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REGISTERED NUMBER: 08884838 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Decoy Farm Power Limited

| Decoy Farm Power Limited (Registered number: 08884838) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Report of the Directors | 2 |

| Report of the Independent Auditors | 4 |

| Income Statement | 7 |

| Statement of Financial Position | 8 |

| Statement of Changes in Equity | 9 |

| Notes to the Financial Statements | 10 |

| Decoy Farm Power Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | E W Bastow

| H Miles

| N Clements

| SECRETARY: | H Miles

| REGISTERED OFFICE: | C/O Material Change Ltd, The Amphenol

| Building, 46-50 Rurtherford Drive

| Park Farm Industrial Estate

| Wellingborough

| Northamptonshire

| NN8 6AX

| REGISTERED NUMBER: | 08884838 (England and Wales)

| AUDITORS: | Hardcastle Burton LLP

| Lake House

| Market Hill

| Royston

| Hertfordshire

| SG8 9JN

| Decoy Farm Power Limited (Registered number: 08884838) |

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an anaerobic digestion plant.

DIRECTORS

E W Bastow has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

H Miles - appointed 25 July 2024

J P Samworth - resigned 25 July 2024

H Unwin - resigned 25 July 2024

N Clements - appointed 25 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Pursuant to Section 487 of the Companies Act 2006, Hardcastle Burton LLP will be deemed reappointed as auditor until the conclusion of the next Annual General Meeting.

| Decoy Farm Power Limited (Registered number: 08884838) |

Report of the Directors

for the Year Ended 31 December 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

E W Bastow - Director

31 March 2026

Report of the Independent Auditors to the Members of

Decoy Farm Power Limited

Opinion

We have audited the financial statements of Decoy Farm Power Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Decoy Farm Power Limited

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 identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Report of the Independent Auditors to the Members of

Decoy Farm Power Limited

Auditors' 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 a Report of the Auditors 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 approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions that the company operates.

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to the environment and occupational health and safety.

We obtained an understanding to how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and any correspondence received from regulatory bodies.

We assessed the susceptivity of the company's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand the systems and controls of the company.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

31 March 2026

| Decoy Farm Power Limited (Registered number: 08884838) |

Income Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| as restated |

| Notes | £ | £ |

TURNOVER | 5,782,139 |  | 5,301,409 |  |

Cost of sales | 3,715,640 |  | 3,573,266 |  |

GROSS PROFIT | 2,066,499 |  | 1,728,143 |  |

Administrative expenses | 1,243,999 |  | 1,039,744 |  |

OPERATING PROFIT | 822,500 |  | 688,399 |  |

Feedstock loss | 4 | - |  | 325,757 |  |

822,500 |  | 362,642 |  |

Interest payable and similar expenses | 496,392 |  | 461,796 |  |

PROFIT/(LOSS) BEFORE TAXATION | 326,108 |  | (99,154 | ) |

Tax on profit/(loss) | 5 | - |  | - |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 326,108 |  | (99,154 | ) |

| Decoy Farm Power Limited (Registered number: 08884838) |

Statement of Financial Position

31 December 2024

| 31.12.24 | 31.12.23 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 7 | 3,006,370 |  | 3,082,928 |  |

CURRENT ASSETS

Stocks | 8 | 2,838,366 |  | 2,065,811 |  |

Debtors | 9 | 1,101,833 |  | 926,427 |  |

Cash at bank | 488,336 |  | 298,045 |  |

4,428,535 |  | 3,290,283 |  |

CREDITORS

Amounts falling due within one year | 10 | 2,214,691 |  | 1,811,015 |  |

NET CURRENT ASSETS | 2,213,844 |  | 1,479,268 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,220,214 |  | 4,562,196 |  |

CREDITORS

Amounts falling due after more than one year | 11 | (6,276,384 | ) | (5,951,571 | ) |

PROVISIONS FOR LIABILITIES | 14 | (157,885 | ) | (150,787 | ) |

NET LIABILITIES | (1,214,055 | ) | (1,540,162 | ) |

CAPITAL AND RESERVES

Called up share capital | 15 | 2 |  | 2 |  |

Retained earnings | 16 | (1,214,057 | ) | (1,540,164 | ) |

SHAREHOLDERS' FUNDS | (1,214,055 | ) | (1,540,162 | ) |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2026 and were signed on its behalf by:

