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Registered number: 14429709 GLOBAL RENEWABLE BIOFUELS LIMITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
GLOBAL RENEWABLE BIOFUELS LIMITED REGISTERED NUMBER: 14429709 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | $ |  | $
Fixed assets |  |  |  |  |
Investments | 5 |  | 14,816,610 |  | 14,816,610
|  |  | 14,816,610 |  | 14,816,610
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1 |  | 1 |
Cash at bank and in hand | 7 | 55,095 |  | 8,678 |
|  | 55,096 |  | 8,679 |
Creditors: amounts falling due within one year | 8 | (17,834,381) |  | (3,480,703) |
Net current liabilities |  |  | (17,779,285) |  | (3,472,024)
Total assets less current liabilities |  |  | (2,962,675) |  | 11,344,586
Creditors: amounts falling due after more than one year | 9 |  | - |  | (13,500,000)
Net liabilities |  |  | (2,962,675) |  | (2,155,414)
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 1 |  | 1
Profit and loss account |  |  | (2,962,676) |  | (2,155,415)
|  |  | (2,962,675) |  | (2,155,414)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. 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 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 on 13 August 2026.
P J Stewart
Director
The notes on pages 3 to 7 form part of these financial statements. Page 1
GLOBAL RENEWABLE BIOFUELS LIMITED REGISTERED NUMBER: 14429709 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 Page 2
GLOBAL RENEWABLE BIOFUELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Global Renewable Biofuels Limited is a private company limited by shares, registered in England and Wales. The company’s registered office address is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT. The company’s principal activity is that of a holding company. 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. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis, despite an excess of total liabilities over assets and continued trading losses. The company does not have liquidity or reliable ongoing sources of revenue to repay its debt related to the acquisition of its subsidiary, which totals $13.5m and is due for repayment on 31 December 2026. The ability of the company to continue as a gong concern is dependent on the company obtaining adequate capital to fund the required debt service at the maturity of the loan on 31 December 2026. Management anticipates that the company will be able to refinance with it existing lender or with a new lender prior to the credit agreement maturity. The company, however, is not currently producing sufficient cash flow to fund operations and repay their debt, and will require additional capital resources if they are not able to refinance. As a result, the group’s majority owner has executed a support letter expressing its intent, if necessary, to provide financial support for a period of at least one year and one day from the issuance of the financial statements to ensure the company can satisfy its obligation as they fall due. Page 3
GLOBAL RENEWABLE BIOFUELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is USD. Transactions and balances 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 at historical cost are translated using the exchange rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also 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.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.9 | 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.
| 2.10 | 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 4
GLOBAL RENEWABLE BIOFUELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that the affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure at the year end date. In the course of preparing the company financial statements the directors made the following estimates and judgements. Impairment of investments Determining if investments are impaired requires an estimation of the subsidiaries ability to generate future profits and cash flows. The directors do not believe any impairment is required.
4. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | $
| Cost or valuation |
| At 1 January 2025 | 14,816,610
| At 31 December 2025 | 14,816,610
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Other debtors | 1 | 1
|  | 1 | 1
Page 5
GLOBAL RENEWABLE BIOFUELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Cash at bank and in hand | 55,095 | 8,678
|  | 55,095 | 8,678
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Bank loans | 13,500,000 | -
| Amounts owed to group undertakings | 4,258,290 | 3,403,452
| Accruals and deferred income | 76,091 | 77,251
|  | 17,834,381 | 3,480,703
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Bank loans | - | 13,500,000
|  | - | 13,500,000
Page 6
GLOBAL RENEWABLE BIOFUELS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
| Amounts falling due within one year |  |
| Bank loans | 13,500,000 | -
|  | 13,500,000 | -
| Amounts falling due 1-2 years |  |
| Bank loans | - | 13,500,000
|  | - | 13,500,000
|  | 13,500,000 | 13,500,000
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | $ | $
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of $0.01 each | 1 | 1
12. | Change of presentational currency
Following a review of the company’s operations, the director took the decision to change the company’s presentational currency to align with its functional currency of USD. The translation difference arising has been recognised in the profit and loss account.
13. | Related party transactions
| The company has adopted the exemption permitted by paragraph 33.1A of FRS102 and has not disclosed transactions with other group members, where the group members are wholly owned.
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 13 August 2026 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP. Page 7
GLOBAL RENEWABLE BIOFUELS LIMITED
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