M T Stone 0 0 1 31 December 2025 25.00 25.00 1371825 0 5 4 1 January 2025 0 Ordinary shares of £0.001 each 17138092 17097987 1184633 538765 7793 37372 1069436 467815 15479 6500 91925 27078 174306 114710 174306 114710 128114 51432 22551 3288 24000 1 1 155456 49432 155456 49432 155456 49432 5 4 Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.Investments in unlisted shares, where market value can be reliably determined, are remeasured at fair value at each balance sheet date with gains and losses on remeasurement recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in subsidiaries are measured at cost less accumulated impairment.Valuation of investments Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.Where they relate to timing differences in respect of interests in subsidiaries, joint ventures and associated undertaking and the can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Tax is recognised in the income statement except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively.The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown as accruals in the Balance sheet. The assets of the scheme are held separately from the Company in independently administered funds.All borrowing costs are recognised in the income statement in the period in which they are incurred.Interest income is recognised using the effective interest rate method when it is probable that the Company will receive the consideration due under the transaction and the amount of the revenue can be measured reliably. Revenue from a contract to provide services is recognised in the period in which services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:the amount of revenue can be measured reliably;it is probable that the Company will receive the consideration due under the transaction;the stage of completion of the contract at the end of the reporting period can be measured reliably; andthe costs incurred or to be incurred in respect of the transaction can be measured reliably.Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end, foreign currency monetary items are translated using the closing rate, non-monetary items measured on a historical cost basis are translated using the exchange rate at the date of the transaction, and non-monetary items measured at fair value in a foreign currency are translated using the rate at the date when the fair value was determined.The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The Directors have considered the Company’s financial position, projected cash flows, and available funding sources in assessing its ability to continue as a going concern.The Company's functional and presentational currency is the Pound Sterling.The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.17138 7610470 8628352 1000744 1371825 1371825 1371825 7256527 1210 2318589 2319799 1210 2318589 2319799 2572895 2572895 2572895 2572895 15888 5169601 4683632 501857 13 March 2026 The Company has opted not to file the Statement of income and retained earnings in accordance with the provisions applicable to companies subject to the small companies regime.The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements The members have not required the Company to obtain an audit in accordance with section 476 of the Companies Act 2006.For the year ending 31 December 2025, the Company was entitled to exemption from audit under section 477 of the Companies Act 2006.1000744 248761 1000744 248761 1000744 248760 183889 787525 9583 672815 1 1 1 This report is made to the board of Directors of Renovare Fuels Limited, as a body, in accordance with the terms of accountants' engagement letter dated . Accountants' work has been undertaken so that the we might compile the financial statements that we have been engaged to compile, report to the Company's board of Directors that we have done so and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Renovare Fuels Limited and its board of Directors, as a body, for accountants' work or for this report.We have not been instructed to carry out an audit of the financial statements of Renovare Fuels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.C/O Mishcon De Reya, Africa House 70 Kingsway London WC2B 6AH 09812770 D M Walker 14-03-2025 M Fishwick D S Clark 31 December 2025 Financial Statements Renovare Fuels Limited Financials UK FRS 102 2026.3.0+76851 248761 7488190 17098 09812770 bus:Director2 2025-12-31 09812770 bus:AuditExemptWithAccountantsReport 2025-01-01 2025-12-31 09812770 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 09812770 bus:OrdinaryShareClass1 2025-12-31 09812770 core:RetainedEarningsAccumulatedLosses 2025-12-31 09812770 core:RetainedEarningsAccumulatedLosses 2024-12-31 09812770 bus:Director2 2025-01-01 2025-12-31 09812770 core:SharePremium 2024-12-31 09812770 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 09812770 