E W Bastow - Director

| Decoy Farm Power Limited (Registered number: 08884838) |

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 2 |  | (1,389,031 | ) | (1,389,029 | ) |

Prior year adjustment | - |  | (51,979 | ) | (51,979 | ) |

As restated | 2 |  | (1,441,010 | ) | (1,441,008 | ) |

Changes in equity

Total comprehensive income | - |  | 26,499 |  | 26,499 |  |

Balance at 31 December 2023 | 2 |  | (1,414,511 | ) | (1,414,509 | ) |

Prior year adjustment | - |  | (125,653 | ) | (125,653 | ) |

As restated | 2 |  | (1,540,164 | ) | (1,540,162 | ) |

Changes in equity

Total comprehensive income | - |  | 326,108 |  | 326,108 |  |

Balance at 31 December 2024 | 2 |  | (1,214,056 | ) | (1,214,054 | ) |

| Decoy Farm Power Limited (Registered number: 08884838) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Decoy Farm Power Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The principal place of business is Decoy Farm, Spalding Road, Crowland, Lincolnshire, PE6 0LX.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The financial statements have been prepared on the going concern basis. The directors note that there are net liabilities of £1,214,055 (2023 as restated: £1,540,162) as at the year end, due to a significant intercompany creditor owed to MC Asset Co Ltd. The directors do not expect MC Asset Co Ltd to demand repayment of the intercompany creditor within 12 months of the balance sheet date.

| In assessing the appropriateness of this basis, the directors have reviewed the cash flow forecasts of the company and the group headed by Biotic NRG Limited. These forecasts indicate that the company will have sufficient working capital to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements.

| The directors have also taken into account a letter of support provided by the parent company, Biotic NRG Limited, which confirms that it will provide additional financial support to the Group, if necessary, to enable it to settle its liabilities as they fall due for the period up to at least 30 April 2027.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. A provision for feedstock losses due to wastage is recognised based on an estimated percentage of the weight of feedstock used. During the year it was identified that the wastage allowance was not sufficient to cover actual losses incurred post year end. The wastage allowance has therefore increased.

| The estimated amounts are as follows: - Maize 14.96% (2023: 16.81%) - Rye 12.5% (2023: 5%) - Grass 12.5% (2023: 5%).

| Wastage allowance is recognised on consumption.

| As part of the measurement and recognition of assets and liabilities in the period, the Company has recognised a provision for decommissioning obligations associated with the anaerobic digestion plant. In determining the present value of the provision, assumptions and estimates are made in relation to the discount rates, the expected cost to dismantle and remove the plant from the site and the expected timing of these costs, and this data is compared to industry available data. The carrying amount of the provision as at 31 December 2024 was £157,885 (2023: £150,787). The discount rate applied was 4.7%.

| Decoy Farm Power Limited (Registered number: 08884838) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover represents sales of electricity units generated, and the value of Renewable Heat Incentives which are recognised upon generation of the electricity.

| Government schemes including the Non-Domestic Renewable Heat Incentive and Feed-in Tariff are received as part of the company's principal activity of producing renewable energy. This is recognised as turnover when there is reasonable assurance that the conditions have been met and the income will be received.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

| Plant and machinery - 20% on a reducing balance basis

| AD Plant - over its estimated useful life to coincide with the expiration of the Ofgem accreditation which ends on 31 January 2036. Costs associated with the AD plant are therefore depreciated on a straight-line basis to 31 January 2036.

| Decommission provision - in accordance with the lease term with a full year charged in the year of capitalisation.

| Engine services - over expected usage

| The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

| Stocks

| Stock includes feedstock used in the company to generate energy, and spare parts held for the machinery on site. Stocks are valued at the lower of cost and net realisable value.

