Company No: 14011528 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.09.2025		30.09.2024
		£		£
Fixed assets
Investments	3	1,365,243		1,365,243
		1,365,243		1,365,243
Current assets
Debtors
- due within one year	4	159,798		455,485
- due after more than one year	4	22,542,685		16,465,132
Cash at bank and in hand		17,604		81,180
		22,720,087		17,001,797
Creditors: amounts falling due within one year	5	0		( 189,552)
Net current assets		22,720,087		16,812,245
Total assets less current liabilities		24,085,330		18,177,488
Creditors: amounts falling due after more than one year	6	( 22,226,118)		( 16,473,396)
Net assets		1,859,212		1,704,092
Capital and reserves
Called-up share capital	7	1		1
Share premium account		1,365,243		1,365,243
Profit and loss account		493,968		338,848
Total shareholder's funds		1,859,212		1,704,092

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Grande Lago Holdco Limited (registered number: 14011528) were approved and authorised for issue by the Board of Directors on 26 August 2026. They were signed on its behalf by:

Thames Street Services Limited Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Grande Lago Holdco Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Lower Thames Street, London, EC3R 6AF, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

These financial statements cover the period 01/10/2024 to 30/09/2025. The previous financial statements covered the 18 month period 01/04/2023 to 30/09/2024, therefore the comparatives are not entirely comparable.

Turnover

Turnover is derived from interest income earned on loans granted to direct subsidiaries to fund investments. Interest income is recognised straight to the Income Statement for the period it relates to.

Interest income

Interest received is capitalised over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss.

Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

Cash and cash equivalents

Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of the acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 bank balance, 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.

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

2. Employees

	Year ended 30.09.2025		Period from 01.04.2023 to 30.09.2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Fixed asset investments

Investments in subsidiaries

	30.09.2025
	£
Cost
At 01 October 2024	1,365,243
At 30 September 2025	1,365,243
Carrying value at 30 September 2025	1,365,243
Carrying value at 30 September 2024	1,365,243

The assets of the company are subject to a fixed and floating charge in relation to group loan facilities.

4. Debtors

	30.09.2025		30.09.2024
	£		£
Debtors: amounts falling due within one year
VAT recoverable	159,797		70,028
Other debtors	1		385,457
	159,798		455,485
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings	22,542,685		16,465,132

5. Creditors: amounts falling due within one year

	30.09.2025		30.09.2024
	£		£
Trade creditors	0		189,552

6. Creditors: amounts falling due after more than one year

	30.09.2025		30.09.2024
	£		£
Amounts owed to Group undertakings	22,226,118		16,473,396

7. Called-up share capital

	30.09.2025		30.09.2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

8. Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. Ultimate controlling party

The immediate parent company is Downing Energy Development Company Ltd, a company incorporated in England and wales.

The Company's ultimate parent and controlling entity is Bagnall Energy Limited, a company incorporated in England and Wales. The financial statements of Bagnall Energy Limited can be obtained from that company's registered office: 10 Lower Thames Street, London, England,EC3R 6AF.