core:ShareCapital 2024-12-31 09812770 core:RetainedEarningsAccumulatedLosses 2024-01-01 09812770 bus:Director1 2025-01-01 2025-12-31 09812770 core:ShareCapital 2025-12-31 09812770 bus:Director4 2025-01-01 2025-12-31 09812770 core:CurrentFinancialInstruments 2025-12-31 09812770 core:SharePremium 2024-01-01 2024-12-31 09812770 bus:Director3 2025-01-01 2025-12-31 09812770 bus:RegisteredOffice 2025-01-01 2025-12-31 09812770 core:ShareCapital 2024-01-01 09812770 bus:FullAccounts 2025-01-01 2025-12-31 09812770 curr:PoundSterling 2025-01-01 2025-12-31 09812770 bus:OrdinaryShareClass1 2024-12-31 09812770 core:SharePremium 2024-01-01 09812770 core:SharePremium 2025-12-31 09812770 core:ShareCapital 2024-01-01 2024-12-31 09812770 2025-01-01 09812770 core:CurrentFinancialInstruments 2024-12-31 09812770 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 09812770 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 09812770 core:Non-currentFinancialInstruments 2025-12-31 09812770 1 2025-01-01 2025-12-31 09812770 bus:FRS102 2025-01-01 2025-12-31 09812770 2024-12-31 09812770 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 09812770 2025-12-31 09812770 2024-01-01 2024-12-31 09812770 2025-01-01 2025-12-31 09812770 2024-01-01 xbrli:pure xbrli:pure xbrli:shares xbrli:pure iso4217:GBP iso4217:GBP

Registered number: 09812770 # Renovare Fuels Limited ​​​​​ #### #### Unaudited #### ​​Financial Statements #### Information For Filing With The Registrar #### For the year ended 31 December 2025
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Renovare Fuels Ltd Company information #### ​Director D S Clark M Fishwick (appointed 14-03-2025) M T Stone D M Walker #### Registered number 09812770​ #### Registered office ​​C/O Mishcon De Reya, Africa House​ 70 Kingsway​ ​ London​ ​ WC2B 6AH​
Renovare Fuels Ltd Chartered report to the director on the preparation of the​ ​unaudited statutory financial statements of Renovare Fuels Ltd In order to assist you to fulfil your duties under the Companies Act 2006, we​ have prepared for your approval​​ the financial statements of Renovare Fuels Limited for the year ended 31 December 2025 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm​​ of the Institute of Chartered Accountants in England and Wales, we are​​ subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation​. It is your duty to ensure that Renovare Fuels Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Renovare Fuels Limited. You consider that Renovare Fuels Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit of the financial statements of Renovare Fuels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. #### Use of accountants' report This report is made to the board of Directors​ of Renovare Fuels Limited, as a body​, in accordance with the terms of accountants' engagement letter dated ​. Accountants' work has been undertaken so that the we might compile the financial statements that we have been engaged to compile, report to the Company's board of Directors that we have done so​​ and state those matters that we​​ have agreed to state to them​​​​​ in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we​ do not accept or assume responsibility to anyone other than Renovare Fuels Limited and its board of Directors, as a body, for accountants' work or for this report. Haggards Crowther LLP​ ​Chartered Accountants​ ​2nd floor, Heathmans House​ ​19 Heathmans Road​ ​London ​ ​SW6 4TJ Date: 13th March 2026
Renovare Fuels Ltd Registered number: 09812770​ Balance sheet​ As at 31 December 2025
| Note | 2025 £ | 2024 £
--- | --- | --- | ---
Fixed assets |  |  |
Investments | 5 | 1 | 1
|  | 1 | 1
Current assets |  |  |
Debtors: amounts falling due within one year | 6 | 174,306 | 114,710
Cash at bank and in hand |  | 9,583 | 672,815
|  | 183,889 | 787,525
Creditors: amounts falling due within one year | 7 | (1,184,633) | (538,765)
Net current (liabilities)/assets |  | (1,000,744) | 248,760
Total assets less current liabilities |  | (1,000,744) | 248,761
|  | (1,000,744) | 248,761
Net (liabilities)/assets |  | (1,000,744) | 248,761
Capital and reserves |  |  |
Called up share capital | 8 | 17,138 | 17,098
Share premium |  | 7,610,470 | 7,488,190
Profit and loss account |  | (8,628,352) | (7,256,527)
Total capital and reserves |  | (1,000,744) | 248,761
Renovare Fuels Ltd Registered number: 09812770​ Balance sheet​ As at 31 December 2025 For the year​ ending 31 December 2025, the Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the Company to obtain an audit in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their​ responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the Statement of income and retained earnings in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf:
M T Stone​​​​​ | ​​
Director | ​​​
Date: 13 March 2026 The notes 7 on to 14 form part of these financial statements.

