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Registration number: 06855656

Prepared for the registrar
Marches Biogas Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Marches Biogas Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 10

Marches Biogas Limited

Company Information

Directors | D Brosnan M Kearney

Company secretary | M Davin

Registered office | Windsor House Bayshill Road Cheltenham GL50 3AT

Bankers | Barclays Bank PLC 1 Churchill Place London E14 5HP

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Marches Biogas Limited

(Registration number: 06855656)
Balance Sheet as at 31 December 2025

| Note | Year ended 31 December 2025 £ | Unaudited 1 April 2024 to 31 December 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 383,690 | 330,335
Current assets |  |  |
Stocks |  | 588,924 | 110,020
Debtors | 5 | 3,464,975 | 2,406,406
Cash at bank and in hand |  | 1,642,345 | 774,367
|  | 5,696,244 | 3,290,793
Creditors: Amounts falling due within one year | 6 | (2,559,915) | (558,400)
Net current assets |  | 3,136,329 | 2,732,393
Total assets less current liabilities |  | 3,520,019 | 3,062,728
Creditors: Amounts falling due after more than one year | 6 | (251,026) | (225,515)
Deferred tax liabilities |  | (55,177) | (80,841)
Net assets |  | 3,213,816 | 2,756,372
Capital and reserves |  |  |
Called up share capital |  | 180 | 180
Capital redemption reserve |  | 10 | 10
Retained earnings |  | 3,213,626 | 2,756,182
Shareholders' funds |  | 3,213,816 | 2,756,372

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2026 and signed on its behalf by:

D Brosnan
Director

M Kearney
Director

Marches Biogas Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Glanua Group Ltd.

The financial statements of Glanua Group Ltd may be obtained from the company's registered office.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Changes in accounting policy

The following have been applied for the first time from 1 January 2025 and have had an effect on the financial statements:

Early Adoption of Amendments to FRS102

The company has chosen to early adopt the amendments to FRS 102 issued in September 2024.
The amendments to FRS 102 have revised the accounting for leases where the Company has opted to apply the practical expedient under paragraph 1.48 to all of its leases which has had the following impact;
Right of use assets as at 31 December 2025 - £122,521 (on transition as at 1 January 2025 - £155,193)
Lease Liabilities as at 31 December 2025 - £125,795 (on transition as at 1 January 2025 - £155,193)
Impact to profit and loss account for the year ended 31 December 2025 - Loss of £3,274
The amendments to FRS 102 have introduced changes to revenue recognition policies and fair value measurement requirements. The company has early adopted these amendments with them having no impact on the financial statements.

Marches Biogas Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Reclassification of comparative amounts

The directors have reclassified the split between direct and administrative costs to be in line with the true nature of the expense. The net result of the company is unchanged.
During the year, the directors undertook a review of the presentation of its liabilities and identified that the current portion of a hire purchase agreement had previously been classified within trade creditors. To improve the accuracy and consistency of the financial statement presentation, the comparative figures have been reclassified to present this balance within loans and borrowings.
This reclassification has no impact on previously reported net assets, profit, or cash flows. It relates solely to the presentation of balances within the statement of financial position.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements and estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

The revenue recognition model for accounting applies the five step model to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods and services. Revenue from contracts with customers is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
There are five steps involved in applying this model:
•Step 1: Identify the contract(s) with a customer
•Step 2: Identify the performance obligations in the contract
•Step 3: Determine the transaction price
•Step 4: Allocate the transaction price to the performance obligations in the contract; and
•Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
Revenue is recognised at the point in time when control of goods or services transfers to the customer. This occurs when tyres are sold and when non-tyre related services are completed. Warranties are considered immaterial and do not impact the timing of revenue recognition.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Marches Biogas Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Improvements to property | Straight line over 30 years
Plant and machinery | 25% on cost
Fixtures and fittings | 50% on cost and 25% on cost
Motor vehicles | 25% on cost
Computer equipment | 25% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Marches Biogas Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

The Company recognises right-of-use assets under lease agreements in which it is the lessee. The underlying assets comprise property and motor vehicles, and are used in the normal course of business. The right-of-use assets comprise the initial measurement of the corresponding lease liability payments made at or before the commencement day as well as any initial direct costs and an estimate of costs to be incurred in dismantling the asset. Lease incentives are deducted from the cost of the right-of-use asset. The corresponding lease liability is included in the statement of financial position as a lease liability.
The right-of-use asset is depreciated on a straight-line basis over shorter of the asset’s useful life and the lease term and where impairment indicators exist, the right of use asset will be assessed for impairment.
The lease liability shall initially be measured at the present value of the lease payments that are not paid at that date, discounted using the rate implicit in the lease or, where this cannot be determined, the Company's incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (application of the effective interest method) and by reducing the carrying amount to reflect the lease payments made. No lease modification or reassessment changes have been made during the reporting period from changes in any lease terms or rent charges.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividends distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Marches Biogas Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

| Year ended 31 December 2025 No. | Unaudited 1 April 2024 to 31 December 2024 No.
Average number of employees | 26 | 27

