Year Ended
Registration number:
AD HoldCo 1 Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
AD HoldCo 1 Limited
Company Information
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Directors |
S Beveridge T Short C Tanner |
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Registered office |
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Auditors |
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AD HoldCo 1 Limited
Strategic Report for the Year Ended 31 March 2026
The directors present their strategic report for the year ended 31 March 2026.
The report below relates to the Company and its subsidiaries (the “Group”). The company is a holding company which has limited activity other than holding investments and providing / receiving finance to fund expansions in subsidiary undertakings.
Principal activity
The principal activity of the Company is that of a holding company.
Fair review of the business
The Company owns six companies, each of which owns an anaerobic digestion (“AD”) plant. These six AD plants have been operating for an average of 11 years, delivering approximately 4,500 cubic metres per hour of gas to the grid, or 430 GWh per annum.
Being a holding company, the company has no specific key performance indicators (KPIs). The company uses the following KPIs to measure the overall performance of its subsidiary undertakings.
1) Biomethane production
Biomethane production across the 6 subsidiaries totalled 379GWh (2025 - 212GWh) for the year.
2) Group Revenue
Revenue generated from the 6 subsidiaries combined amounted to £66.9m (2025 - £30.7m) from the operation of AD plants.
3) EBITDA
The 6 subsidiaries combined recorded earnings before interest, tax and depreciation (EBITDA) of £23.1m (2025 - £11.5m) for the year.
Principal risks and uncertainties
The Directors recognise the need to identify the key risks and uncertainties faced by the Company and the Group that it heads. These key risks and uncertainties originate in the subsidiary undertakings, as the Company’s principal activity is that of a holding company. These risks and uncertainties could affect the delivery of the strategic objectives of the Group that the Company heads. These risks relate to events and depend on circumstances that may or may not occur in the future. The principal risks are laid out below in no particular order.
1) Exposure to commodity markets
20-25% of the subsidiary undertakings’ revenue relates to gas export. Energy markets have been subject to significant fluctuations over the last few years, and this volatility is expected to continue due to conflicts in the Middle East and between Russia and Ukraine, temperature extremities and gas storage capacities. The Company’s subsidiary undertakings have reduced uncertainty around future movements in wholesale gas prices by securing a fixed price for up to 90% of the total volume exported, up to 2 years in advance.
2) Climate and meteorological conditions
Weather is an important factor in the growing conditions for the subsidiary undertakings’ main feedstocks, maize and rye. Adverse weather conditions can result in reduced harvest yields (impacting availability of feedstocks for the coming year, potentially leading to the requirement to source additional feedstocks from external parties) and increased feedstock costs (impacting profitability). The subsidiary undertakings mitigate these risks through a well-diversified and long-established feedstock supply chain, and careful stock management, including redistribution of stock across the portfolio as deemed necessary.
AD HoldCo 1 Limited
Strategic Report for the Year Ended 31 March 2026
3) Health, safety & environment
The subsidiary undertakings’ operations are subject to environmental and safety laws and regulations, including those governing the use of hazardous materials. The subsidiary undertakings adopt and maintain rigorous health and safety procedures and the Directors believe the Group’s procedures comply with applicable regulations and are proactively managed.
4) Downtime
The subsidiary undertakings source some equipment and spare parts from the European Union and can experience long lead times on such orders. In the event of downtime on the AD plants, these long lead times can lead to a significant loss of revenue. The Group has worked to mitigate this risk by maintaining a significant investment in spare parts. It also has access to stock held by Future Biogas Limited, the operator of its AD plants and 51% shareholder in the company.
Approved and authorised by the
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AD HoldCo 1 Limited
Directors' Report for the Year Ended 31 March 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
Directors of the Company
The directors who held office during the year were as follows:
Future developments
The Directors expect the future performance of the Group to improve as several upgrade projects are either planned or underway, including:
• plant upgrades - increased gas injection from mid August 2026, and installation of carbon capture systems.
• clamp upgrades - increased availability for feedstock storage from mid 2026.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors PKF Francis Clark are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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AD HoldCo 1 Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AD HoldCo 1 Limited
Independent Auditor's Report to the Members of AD HoldCo 1 Limited
Opinion
We have audited the financial statements of AD HoldCo 1 Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 31 March 2026 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
AD HoldCo 1 Limited
Independent Auditor's Report to the Members of AD HoldCo 1 Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
AD HoldCo 1 Limited
Independent Auditor's Report to the Members of AD HoldCo 1 Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
As part of our audit planning, we gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. The key regulations we identified were health and safety regulations and General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and relevant tax legislation.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key incentive identified is to meet the targets set by the company and we determined that the principal risks were related to the overstatement of result, either through overstating revenue, understating expenditure or management bias in accounting estimates.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud.
