These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Deeside SPV Ltd ("the Company") is a private limited Company incorporated in England & Wales.

The principal activity of the Company is that of designing, building, financing, maintaining and operating a waste to energy plant. Construction commenced during the year.

The principal place of business is CCGT Power Station, Deeside, CH5 2LL.

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 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

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

As of 31 December 2025, the Company is in the construction phase and is not yet generating revenues. The Company’s operations are currently focused on the construction and development of its primary asset, which remains classified as Asset Under Construction (AUC) as at the reporting date.

The Company’s activities have been funded through shareholder loans, which totaled £61,338,879 as at 31 December 2025. The ability of the Company to continue as a going concern is dependent on the ongoing financial support of its shareholders and the successful completion of the AUC asset, which is expected to generate future economic benefits. The shareholders have confirmed their intention to provide the financial support committed in the shareholder loan documentation in accordance with its terms for at least the next 12 months from the date of approval of the financial statements to enable the Company to meet its obligations as they fall due.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Assets under construction represent capital expenditure on incomplete projects. These assets are not depreciated until they are available for use, at which point they are reclassified into the appropriate fixed asset category.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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 the statement of income.

The Company applies the accounting policy option under FRS 102 Section 25 to capitalise borrowing costs that are directly attributable to the acquisition, construction, or production of qualifying assets. A qualifying asset is one that takes a substantial period of time to get ready for its intended use or sale.

Borrowing costs that are directly attributable to the construction of such assets are added to the cost of the asset until it is substantially complete and ready for use. At the point of completion borrowing costs will be recognised in profit or loss in the year in which they are incurred.

Cash is represented by cash in hand and 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 acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities.

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is imparied the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

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 payments 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. Amounts 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.

Offsetting

Financial assets and liabilities are offset and 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.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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

Included within amounts owed to group undertakings is £15,477,698 (2024: £34,725,010) falling due within five years and £45,861,180 (2024: £NIL) falling due in more than five years. A market rate of interest is payable on the loans.

Fixed and floating charges have been granted over the Company’s assets as security for loan facilities totalling £77.5m obtained by an indirect parent company. The funds raised through these facilities were subsequently advanced to the company by the indirect parent company through unsecured intercompany loans.

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 auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 18 June 2025 by Catalina Feier FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss 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.

At 31 December 2025, the Company had capital commitments of £7,979,365 (2024: £28,735,914) in respect of contracts entered into during the year and due to complete in September 2026. These commitments were contracted for but not provided for in the financial statements.

Balances:

At the year end, the company had a loan balance of £61,338,879 (2024: £34,725,010) due to an indirect parent company and amounts due from an indirect parent company of £Nil (2024: £736,068).

Transactions:

During the year, the company capitalised costs of £682,410 (2024: £5,048,521) paid to an associated company, and £NIL (2024: £856,385) paid to an indirect parent company, together with capitalised interest of £5,884,147 (2024: £1,128,640) paid to an indirect parent company.

The immediate parent undertaking is Deeside Holding Limited, a company incorporated in England and Wales.

The ultimate controlling party are Abrdn Global Sustainable Infrastructure Partners IV L.P by virtue of their majority shareholding in the parent entity.