ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: OC381709

ASSURED ENERGY LLP

AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2025

ASSURED ENERGY LLP

INFORMATION

Designated Members

Gravis Ad Holdings 2 Ltd
Gravis Adco 2 Limited

LLP registered number

OC381709

Registered office

24 Savile Row, London, W1S 2ES

Independent auditors

Wellden Turnbull Limited, Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ

ASSURED ENERGY LLP

CONTENTS

	Page
Members' Report	1
Members' Responsibilities Statement	2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Balance Sheet	8 - 9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 21

ASSURED ENERGY LLP

MEMBERS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The Members present their annual report together with the audited financial statements of Assured Energy LLP (the "LLP") for the ended 31 March 2025.

Principal activities

The LLP was incorporated on 17 January 2013 and commenced trading on that date.

The principal activity of the LLP is the operation of anaerobic digestion plants engaged in the generation of electricity.

There have been no changes in the principal activity since the last annual report.

Designated Members

The designated members who held office during the period were as follows:

Gravis AD Holdings 2 Ltd
Gravis ADCo 2 Limited

Members' capital and interests

The Member's subscription to the capital of the LLP is determined by the Member's share of the profit and is repayable following retirement from the LLP.

Details of changes in Members' capital in the ended 31 March 2025 are set out in the financial statements.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Drawings by Members is subject to the cash requirements of the business.

Disclosure of information to auditors

Each Member at the time when this Members' report is approved has confirmed that:

∙so far as that Member is aware, there is no relevant audit information of which the LLP's auditors are unaware; and

∙that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

This report was approved by the Members and signed on their behalf by:

Ms C Marlow for and on behalf of Gravis ADCo 2 Ltd Designated Member
Date: 7 May 2026	7 May 2026

Page 1

ASSURED ENERGY LLP

MEMBERS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

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

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the Members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members 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 LLP and of the profit or loss of the LLP for that period.

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

∙select suitable accounting policies for the LLP's financial statements 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;

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

The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

ASSURED ENERGY LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED ENERGY LLP

Opinion

We have audited the financial statements of Assured Energy LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 LLP's affairs as at 31 March 2025 and of its loss 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Members' 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 LLP'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 Members with respect to going concern are described in the relevant sections of this report.

Page 3

ASSURED ENERGY LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED ENERGY LLP (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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

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

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement on page 2, the Members 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 Members 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 Members are responsible for assessing the LLP'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 Members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Page 4

ASSURED ENERGY LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED ENERGY LLP (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008 and the Renewable Obligation Order 2015 are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

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

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Assessing the reasonableness of revenue recognised in the period based on contractual terms and obligations and the requirement of accounting standards; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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 Auditors' Report.

Page 5

ASSURED ENERGY LLP

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASSURED ENERGY LLP (CONTINUED)

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Thomas Clark ACA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Statutory Auditors

Chartered Accountants

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

7 May 2026

Page 6

ASSURED ENERGY LLP

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£000	£000


Turnover	4	11,624	11,440
Cost of sales		(7,500)	(8,170)
Gross profit		4,124	3,270
Administrative expenses		(637)	179
Impairment of fixed assets	11	(2,763)	(938)
Operating profit	5	724	2,511
Interest receivable and similar income	9	6	5
Interest payable and similar expenses	10	(2,103)	(2,607)
Loss before tax		(1,373)	(91)
Loss for the year before members' remuneration and profit shares available for discretionary division among members		(1,373)	(91)

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 11 to 21 form part of these financial statements.

Page 7

ASSURED ENERGY LLP

REGISTERED NUMBER: OC381709

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£000		£000

Fixed assets
Tangible fixed assets	11		10,610		14,582
Current assets
Debtors: amounts falling due within one year	12	4,324		3,262
Cash at bank and in hand	13	208		1,155
		4,532		4,417
Current liabilities
Creditors: Amounts Falling Due Within One Year	14	(5,204)		(4,760)
Net current liabilities			(672)		(343)
Total assets less current liabilities			9,938		14,239
Creditors: amounts falling due after more than one year	15		(16,278)		(19,207)

Net liabilities			(6,340)		(4,968)

Represented by:
Loans and other debts due to members within one year
Members' other interests
Members' capital classified as equity	50		50
Other reserves classified as equity	(6,390)		(5,018)
		(6,340)		(4,968)
		(6,340)		(4,968)

Total members' interests
Members' other interests	(6,340)	(4,968)

Page 8

ASSURED ENERGY LLP

REGISTERED NUMBER: OC381709

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:

Ms C Marlow
for and on behalf of Gravis ADCo 2 Ltd

Designated Member

Date: 7 May 2026

The notes on pages 11 to 21 form part of these financial statements.

Page 9

ASSURED ENERGY LLP

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Members capital (classified as equity)	Other reserves	Total equity
	£000	£000	£000
At 1 April 2023	50	(4,927)	(4,877)
Comprehensive income for the year
Loss for year for discretionary division among Members	-	(91)	(91)

At 1 April 2024	50	(5,018)	(4,968)
Comprehensive income for the year
Loss for year for discretionary division among Members	-	(1,373)	(1,373)
At 31 March 2025	50	(6,391)	(6,341)

The notes on pages 11 to 21 form part of these financial statements.

Page 10

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Assured Energy LLP is a limited liability partnership incorporated in England and Wales, registration number OC381709. The registered office address is 24 Savile Row, London, W1S 2ES.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

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 LLP's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the LLP and rounded to the nearest £000.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of GCP Intermediary Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.

Page 11

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Going concern

The LLP was loss making in the period and is in a net current liability and net liability position at the year end date. The financial statements have been prepared on a going concern basis which means that the LLP can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Members have taken into account the key risks of the business as well as the LLP’s business model and the availability of cash resources.

