Company registration number 15334053 (England and Wales)
GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,707
17,677
Current assets
Debtors
5
5,336,008
1,243,379
Cash at bank and in hand
1,495,051
275,760
6,831,059
1,519,139
Creditors: amounts falling due within one year
6
(6,645,406)
(1,980,151)
Net current assets/(liabilities)
185,653
(461,012)
Net assets/(liabilities)
200,360
(443,335)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
200,260
(443,435)
Total equity
200,360
(443,335)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 22 May 2026 and are signed on its behalf by:
John Carty
Owen Power
Director
Director
Company registration number 15334053 (England and Wales)
GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 7 December 2023
-
0
-
0
-
Period ended 31 December 2024:
Loss and total comprehensive income
-
(443,435)
(443,435)
Issue of share capital
8
100
-
100
Balance at 31 December 2024
100
(443,435)
(443,335)
Year ended 31 December 2025:
Profit and total comprehensive income
-
643,695
643,695
Balance at 31 December 2025
100
200,260
200,360
GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Greenvolt Next (UK) Limited (previously Bioenergy Power Systems (UK) Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 First Floor LHS, Quay Business Centre, Harvard Court, Warrington, United Kingdom.

1.1
Reporting period

These financial statements are for the financial year ending 31 December 2025. The comparative period is from the d ate of incorporation on 7 December 20 23 up to the period ended 31 December 202 4.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the 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 contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably

A contract's stage of completion is assessed by management by reference of work performed on the contract. Only those costs that reflect work performed are included in costs incurred to date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in profit or loss. Variations in contract work and claims are included in the contract revenue to the extent that they have been agreed with the customer and are capable of being reliably measured.

GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
12.5% straight line
Computers
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

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.

The key accounting estimates and judgements are deemed to be valuation of deferred and accrued income, as the assessment of the total costs to be incurred and final contract value requires a degree of estimation. However, management have established internal controls to review and ensure the appropriateness of estimates made on an individual contract basis.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 14 (2024: 6).

GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2025 and 31 December 2025
12,185
7,235
19,420
Depreciation and impairment
At 1 January 2025
1,015
728
1,743
Depreciation charged in the year
1,523
1,447
2,970
At 31 December 2025
2,538
2,175
4,713
Carrying amount
At 31 December 2025
9,647
5,060
14,707
At 31 December 2024
11,170
6,507
17,677
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,904,507
826,345
Amounts owed by group undertakings
14,968
-
0
Other debtors
6,433
6,765
Prepayments and accrued income
286,784
262,457
5,212,692
1,095,567
Deferred tax asset (note 7)
123,316
147,812
5,336,008
1,243,379

Included within accrued income above are amounts owing from group undertakings totalling £67,013 (2024: £204,954).

GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
6
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Trade creditors
2,360,116
80,748
Amounts owed to group undertakings
1,326,682
608,000
Corporation tax
224,916
-
0
Other taxation and social security
577,680
183,318
Deferred income
2,012,869
926,997
Accruals and deferred income
143,143
181,088
6,645,406
1,980,151

Included within deferred income above are amounts owing to group undertakings totalling £2,012,869 (2024: £911,291).

Amounts owed to group undertakings are unsecured, interest bearing and repayable on demand.

7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2025
2024
Balances:
£
£
Tax losses
123,316
147,812
2025
Movements in the year:
£
Asset at 1 January 2025
(147,812)
Charge to profit or loss
24,496
Asset at 31 December 2025
(123,316)
8
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
GREENVOLT NEXT (UK) LIMITED (PREVIOUSLY BIOENERGY POWER SYSTEMS (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Martina Gribben
Statutory Auditor:
UHY Farrelly Dawe White Limited
Date of audit report:
22 May 2026
10
Related party transactions

The company has taken advantage of the exemption available under section 33.1A of FRS 102 not to disclose transactions entered into between two or more wholly owned members of a group.

Balances between all group companies are disclosed in the notes to the financial statements.

11
Ultimate controlling party

The company considers Greenvolt Next Ireland Limited, a company registered in the Republic of Ireland to be its immediate parent company.

The company considers KKR & C o I nc (KKR), a company listed in USA to be its ultimate parent company.

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