,831
46,038,995
The financial statements were approved by the board of directors and authorised for issue on 13 January 2026 and are signed on its behalf by:
D W Benjafield
Director
Company registration number 03861722 (England and Wales)
LAKESIDE ENERGY FROM WASTE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 October 2023
2,000,000
34,772,826
36,772,826
Year ended 30 September 2024:
Profit and total comprehensive income
-
43,266,169
43,266,169
Dividends
11
-
(34,000,000)
(34,000,000)
Balance at 30 September 2024
2,000,000
44,038,995
46,038,995
Year ended 30 September 2025:
Profit and total comprehensive income
-
29,622,836
29,622,836
Dividends
11
-
(30,000,000)
(30,000,000)
Balance at 30 September 2025
2,000,000
43,661,831
45,661,831
LAKESIDE ENERGY FROM WASTE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
45,818,413
77,670,038
Interest paid
(3,358,624)
(4,032,229)
Income taxes paid
(10,602,180)
(21,690,986)
Net cash inflow from operating activities
31,857,609
51,946,823
Investing activities
Purchase of property, plant and equipment
(4,794,971)
(5,059,026)
Proceeds from disposal of property, plant and equipment
-
0
13,550
Interest received
273,244
711,996
Net cash used in investing activities
(4,521,727)
(4,333,480)
Financing activities
Repayment of borrowings
(1,285,526)
(1,197,043)
Repayment of bank loans
(7,896,800)
(7,353,264)
Dividends paid
(30,000,000)
(34,000,000)
Net cash used in financing activities
(39,182,326)
(42,550,307)
Net (decrease)/increase in cash and cash equivalents
(11,846,444)
5,063,036
Cash and cash equivalents at beginning of year
35,077,070
30,014,034
Cash and cash equivalents at end of year
23,230,626
35,077,070
LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
1
Accounting policies
Company information

Lakeside Energy From Waste Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thames House, Oxford Road, Benson, Wallingford, Oxfordshire, OX10 6LX. The principal place of business is Lakeside Road, Colnbrook, Berkshire, SL3 0FE.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Revenue

Revenue represents the value of consideration receivable, excluding value added tax, in the ordinary course of business for services provided.

Revenue arising from the handling and disposal of waste is recognised on receipt of the waste by the company.

Revenue arising on generation of electricity is recognised as the energy is generated.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Land and buildings Leasehold
straight line up to 24 years
Plant and machinery
8-23 years straight line
Fixtures, fittings & equipment
5 years straight line
Motor vehicles
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Financial instruments

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.7
Equity instruments

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

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Retirement benefits

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

1.11
Leases
As lessee

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

LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and note 1.4 for the useful economic lives for each class of assets.

Decommissioning provision

The company has recognised a provision for the costs of decommissioning its plant. There is inherent judgement and uncertainty in determining the costs associated with resorting and maintaining the site. Management relies upon market data and professional advice from qualified surveyors in estimating the provision. Given the long-term nature of the obligation, the provision is subject to significant estimation uncertainty, including assumptions about timing, future cost escalation, and regulatory requirements. See note 17 for the carrying amount of the provision.

3
Revenue

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

2025
2024
£
£
Revenue analysed by class of business
Waste disposal
48,920,164
47,728,755
Electricity generation
20,644,768
74,844,073
Other sales
443,926
826,011
70,008,858
123,398,839
LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3
Revenue
(Continued)
- 18 -
2025
2024
£
£
Other revenue
Interest income
273,244
711,996
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
-
0
1,535
Depreciation of property, plant and equipment
7,615,094
7,402,864
Profit on disposal of property, plant and equipment
-
(13,550)
Operating lease charges
1,524,784
1,524,784
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 company
22,500
19,150
For other services
All other non-audit services
13,520
16,350
6
Employees

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

2025
2024
Number
Number
Management & administration
5
7
Operations
42
40
Total
47
47

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,321,517
4,787,081
Social security costs
457,853
525,779
Pension costs
167,611
131,096
4,032,993
5,443,956
LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
7
Directors' remuneration

Directors' remuneration is borne by fellow group undertakings. Further details of transactions with directors are provided in note 47.