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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.

| Basic financial assets

| Basic financial assets, which include debtors, 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.

| Basic financial liabilities

| Basic financial liabilities, including creditors and loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| 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.

| Decoy Farm Power Limited (Registered number: 08884838) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Decommissioning provision

| Costs associated with decommissioning the site at the end of the lease term is capitalised in Plant and Machinery at the point where the expected costs can be estimated reliably. The net present value of the expected costs at the end of the lease are included as a provision.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2023 - NIL).

4. | EXCEPTIONAL ITEMS

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Feedstock loss | - |  | (325,757 | ) |

| Decoy Farm Power Limited (Registered number: 08884838) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

| As indicated in note 2 the company applies a wastage allowance against feedstock that represents loss of feedstock due to environmental circumstances. In the prior year, following an audit of the clamps, it transpired that the wastage allowance was insufficient. As a result, an impairment loss of £325,757 against feedstock was recognised. This amount does not include adjustments to the current year wastage allowance which is not considered to be an exceptional item.

5. | TAXATION

| No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023. At 31 December 2024 there were losses carried forward of approximately £8.7m (2023: £8.7m) to utilise against future taxable profits.

| At 31 December 2024 the company has deficits on non-trading loan relationships of £2,428 (2023: £2,428) to carry forward.

6. | PRIOR YEAR ADJUSTMENT

| A prior year adjustment of £61,244 has been made to the comparative figures to increase the feedstock wastage allowance, decreasing stock and decreasing profit. This decreased opening retained earnings for 31 December 2024 as shown in the statement of income and retained earnings.

| A prior year adjustment has been made to include a provision for decommissioning the AD plant at the end of the current lease in accordance with the requirements in the lease agreements. As a result, the following adjustments have been made to the comparative figures:

| - Plant and machinery net book value increased by £86,377

| - Retained earnings decreased by £64,409

| - Provisions increased by £150,787

| The overall effect of prior year adjustments was to decrease opening retained earnings for the period ended 31 December 2024 by £125,653.

7. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

£ |

| COST OR VALUATION

| At 1 January 2024 | 5,031,672 |  |

| Additions | 243,793 |  |

| At 31 December 2024 | 5,275,465 |  |

| DEPRECIATION

| At 1 January 2024 | 1,948,744 |  |

| Charge for year | 320,351 |  |

| At 31 December 2024 | 2,269,095 |  |

| NET BOOK VALUE

| At 31 December 2024 | 3,006,370 |  |

| At 31 December 2023 | 3,082,928 |  |

| Decoy Farm Power Limited (Registered number: 08884838) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | TANGIBLE FIXED ASSETS - continued

| The company's AD plant and equipment were impaired to a value of £4m by the directors on the acquisition of the company from its former owners on 21 December 2017. This impairment review was in line with funding models and loans made available to the company.

| Plant and machinery includes a decommissioning provision (see note 14) with a net book value of £80,726 (2023: £86,377).

| Cost or valuation at 31 December 2024 is represented by:

| Plant and

| machinery

£ |

| Valuation in 2018 | (6,829,079 | ) |

| Cost | 12,104,544 |  |

5,275,465 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

£ |

| COST OR VALUATION

| At 1 January 2024

| and 31 December 2024 | 93,431 |  |

| DEPRECIATION

| At 1 January 2024 | 27,406 |  |

| Charge for year | 13,205 |  |

| At 31 December 2024 | 40,611 |  |

| NET BOOK VALUE

| At 31 December 2024 | 52,820 |  |

| At 31 December 2023 | 66,025 |  |

8. | STOCKS

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Stocks | 2,838,366 |  | 2,065,811 |  |

9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Trade debtors | - |  | 1,948 |  |

| Other debtors | 2 |  | 120,002 |  |

| Prepayments and accrued income | 1,101,831 |  | 804,477 |  |

1,101,833 |  | 926,427 |  |

| Decoy Farm Power Limited (Registered number: 08884838) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Hire purchase contracts (see note 12) | 13,068 |  | 25,608 |  |

| Trade creditors | 79,752 |  | 1,648,895 |  |

| Amounts owed to group undertakings | 1,846,594 |  | 4,156 |  |

| VAT | 134,052 |  | 17,794 |  |

| Accruals and deferred income | 141,225 |  | 114,562 |  |

2,214,691 |  | 1,811,015 |  |

11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Hire purchase contracts (see note 12) | - |  | 13,068 |  |