• Discussed with the health and safety officer the policies and procedures in place in relation to health and safety. We reviewed the policies, health and safety risks assessments carried out and board meeting minutes maintained by the wider group.
• Discussed if any incidents have been reported during the year under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”).
• Reviewed the GDPR policy and made enquiries to management as to the occurrence and outcome of any reportable breaches.
• Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
AD HoldCo 1 Limited
Independent Auditor's Report to the Members of AD HoldCo 1 Limited
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Centenary House
Peninsula Park
Rydon Lane
Devon
EX2 7XE
AD HoldCo 1 Limited
Statement of Income and Retained Earnings
Year Ended 31 March 2026
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Note |
2026 |
6 August 2024 to 31 March |
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Administrative expenses |
( |
( |
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Operating loss |
( |
( |
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Dividends received from subsidiary undertakings |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
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- |
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Profit for the financial year |
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Retained earnings brought forward |
1,451,881 |
- |
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Retained earnings carried forward |
3,502,598 |
1,451,881 |
AD HoldCo 1 Limited
Balance Sheet
31 March 2026
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Note |
2026 |
2025 |
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Fixed assets |
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Intangible assets |
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- |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 15880202
AD HoldCo 1 Limited
Notes to the Financial Statements
Year Ended 31 March 2026
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General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The Company early adopted the amendments to FRS 102 arising from the Periodic Review 2024 during the year ended 31 March 2024.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The Company's functional and presentational currency is GBP.
Group accounts not prepared
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its immediate parent, Future Biogas Limited, a company incorporated in England & Wales
Summary of disclosure exemptions
The Company meets the definition of a qualifying entity under FRS102 and has therefore taken advantage of the disclosure exemptions available to it in respect of it individual financial statements.
Exemptions have been taken in relation to the presentation of a cashflow statement, certain disclosure requirements in relation to basic and non basic financial statements and disclosure of remuneration of key management personnel. This information is included in the consolidated financial statements of Future Biogas Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.
AD HoldCo 1 Limited
Notes to the Financial Statements
Year Ended 31 March 2026
Disclosure of long or short period
Going concern
The financial statements have been prepared on a going concern basis.
The Company has net current liabilities of £65,448,897 (2025 - £67,467,999). The Company's net current liability position is a result of the outstanding infrastructure loans owed to a group company and related party (together “the ultimate shareholders”). At the period end, there are unsecured loans of £83,378,669 (2025 - £72,219,457) from the ultimate shareholders. These loans are repayable on demand by request of the lender.
The Directors have received confirmation through a letter of intent from the ultimate shareholders that they will not seek repayment of part or all of any loan, for at least twelve months from the date of the approval of these financial statements, where to do so would place the Company in a position where it could not continue to trade as a going concern.
The Directors have prepared financial forecasts comprising profit & loss, balance sheet and cashflows covering the period up to 31 March 2028 for the company. Based on these forecasts as well as the reassurances received from the ultimate shareholders that loans will not be called in, unless there are sufficient funds to do so, the Directors have concluded it is appropriate to use the going concern basis in preparing these financial statements.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred 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.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Intangible assets
Computer software recognised as intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
AD HoldCo 1 Limited
Notes to the Financial Statements
Year Ended 31 March 2026
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Software |
25% straight line |
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Loans with group companies and related parties; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for loans with group companies and related parties, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loans with group companies and related parties are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the Company (including directors) during the year, was
AD HoldCo 1 Limited
Notes to the Financial Statements
Year Ended 31 March 2026
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Other interest receivable and similar income |
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2026 |
6 August 2024 to 31 March |
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Interest income on bank deposits |
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Interest receivable on loans to group companies |
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Interest payable and similar expenses |
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2026 |
6 August 2024 to 31 March |
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Interest payable to shareholders |
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Taxation |
Tax charged/(credited) in the profit and loss account
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2026 |
6 August 2024 to 31 March |
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Current taxation |
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UK corporation tax - group relief received |
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(1,660,300) |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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- |
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Tax receipt in the income statement |
( |
- |
AD HoldCo 1 Limited
Notes to the Financial Statements
Year Ended 31 March 2026
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2026 |
6 August 2024 to 31 March |
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Profit before tax |
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Corporation tax at standard rate |
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Effect of revenues exempt from taxation |
( |
( |
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Tax increase arising from group relief |
- |
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Total tax credit |
( |
- |
Deferred tax
Deferred tax assets and liabilities
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2026 |
Total |
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Accelerated capital allowances |
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Intangible assets |
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Software |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 March 2026 |
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Amortisation |
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Amortisation charge |
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At 31 March 2026 |
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Carrying amount |
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At 31 March 2026 |
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AD HoldCo 1 Limited
Notes to the Financial Statements
Year Ended 31 March 2026
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Investments |
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2026 |
2025 |
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Investments in subsidiaries |
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Details of undertakings
Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Holding |
Proportion of voting rights and shares held |
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2026 |
2025 |
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Subsidiary undertakings |
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All subsidiary undertakings have the same registered address as the company. The principal activities of subsidiaries are the operation and maintenance of anaerobic digestion plants to generate gas and electricity.
