Terra Firma Energy Limited

	Page
Balance Sheet	1—2
Statement of Changes in Equity	3
Notes to the Financial Statements	4—6

Registered number: 12619765

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,236		1,520
Investments in Subsidiaries	5		1,208		1,131

			2,444		2,651
CURRENT ASSETS
Debtors	6	842,654		370,730
Cash at bank and in hand		7,171		3,433

		849,825		374,163
Creditors: Amounts Falling Due Within One Year	7	(183,713 )		(240,868 )

NET CURRENT ASSETS (LIABILITIES)			666,112		133,295

TOTAL ASSETS LESS CURRENT LIABILITIES			668,556		135,946

Creditors: Amounts Falling Due After More Than One Year	8		(22,149,051 )		(16,906,325 )

NET LIABILITIES			(21,480,495 )		(16,770,379 )

CAPITAL AND RESERVES
Called up share capital	10		100,000		100
Profit and Loss Account			(21,580,495 )		(16,770,479 )

SHAREHOLDERS' FUNDS			(21,480,495)		(16,770,379)

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Terra Firma Energy Limited

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

26/05/2026

The notes on pages 4 to 6 form part of these financial statements.

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 June 2023	100	(11,556,677 )	(11,556,577)
Loss for the year and total comprehensive income	-	(5,213,802 )	(5,213,802)

As at 31 May 2024 and 1 June 2024	100	(16,770,479 )	(16,770,379)


Loss for the year and total comprehensive income	-	(4,810,016 )	(4,810,016)

Arising on shares issued during the period	99,900	-	99,900

As at 31 May 2025	100,000	(21,580,495 )	(21,480,495)

1. General Information

Terra Firma Energy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12619765 . The registered office is 6-8 Great Eastern Street, London, EC2A 3NT.

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. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

Reducing Balance - 20%

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 3)

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 June 2024	2,485
Additions	25

As at 31 May 2025	2,510

Depreciation
As at 1 June 2024	965
Provided during the period	309

As at 31 May 2025	1,274

Net Book Value
As at 31 May 2025	1,236

As at 1 June 2024	1,520

5. Investments in Subsidiaries

	Subsidiaries
	£
Cost or Valuation
As at 1 June 2024	1,131
Additions	77

As at 31 May 2025	1,208

Provision
As at 1 June 2024	-

As at 31 May 2025	-

...CONTINUED

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Terra Firma Energy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

Net Book Value
As at 31 May 2025	1,208

As at 1 June 2024	1,131

Investments in Subsidiaries

At the balance sheet date, the company held investments in the following subsidiary undertakings, all of which are incorporated in England and Wales:

1. Terra Firma (Burtonhead) Ltd

Company Number: 12650643

Shareholding: 85%

Principal Activity: Holding company of Burtonhead Road Power Limited (Company Number: 11422102), which operates a gas peaking power plant in St Helens, Merseyside.

2. Terra Firma (Miners Road) Ltd

Company Number: 13420278

Shareholding: 75%

Principal Activity: Holding company of SEDG (Miners) Ltd (Company Number: 10648802), which operates a gas peaking power plant in Wrexham.

3. Terra Firma (Wingrave) Ltd

Company Number: 13127262

Shareholding: 75% (reduced from 85% on 1 April 2024)

Principal Activity: Holding company of ARL 021 Ltd (Company Number: 11448072), which is developing, constructing and will operate a gas peaking power plant in Wingrave.

4. Terra Firma (Droitwich) Ltd

Company Number: 13127208

Shareholding: 85%

Principal Activity: Holding company of Droitwich Peak Energy Ltd (Company Number: 12086296), which operates a gas peaking power plant in Droitwich.

5. Terra Firma (Hereford) Ltd

Company Number: 12414656

Shareholding: 75%

Principal Activity: Holding company of Noriker Perseverance Ltd (Company Number: 10604667), which is developing, constructing and will operate a gas peaking power plant in Hereford.

6. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	56,789	6,815
Deposits	3,179	82,358
Other debtors - short term	755,600	265,500
VAT	27,086	16,057

	842,654	370,730

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Terra Firma Energy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	63,623	85,194
Other taxes and social security	7,037	6,254
Other creditors	52,650	97,781
Accruals and deferred income	43,547	50,727
Directors' loan accounts	16,856	912

	183,713	240,868

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

	2025	2024
	£	£
Debentures	10,000,000	10,000,000
Accruals and deferred income	1,079,303	-
Amounts owed to subsidiaries	11,069,748	6,906,325

	22,149,051	16,906,325

Amounts Owed to Subsidiary Undertakings

Amounts owed to subsidiary undertakings at the balance sheet date totalled £11,069,748 (2024: £6,906,325). The balances are unsecured, interest-free and are not expected to be repaid within the foreseeable future.

Deferred Gain – Sale and Leaseback

During the financial year, the company entered into a sale and leaseback arrangement relating to the Hereford site. The resulting gain on disposal has been deferred and is being released to the profit and loss account on a straight-line basis over the 30-year lease term.

At the balance sheet date, the deferred gain balance totalled £1,117,850, of which £38,547 is included within creditors due within one year and £1,079,303 is included within creditors due after more than one year.

9. Secured Creditors

The company entered into a debenture agreement with Saser Limited on 5 December 2022. The debenture is secured by fixed and floating charges over the present and future assets and undertakings of the company. Amounts outstanding under the secured debenture at the balance sheet date were £10,000,000 (2024: £10,000,000).

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100,000	100

11. Controlling Party

The directors consider that there is no single ultimate controlling party of the company.

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