Sedg (Miners) Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 10648802

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		178,080		194,238
Tangible Assets	5		13,870,496		13,263,862

			14,048,576		13,458,100
CURRENT ASSETS
Debtors	6	127,961		24,976
Cash at bank and in hand		76,721		1,285

		204,682		26,261
Creditors: Amounts Falling Due Within One Year	7	(1,183,898 )		(2,591,294 )

NET CURRENT ASSETS (LIABILITIES)			(979,216 )		(2,565,033 )

TOTAL ASSETS LESS CURRENT LIABILITIES			13,069,360		10,893,067

Creditors: Amounts Falling Due After More Than One Year	8		(15,950,595 )		(12,171,974 )

NET LIABILITIES			(2,881,235 )		(1,278,907 )

CAPITAL AND RESERVES
Called up share capital	10		2		2
Profit and Loss Account			(2,881,237 )		(1,278,909 )

SHAREHOLDERS' FUNDS			(2,881,235)		(1,278,907)

Page 1

Page 2

Sedg (Miners) Ltd

Balance Sheet (continued)

As At 31 May 2025

For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Richard Meakin

Director

12/05/2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Sedg (Miners) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10648802 . The registered office is C/O Aticus Law Solicitors, 5 John Dalton Street, Manchester, M2 6ET.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax.

Turnover principally comprises revenue earned from the wholesale generation and sale of electricity, together with capacity market income received under contractual arrangements.

Revenue from electricity generation is recognised in the period in which electricity is supplied.

Capacity market income is recognised in the period to which the related contractual entitlement relates.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible fixed assets are stated at cost less accumulated amortisation and any impairment losses. Amortisation is charged to the profit and loss account on a systematic basis over the estimated useful life of each asset, reflecting the pattern in which the asset’s economic benefits are consumed.

The company’s intangible assets include:

Grid and Gas Connection Offers – These represent payments made to secure access to gas and electrical infrastructure essential to the operation of the site. These are amortised on a straight-line basis over 20 years.

Licences and Agreements – These relate to permits, licences and agreements obtained in connection with the operation of the gas peaking facility. These are amortised on a straight-line basis over the life of the licence or associated agreement.

Amortisation policies and useful lives are reviewed annually and adjusted if necessary.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less accumulated depreciation and any impairment losses. Cost includes the purchase price and any directly attributable costs of bringing the asset into working condition for its intended use.

The company’s gas peaking generators are high-value operational assets which are expected to retain significant residual value over their operational life.

Assets under construction are not depreciated until brought into operational use. During the year, the site became operational and depreciation commenced on assets brought into use.

Depreciation is applied as follows:

Plant & Machinery	Revaluation / usage-based or straight-line
Site Infrastructure & Set-up	Straight-line - Over the lease term

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

Page 3

Page 4

Sedg (Miners) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

4. Intangible Assets

	Licences & Agreements
	£
Cost
As at 1 June 2024	224,393

As at 31 May 2025	224,393

Amortisation
As at 1 June 2024	30,155
Provided during the period	16,158

As at 31 May 2025	46,313

Net Book Value
As at 31 May 2025	178,080

As at 1 June 2024	194,238

5. Tangible Assets

	Plant & Machinery	Site Infrastructure & Set-up	Total
	£	£	£
Cost or Valuation
As at 1 June 2024	10,703,241	2,560,621	13,263,862
Additions	-	646,311	646,311

As at 31 May 2025	10,703,241	3,206,932	13,910,173

Depreciation
As at 1 June 2024	-	-	-
Provided during the period	7,608	32,069	39,677

As at 31 May 2025	7,608	32,069	39,677

Net Book Value
As at 31 May 2025	10,695,633	3,174,863	13,870,496

As at 1 June 2024	10,703,241	2,560,621	13,263,862

Site Status

During the financial year, construction of the site was completed and the plant entered commissioning and testing phases. The company commenced trading and generated revenue towards the end of the financial year following successful commissioning of the site.

The site is fully operational as at the date of approval of these financial statements.

Page 4

Page 5

Sedg (Miners) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	103,914	21,883
VAT	24,047	3,093

	127,961	24,976

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	325,492	35,476
VAT facility	-	1,795,000
Close Leasing loan - CY	460,000	-
Accruals and deferred income	398,406	760,818

	1,183,898	2,591,294

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Development facility	-	9,282,117
Close Leasing loan	9,419,390	-
Amounts owed to group undertakings	6,531,205	2,889,857

	15,950,595	12,171,974

Amounts owed to Group Undertakings

Included within creditors is £6,531,205 (2024: £2,889,857) owed to group undertakings. The balances are unsecured, interest-free and are not expected to be repaid within the foreseeable future.

9. Secured Creditors

The company has secured loan facilities with Close Leasing Limited in connection with the development and operation of the gas peaking site. During the year, development funding arrangements were refinanced into secured term loan facilities.

The facilities are secured by fixed and floating charges over the assets and undertakings of the company, including the leasehold property, plant and machinery and related project assets.

Amounts falling due within one year are included within current liabilities, with the remaining balances included within creditors due after more than one year.

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

11. Ultimate Controlling Party

The company’s immediate parent undertaking is Terra Firma (Miners Road) Ltd, a company incorporated in England and Wales, which holds 100% of the company’s issued share capital.

The company’s ultimate controlling party is Terra Firma Energy Limited, a company incorporated in England and Wales, which exercises control through its ownership and voting rights in Terra Firma (Miners Road) Ltd.

Page 5