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Debtors |
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2026 |
2025 |
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Amounts owed by group undertakings |
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Other debtors |
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Amounts owed by group undertakings are repayable on demand and accrue interest at a rate of 10% per annum on outstanding balances.
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Cash and cash equivalents |
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2026 |
2025 |
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Cash at bank |
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AD HoldCo 1 Limited
Notes to the Financial Statements
Year Ended 31 March 2026
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Creditors |
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Note |
2026 |
2025 |
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Due within one year |
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Loans and borrowings |
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Amounts due to group undertakings |
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Accruals |
- |
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Loans and borrowings |
Current loans and borrowings
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2026 |
2025 |
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Loans due to group companies |
42,523,121 |
36,831,923 |
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Loans due to related parties |
40,855,548 |
35,387,534 |
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The company has a loan with another group entity. At the balance sheet date the total amount due was £42,523,121 (2025 - £36,831,923) (including capitalised interest). During the year interest of £3,938,810 (2025 - £2,117,506) has been charged. The loan is repayable on demand by discretion of the ultimate investor, hence is shown as due within one year. The loan attracts an interest rate of 10%. Interest is capitalised quarterly if not paid.
The company has a loan with a related party. At the balance sheet date the total amount due was £40,855,548 (2025 - £35,387,534) (including capitalised interest). During the year interest of £3,784,346 (2025 - £2,034,467) has been charged. The loan is repayable on demand by discretion of the ultimate investor, hence is shown as due within one year. The loan attracts an interest rate of 9.8%. Interest is capitalised quarterly if not paid.
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Provisions for liabilities |
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Deferred tax |
Total |
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Additional provisions |
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At 31 March 2026 |
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AD HoldCo 1 Limited
Notes to the Financial Statements
Year Ended 31 March 2026
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Share capital |
Allotted, called up and fully paid shares
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2026 |
2025 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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Related party transactions |
During the prior period, the company acquired 100% of share capital of the SPVs in note 8. Immediately Future Biogas Limited acquired 51% of the company, obtaining control. As such all balances due to and from companies in the wider Future Biogas Group have been designated as due to / from group undertakings, as well as balances owed to and from 100% owned subsidiary undertakings. Amounts owed to the remaining 49% owner have been categorised as amounts due to related parties.
During the year the company made purchases of £93,053 (2025 - £14,789) from companies within the wider Future Biogas Group. At the balance sheet date the company owed £nil (2025 - £2,083) to companies in the Future Biogas Group.
The company has a loan due to a company in the wider Future Biogas Group. During the period interest of £3,938,810 (2025 - £2,117,506) has been charged and the amount outstanding at the period end is £42,523,121 (2025 - £36,831,923). The loan is unsecured and effectively repayable on demand.
The company has a loan due to its 49% shareholder. During the period interest of £3,784,346 (2025 - £2,034,467) has been charged and the amount outstanding at the period end is £40,855,548 (2025 - £35,387,534). The loan is unsecured and effectively repayable on demand.
The Company has taken advantage of the exemption available under Section 33.1A of FRS 102 not to disclose transactions between 100% owned group undertakings.
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Parent and ultimate parent undertaking |
The Company's immediate parent is
The ultimate controlling party is
The smallest group preparing consolidated financial statements is headed by Future Biogas Limited. The largest group preparing consolidated financial statements is Future Biogas Holdco Limited.