The Members cite the following to support the going concern basis of preparation:

∙The lender, GCP Biomass 1 Limited, has provided a letter of support confirming its commitment in so far as it is able to support the LLP for at least 12 months from the date of signing these financial statements; and

∙GCP Infrastructure Investments Limited, a listed Jersey based fund, in its role as ultimate lender to the LLP via its lending to GCP Biomass 1 Limited has provided a letter of support confirming its commitment to support both the LLP's lender and the LLP itself for at least 12 months from the date of signing these financial statements.

On this basis the Members consider it appropriate to prepare the financial statements on a going concern basis.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP 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.

2.5

Operating leases: the LLP as lessee

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

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Page 12

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.

2.10

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

Profits of the LLP which are not yet divided among the Members are shown under 'Other reserves' on the Balance Sheet, pending a discretionary decision to divide the profits.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The LLP adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the LLP. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 13

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Financial instruments

The LLP 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 LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 15

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The following are the LLP's key sources of estimation uncertainty:

Decommissioning liabilities
A provision has not been recognised in respect of site restoration costs on the basis that the Members have determined the likelihood of a liability arising is remote based on the assumption that the assets will be disposed of for a value sufficient to cover any decommissioning costs. If circumstances change and indicate otherwise, the LLP will review the position and recognise either a contingent liability or provision as appropriate.

Impairment of fixed assets
An impairment has been recognised in respect of fixed assets following an update to the LLP's revenue forecasts. In estimating the assets recoverable value, the Members have undertaken discounted cash flow analysis which has involved forecasting the recurring revenue streams expected to be generated over the assets remaining useful life. This has been assessed on a plant by plant basis given each plant is considered a separate cash generating unit. Impairments were identified totalling £1,657,000 (2024- £938,000).

Turnover

The whole of the turnover is attributable to the LLPs principal activity and arose within the United Kingdom.

Page 16

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Operating lease rentals

Audit of the LLP's financial statements

The LLP has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent LLP.

Employees

The LLP has no employees.

8.	Information in relation to members
		2025	2024
		Number	Number


The average number of members during the year was	2	2

9.	Interest receivable
		2025	2024
		£000	£000

Bank interest receivable

Page 17

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Interest payable and similar expenses
		2025	2024
		£000	£000

Other loan interest payable

2,103

2,607

11.	Tangible fixed assets

		Other fixed assets
		£000
	Cost or valuation
	At 1 April 2024	29,270
	At 31 March 2025	29,270
	Depreciation
	At 1 April 2024	14,689
	Charge for the year on owned assets	1,208
	Impairment charge	2,763
	At 31 March 2025	18,660
	Net book value
	At 31 March 2025	10,610
	At 31 March 2024	14,582

Borrowing costs totalling £5,563,000 (2024 - £5,563,000) are included in the cost of other fixed assets. Borrowing costs are depreciated over the assets useful economic life.

At the balance sheet date the Members estimated the assets recoverable value based on revised revenue forecasts. An impairment was identified of £1,657,000 (2024 - £938,000). Refer to note 3 for details.

Page 18

ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.

Debtors

					2025	2024
					£000	£000


Trade debtors	1,161	-
Amounts owed by group undertakings	18	12
Other debtors	549	572
Accrued income	2,595	2,678
	4,323	3,262

Included within other debtors is £433,000 (2024 - £426,000) held in a bank account over which one of the suppliers of the LLP has a legal charge. Access to this amount is restricted per the terms set out in the underlying agreement.

Amounts owed by group undertakings are interest free and repayable on demand.

13.	Cash and cash equivalents
		2025	2024
		£000	£000

	Cash at bank and in hand	208	1,155

14.	Creditors: Amounts falling due within one year
		2025	2024
		£000	£000

Other loans	4,723	3,892
Trade creditors	94	30
Other taxation and social security	292	506
Accruals	95	332
	5,204	4,760

Refer to note 15 for details of other loans.

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ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Creditors: Amounts falling due after more than one year
		2025	2024
		£000	£000

	Other loans	16,278	19,207

Other loans

Other loans comprise loan notes accounted for amortised cost and are repayable in instalments. The loan note holder is a group undertaking.

The loan notes attract interest at 9% per annum and are repayable by 31 December 2034.

The loan notes are secured by debenture over all assets of the LLP, present and future.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
	2025	2024
	£000	£000

Repayable by instalments

8,071

10,333

Not later than 1 year	70	100
Later than 1 year and not later than 5 years	280	400
Later than 5 years	309	550
	659	1,050

17.	Related party transactions
	The LLP is exempt under the terms of Financial Reporting Standard 102 (FRS102) Section 33 paragraph 1A, from disclosing related party transactions with other group entities, on the grounds that the LLP is wholly owned within the Group. During the year the LLP was charged administration fees of £50,000 (2024 - £50,000) from an entity that provides key management personnel services.

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ASSURED ENERGY LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18.	Post balance sheet events

On 31 October 2025 the LLP disposed of one of its anearobic digestion plants. At the balance sheet date the plant had a carrying value of £1,066,000.

19.	Controlling party

The LLP's immediate controlling party is its Members, which are limited companies incorporated in England and Wales.

The ultimate parent and controlling party is GCP Intermediary Holdings Limited, a company incorporated in England and Wales.

The smallest and largest group of undertakings into which the results of the LLP are consolidated is headed by GCP Intermediary Holdings Limited.

The registered office address of GCP Intermediary Holdings Limited is 24 Savile Row, London, W1S 2ES. The consolidated financial statements are available from the registered office address and Companies House.

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