8
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
273,038
711,996
Other interest income
206
-
0
Total income
273,244
711,996
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
273,038
711,996
9
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,047,943
2,532,661
Interest payable to group undertakings
1,310,681
1,499,568
3,358,624
4,032,229
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
11,001,794
22,034,380
Deferred tax
Origination and reversal of timing differences
(736,431)
(424,033)
Total tax charge
10,265,363
21,610,347
LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
10
Taxation
(Continued)
- 20 -

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
39,888,199
64,876,516
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
9,972,050
16,219,129
Tax effect of expenses that are not deductible in determining taxable profit
1,877,523
6,932,012
Permanent capital allowances in excess of depreciation
(847,779)
(1,116,761)
Temporary timing differences
(736,431)
(424,033)
Taxation charge for the year
10,265,363
21,610,347
11
Dividends
2025
2024
£
£
Interim paid
30,000,000
34,000,000
12
Property, plant and equipment
Land and buildings Leasehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2024
24,276,911
1,118,237
155,883,586
1,245,722
52,990
182,577,446
Additions
-
0
2,756,749
2,038,222
-
0
-
0
4,794,971
Disposals
-
0
-
0
(536,000)
-
0
-
0
(536,000)
Transfers
-
0
(3,874,986)
2,330,110
1,544,876
-
0
-
0
At 30 September 2025
24,276,911
-
0
159,715,918
2,790,598
52,990
186,836,417
Depreciation and impairment
At 1 October 2024
15,016,205
-
0
94,237,584
1,245,722
15,926
110,515,437
Depreciation charged in the year
1,040,979
-
0
6,460,081
103,436
10,598
7,615,094
Eliminated in respect of disposals
-
0
-
0
(536,000)
-
0
-
0
(536,000)
At 30 September 2025
16,057,184
-
0
100,161,665
1,349,158
26,524
117,594,531
LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
12
Property, plant and equipment
Land and buildings Leasehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
(Continued)
- 21 -
Carrying amount
At 30 September 2025
8,219,727
-
0
59,554,253
1,441,440
26,466
69,241,886
At 30 September 2024
9,260,706
1,118,237
61,646,002
-
0
37,064
72,062,009
13
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
4,233,786
2,696,576
Other receivables
-
0
2,128,211
Prepayments and accrued income
3,381,953
3,276,861
7,615,739
8,101,648

At the year end, a balance owed by its joint venturers remained outstanding within trade debtors of £2,622,194 (20 24: £1,263,291). The amounts owed are unsecured, do not bear interest and repayable on demand.

14
Current liabilities
2025
2024
Notes
£
£
Bank loans
16
8,479,160
7,896,800
Other borrowings
16
1,380,328
1,285,526
Trade payables
1,615,080
5,077,475
Corporation tax
399,614
553,377
Other taxation and social security
874,801
281,585
Accruals and deferred income
630,426
2,464,039
13,379,409
17,558,802

At the year end, a balance due to its joint venturers remained outstanding in trade creditors of £314,553 (20 24: £194,961). The amounts owed are unsecured, do not bear interest and repayable on demand.

LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
15
Non-current liabilities
2025
2024
Notes
£
£
Bank loans and overdrafts
16
19,199,757
27,678,917
Other borrowings
16
6,547,922
7,928,250
25,747,679
35,607,167
Creditors which fall due after five years are payable as follows:
Payable by instalments
-
1,691,913
16
Borrowings
2025
2024
£
£
Bank loans
27,678,917
35,575,717
Loans from group undertakings
7,928,250
9,213,776
35,607,167
44,789,493
Payable within one year
9,859,488
9,182,326
Payable after one year
25,747,679
35,607,167

The long-term loans are secured by fixed and floating charge s over all the assets of the company and by a fixed charge over the shares of the company.

The bank loan is repayable by quarterly instalments, maturing 2028 and carries interest at 6.1%.