Renovare Fuels Ltd Statement of changes in equity For the year ended 31 December 2025​
| Note | Called up share capital £ | Share premium account £ | Profit and loss account £ | Total £
--- | --- | --- | --- | --- | ---
At 1 January 2024 |  | 15,888 | 5,169,601 | (4,683,632) | 501,857
Loss for the year |  | - | - | (2,572,895) | (2,572,895)
Shares issued |  | 1,210 | 2,318,589 | - | 2,319,799
At 1 January 2025 |  | 17,138 | 7,610,470 | (7,256,527) | 371,081
Loss for the year |  | - | - | (1,371,825) | (1,371,825)
At 31 December 2025 |  | 17,138 | 7,610,470 | (8,628,352) | (1,000,744)
The notes on 7 to 14 form part of these financial statements.

Renovare Fuels Ltd Notes to the financial statements For the year ended 31 December 2025 1. General information Renovare Fuels Ltd is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is C/O Mishcon De Reya, Africa House​, 70 Kingsway​, London​. 2. Accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated. a. Basis of preparation of financial statements The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of ​Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's​ accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note #. The Company's functional and presentational currency is the Pound Sterling. b. Going concern The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The Directors have considered the Company’s financial position, projected cash flows, and available funding sources in assessing its ability to continue as a going concern. c. Foreign currency translation Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end, foreign currency monetary items are translated using the closing rate, non-monetary items measured on a historical cost basis are translated using the exchange rate at the date of the transaction, and non-monetary items measured at fair value in a foreign currency are translated using the rate at the date when the fair value was determined.
Renovare Fuels Ltd Notes to the financial statements For the year ended 31 December 2025 2. Accounting policies continued c. Foreign currency translation continued Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition are recognised in the income statement for the year. Gains and losses relating to borrowings and cash and cash equivalents are presented within 'other finance income or finance costs', with all other foreign exchange gains and losses presented in 'other operating income or expenses'. Where FRS 102 requires a gain or loss on a non-monetary item to be recognised in other comprehensive income, any exchange component of that gain or loss must also be recognised in other comprehensive income. d. Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: #### Rendering of services Revenue from a contract to provide services is recognised in the period in which services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
| • | the amount of revenue can be measured reliably;
| • | it is probable that the Company​​​ will receive the consideration due under the transaction;
| • | the stage of completion of the contract at the end of the reporting period can be measured reliably; and
| • | the costs incurred or to be incurred in respect of the transaction can be measured reliably.
#### Interest income Interest income is recognised using the effective interest rate method when it is probable that the Company​​​ will receive the consideration due under the transaction and the amount of the revenue can be measured reliably.
Renovare Fuels Ltd Notes to the financial statements For the year ended 31 December 2025 2. Accounting policies continued e. Research and development In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. f. Borrowing costs All borrowing costs are recognised in the income statement in the period in which they are incurred. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset, which is an asset which necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalised as part of the cost of that asset. All other borrowing costs are recognised in the income statement in the period in which they are incurred. g. Pensions #### Defined contribution pension plan The Company​​​ operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company​​​​ pays fixed contributions into a separate entity. Once the contributions have been paid the Company​​​​ has no further payment obligations. The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown as accruals in the Balance sheet. The assets of the scheme are held separately from the Company​​​​ in independently administered funds.