Marches Biogas Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Right of Use Assets £ | Total £
Cost
At 1 January 2025 | 20,072 | 369,016 | 389,250 | - | 778,338
On transition to early adoption of amendments to FRS102 | - | - | - | 155,193 | 155,193
Additions | 5,680 | 20,900 | 8,153 | - | 34,733
At 31 December 2025 | 25,752 | 389,916 | 397,403 | 155,193 | 968,264
Depreciation
At 1 January 2025 | 1,173 | 339,789 | 107,041 | - | 448,003
Charge for the period | 843 | 14,987 | 88,069 | 32,672 | 136,571
At 31 December 2025 | 2,016 | 354,776 | 195,110 | 32,672 | 584,574
Carrying amount
At 31 December 2025 | 23,736 | 35,140 | 202,293 | 122,521 | 383,690
At 31 December 2024 | 18,899 | 29,227 | 282,209 | - | 330,335

The amendments to FRS 102 have revised the accounting for leases. The company has early adopted these amendments, leading to the recognition of right of use assets with a net book value of £155,193 on transition as at 1 January 2025 and subsequently £122,521 as at 31 December 2025. Right of use assets relate to a property, which the company leases for use in its operations. See note 2 for more details.

Marches Biogas Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 5 | Debtors

| Year ended 31 December 2025 £ | Unaudited 1 April 2024 to 31 December 2024 £
Trade debtors | 672,227 | 355,149
Amounts due from group undertakings | 2,380,702 | 1,998,876
Prepayments | 83,621 | 52,381
Other debtors | 328,425 | -
| 3,464,975 | 2,406,406

| 6 | Creditors

| Note | Year ended 31 December 2025 £ | Unaudited 1 April 2024 to 31 December 2024 £
Due within one year |  |  |
Loans and borrowings | 7 | 100,578 | 67,022
Trade creditors |  | 497,780 | 199,066
Amounts due to related parties |  | 44,382 | -
Taxation and social security |  | 452,720 | 170,750
Accruals and deferred income |  | 1,433,620 | 27,444
Other creditors |  | 30,835 | 94,118
|  | 2,559,915 | 558,400

| Note | Year ended 31 December 2025 £ | Unaudited 1 April 2024 to 31 December 2024 £
Due after one year |  |  |
Loans and borrowings | 7 | 251,026 | 225,515

Marches Biogas Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

| 7 | Loans and borrowings

Current loans and borrowings

| Year ended 31 December 2025 £ | Unaudited 1 April 2024 to 31 December 2024 £
Hire purchase contracts | 67,648 | 67,022
Lease liabilities | 32,930 | -
| 100,578 | 67,022

Non-current loans and borrowings

| Year ended 31 December 2025 £ | Unaudited 1 April 2024 to 31 December 2024 £
Hire purchase contracts | 158,161 | 225,515
Lease liabilities | 92,865 | -
| 251,026 | 225,515

The amendments to FRS 102 have revised the accounting for leases. The company has early adopted these amendments, leading to the recognition of lease liabilities with a carrying value of £155,196 on transition as at 1 January 2025 and subsequently £125,795 as at 31 December 2025. Interest of £7,802 has been recognised for the year ended 31 December 2025 using an interest rate of 5.5% with a cash outflow for the same period of £37,200. A lease liability of £32,930 is due within one year and £92,865 is due in 1-5 years with £13,705 of future finance charges. See note 2 for more details.

| 8 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group, headed by its ultimate parent undertaking, Glanua Group Ltd. The amount guaranteed is €21,131,091.

| 9 | Parent and ultimate parent undertaking

The company's immediate parent is KMG Shropshire Limited, incorporated in England and Wales.
The ultimate parent is Glanua Group Ltd, incorporated in Ireland.

| 10 | Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.
The Independent Auditor's Report was unqualified. The corresponding figures for the period 1 April 2024 to 31 December 2024 shown in the financial statements are derived from the financial statements prepared for that period that were not audited. The name of the Senior Statutory Auditor who signed the audit report on 23 April 2026 was Martin Howard, who signed for and on behalf of Hazlewoods LLP.