Loans from group undertakings are repayable by quarterly instalments, maturing 2030 and carry interest at 15%.

17
Provisions for liabilities
2025
2024
£
£
Decomissioning provision
3,000,000
3,000,000
Movements on provisions:
Decomissioning provision
£
At 1 October 2024 and 30 September 2025
3,000,000

The decommissioning provision has been established to cover the cost of dismantling and removing the plant and restoring the site on which it is located. The provision is expected to be utilised at the end of the lease in 2033.

LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 23 -
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
13,035,763
13,459,796
Other timing differences
(736,431)
(424,033)
12,299,332
13,035,763
2025
Movements in the year:
£
Liability at 1 October 2024
13,035,763
Credit to profit or loss
(736,431)
Liability at 30 September 2025
12,299,332

£1,469,349 of t he deferred tax set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
167,611
131,096

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

During the year the company contributed £167,611 (202 4: £131,096). There w ere outstanding contributions at the reporting date of £40,765 (202 4: £143,645).

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
21
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company for leasehold land. The lease term expires in 2033.

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

2025
2024
£
£
Within one year
1,524,784
1,524,784
Between two and five years
6,099,136
6,099,136
In over five years
4,574,352
6,099,136
12,198,272
13,723,056
As lessor

O perating lease receipts represent rentals receivable by the company. The lease term expired in December 2024.

2025
2024
£
£
Within one year
-
0
62,500
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of property, plant and equipment
-
896,277
LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 25 -
23
Related party transactions

Grundon Waste Management Limited (GWM) and Viridor Energy Limited (VE) are joint venturers in Lakeside Energy From Waste Holdings Limited (LEFW Holdings), the company's parent undertaking.

The joint venturers have each provided security against the group's bank borrowings in the form of their interest in the shares of LEFW Holdings and committed between them to the supply of a total of two hundred and fifty thousand tonnes of waste per annum to the company following the commissioning of the plant.

During the year the company invoiced the joint venturers £34,311,523 (20 24: £32,693,815) in relation to the disposal of waste and the provision of other services. At the year end £2,622,194 (20 24: £1,263,291) remained outstanding within trade debtors. The amounts owed are unsecured, do not bear interest and repayable on demand.

T he company made purchases from the joint venturers of £4,559,484 (20 24: £4,176,479) relating to the recycling of ash and the provision of other services. At the year end £314,553 (20 24: £194,961) remained outstanding in trade creditors. The amounts owed are unsecured, do not bear interest and repayable on demand.

24
Directors' transactions

During the year, the Company entered into consultancy arrangements with two directors through companies under their control. The total value of these transactions was £10,563 (2024: £6,228). At 30 September 2025, £4,338 (2024: £nil) remained outstanding and payable to one of the director-controlled entities.

25
Ultimate controlling party

The parent company and the smallest and largest group to consolidate these financial statements is Lakeside Energy From Waste Holdings Limited. Copies of the Lakeside Energy From Waste Holdings Limited consolidated financial statements can be obtained from the registered office, which is the same as Lakeside Energy From Waste Limited.

26
Cash generated from operations
2025
2024
£
£
Profit after taxation
29,622,836
43,266,169
Adjustments for:
Taxation charged
10,265,363
21,610,347
Finance costs
3,358,624
4,032,229
Investment income
(273,244)
(711,996)
Gain on disposal of property, plant and equipment
-
(13,550)
Depreciation and impairment of property, plant and equipment
7,615,094
7,402,864
Movements in working capital:
Increase in trade and other receivables
(67,468)
(1,320,288)
(Decrease)/increase in trade and other payables
(4,702,792)
3,404,263
Cash generated from operations
45,818,413
77,670,038
LAKESIDE ENERGY FROM WASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 26 -
27
Analysis of changes in net debt
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
35,077,070
(11,846,444)
23,230,626
Borrowings excluding overdrafts
(44,789,493)
9,182,326
(35,607,167)
(9,712,423)
(2,664,118)
(12,376,541)
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