Renovare Fuels Ltd Notes to the financial statements For the year ended 31 December 2025 2. Accounting policies continued h. Taxation Tax is recognised in the income statement except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company ​operates​​ and generates​​ income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
| • | The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
| • | Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. i. Valuation of investments Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted shares, where market value can be reliably determined, are remeasured at fair value at each balance sheet date with gains and losses on remeasurement recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Renovare Fuels Ltd Notes to the financial statements For the year ended 31 December 2025 2. Accounting policies continued j. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'. 3. Employees Staff costs, including Directors' remuneration, were as follows: The average monthly number of employees, including the Director, during the year was as follows:
| 2025 | 2024
--- | --- | ---
Directors | 5 | 4
| 5 | 4
4. Taxation
| 2025 £ | 2024 £
--- | --- | ---
Corporation tax |  |
UK Corporation tax on profits for the year | (155,456) | (49,432)
Total current tax | (155,456) | (49,432)
Factors affecting tax credit for the year There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2024- 25%).
Renovare Fuels Ltd Notes to the financial statements For the year ended 31 December 2025 4. Taxation continued Factors that may affect future tax charges Where the corporation tax charge presented in these financial statements differs from the charge expected by applying the standard UK corporation tax rate, the variance may arise from factors such as prior year under- or over-accruals, claims for research and development tax credits, material movements in deferred tax (for example, on carried-forward losses, asset disposals or property revaluations), or other non-recurring adjustments. The current year tax charge is based on the statutory main rate of 25%. However, the effective rate applicable to the company may be impacted by the marginal rate regime, where taxable profits fall within the relevant thresholds, as well as by the utilisation of reliefs and allowances. Future tax charges are subject to a range of influencing factors. These include changes in enacted tax legislation or rates, differences between accounting and taxable profits that give rise to deferred tax, the company’s operational profitability, the availability of statutory reliefs or incentives, the geographic profile of business activities, and the occurrence of unusual or one-off transactions. Where management does not expect any such factors to materially affect future taxation, this will be disclosed accordingly. 5. Fixed asset investments
| Invest- ments in subsidia- ries £ | Total £
--- | --- | ---
Cost or valuation |  |
At 1 January 2025 | 1 | 1
At 31 December 2025 | 1 | 1
Renovare Fuels Ltd Notes to the financial statements For the year ended 31 December 2025 6. Debtors
| 2025 £ | 2024 £
--- | --- | ---
Due within one year |  |
Trade receivables | - | 24,000
Other debtors | 22,551 | 3,288
VAT refund | 23,641 | 35,990
Corporation tax receivable | 128,114 | 51,432
| 174,306 | 114,710
| 2025 £ | 2024 £
--- | --- | ---
Total debtors | 174,306 | 114,710
7. Creditors
| 2025 £ | 2024 £
--- | --- | ---
Trade creditors | 91,925 | 27,078
Other taxation and social security | 15,479 | 6,500
Other creditors | 1,069,436 | 467,815
Accruals and deferred income | 7,793 | 37,372
| 1,184,633 | 538,765
8. Share capital Allotted, called up and fully paid
| 2025 Number | 2025 £ | 2024 Number | 2024 £
--- | --- | --- | --- | ---
Ordinary shares of £0.001 each | 17,138,092 | 17,138 | 17,097,987 | 17,098
Renovare Fuels Ltd Notes to the financial statements For the year ended 31 December 2025 9. Directors' Included within the year end creditors balance is an amount due from the company to Mr M T Stone of £131,000 (2024: £Nil). Throughout the year, total withdrawal of funds amounted to £Nil, with total deposits of £131,000 (2024: £Nil). The outstanding balance is unsecured, repayable on demand and not subject to interest. 10. Related party transactions Included in Other creditors balance, an amount of £779,167 (2024: £448,167)is owed by Project RF 1 Ltd, a company incorporated in England and Wales and under the control of Renovare Fuels Ltd.