| Amounts owed to group undertakings | 6,276,384 |  | 5,938,503 |  |

6,276,384 |  | 5,951,571 |  |

12. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.12.24 |  | 31.12.23 |

| as restated |

£ | £ |

| Net obligations repayable:

| Within one year | 13,068 |  | 25,608 |  |

| Between one and five years | - |  | 13,068 |  |

13,068 |  | 38,676 |  |

| Non-cancellable |

| operating leases |

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Within one year | 145,004 |  | 145,004 |  |

| Between one and five years | 580,016 |  | 580,016 |  |

| In more than five years | 1,450,039 |  | 1,595,043 |  |

2,175,059 |  | 2,320,063 |  |

| Decoy Farm Power Limited (Registered number: 08884838) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

13. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Owed to group undertakings | - |  | 5,938,503 |  |

| The amounts due to group undertakings relate to 8% loan notes due for repayment on 30 June 2028. The loan notes are secured by way of a fixed and floating charge over the assets of the company. This charge was satisfied on 24 September 2024.

| An unlimited guarantee has been given to Barclays Bank Plc by MC Asset Co Limited, Bay Farm Power Limited, Decoy Farm Power Limited, Euston Biogas Limited, Helmdon Blackpits Power Limited, Material Change Composting Limited and Oak Grove Renewable Energy Limited dated 30 January 2020.

| An unlimited guarantee has been given to Barclays Bank Plc by AD Aggregator Platform Limited, MC Asset Co Limited, Bay Farm Power Limited, Decoy Farm Power Limited, Euston Biogas Limited, Helmdon Blackpits Power Limited, Material Change Composting Limited, Material Change Limited, Oak Grove Renewable Energy Limited and Pedersen Contracting Services Limited dated 21 November 2024.

14. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Other provisions

| Decommissioning provision | 157,885 |  | 150,787 |  |

| Other |

| provisions |

£ |

| Balance at 1 January 2024 | 150,787 |  |

| Unwinding of discounted amount | 7,098 |  |

| Balance at 31 December 2024 | 157,885 |  |

| A provision has been recognised for reinstatement costs for the Company to return the land to its original state at the end of the lease term. The present value of these reinstatement costs are £157,885 and will be unwound annually at an agreed rate of 4.7% over the remaining lease term to 2040.

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: |  | as restated |

£ | £ |

| 90 | Ordinary | 0.01 | 1 |  | 1 |  |

| 1 | Ordinary | 1 | 1 |  | 1 |  |

2 |  | 2 |  |

| All shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

| Decoy Farm Power Limited (Registered number: 08884838) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

16. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | (1,414,512 | ) |

| Prior year adjustment | (125,653 | ) |

(1,540,165 | ) |

| Profit for the year | 326,108 |  |

| At 31 December 2024 | (1,214,057 | ) |

17. | CAPITAL COMMITMENTS

| 31.12.24 |  | 31.12.23

| as restated |

£ | £ |

| Contracted but not provided for in the

| financial statements | 462,289 |  | - |  |

18. | OTHER FINANCIAL COMMITMENTS

|  | 31.12.24 |  |  | 31.12.23 |  |

| £ |  |  | £ |  |

| Within one year |  | - |  |  | 571,548 |  |

| Between one and five years |  | - |  |  | 1,568,121 |  |

|  | - |  |  | 2,139,669 |  |

| Under operator management fee arrangements, the company is committed to paying operator, management and service fees until 21 December 2027. After the year end variation agreements were produced, waiving these obligations in full.

19. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is MC Asset Co Limited.

| During the year ended 31 December 2023 the ultimate parent company was AD Aggregator Platform Limited, a company incorporated in England and Wales. During this time, the ultimate controlling party was the Natwest Pension fund.

| On 25 July 2024, the ultimate controlling parent company became BioticNRG 1 LP, based in Guernsey. BioticNRG 1 LP is also considered the ultimate controlling party.

| The smallest and largest group of undertakings for which group accounts have been drawn up is that headed by BioticNRG Limited.