The directors present the strategic report for the year ended 31 December 2025.
Granville Ecopark Limited (the "company") is a wholly-owned subsidiary of GECO Holdo Ltd and an indirect subsidiary of Bio Capital Ltd, its ultimate parent company, which operates in the UK renewable energy sector, owning and operating UK-based operational Anaerobic Digestion ("AD") assets. The group consists of Granville Ecopark Limited and all of its subsidiaries.
The purpose of Granville Ecopark Limited continues to be as an operator of an anerobic digestion plant converting food waste collected locally into renewable energy, biofertiliser and biomethane gas, with revenues from the sale of biomethane to the local gas grid and electricity grid and vehicle fuel.
On April 23rd 2025 Equitix AD 2 CO Limited became the 100% shareholder in Bio Capital Limited following the successful acquisition of Helios 3 Biogas UK 1 LP interests in the company. The transaction marks the evolution of a successful partnership between two leading infrastructure and energy investors who jointly developed the business.
Granville Ecopark Limited is held as part of Bio Capital’s investment portfolio and is recognised in accordance with the accounting policies adopted by the group and company. The value to the group and company is through fair value as part of a directly held basket of investments rather than as a media through which the group and company conducts its business. The assets, which are subsidiary companies in the group, are accounted for at fair value under FRS 102 and, in accordance with FRS 102 and the Companies Act, the financial statements of Bio Capital Ltd are not consolidated.
Granville Ecopark Limited had a difficult trading year due to numerous unplanned downtime. The company continues to focus on optimising performance to maximise generation opportunity. The enhancements made during the year are aligned with delivering future incremental performance.
The group's operating loss for the year (before interest, depreciation and amortisation) was £0.6m (2024: Profit £3.4m) on turnover of £9.0m (2024: £13.4m). The loss before taxation in the year is £4.5m (2024: Profit £1.0m).
The group's net current assets as at 31 December 2025 are £3.3m (2024: £7.6m), a decrease of 57% on the previous year and the group's net liabilities are £2.2m (2024: Assets £2.8m), a decrease of 176% on the previous year.
The group and company have not made any significant donations to charities in the year (2024: £Nil) and did not make any donations to political parties.
Future developments
The company is positive with regards to the business outlook and continues to focus on optimising performance to maximise generation opportunity in its operating companies.
The group and company monitors a range of financial indicators; operating profit and loss, profit before tax and net assets. These results for the year are detailed in the business review.
The accident frequency rate
The accident frequency rate ("AFR") is calculated for all Bio Capital and Bio Capital 2 group companies cumulatively. The AFR shows the number of accidents sustained by all workers for every 1,000,000 hours worked. The AFR has decreased by 37% from the previous year.
Reporting of Injuries, Diseases and Dangerous Occurrences Regulations ("RIDDOR")
The group and company compares its injury incidence rates of reported non-fatal injuries (reported to the HSE under RIDDOR) against various industries. There was 1 RIDDOR reportable lost time injury (in excess of 7 days) in the 12 month period. This incidence rate is lower than that reported in the waste industry, the oil and gas industry and the all industry average.
Feedstock Processed & Controlled
Total tonnages controlled for the period were 77% of budget and 9% lower than the previous year.
Biogas/biomethane generation
Biogas generated during the period was 64% of budget and 27% lower than the previous year.
Key Cost Metrics
The group and company monitors the cost of logistics, disposing of packaging and plastic and maintenance costs. These KPIs were in line with the budget for the period.
The group and company continues to focus on optimising performance to maximise generation opportunity in its operating companies. The enhancements made during the year are aligned with delivering future incremental performance.
Granville Ecopark Limited had an average of 5 employees during the year.
PRINCIPAL RISKS AND UNCERTAINITES
The group and company face the following risks during the normal course of operation.
Legislative risk
The group and company are at risk of loss of revenue and cash generation from changes in legislation which affect the renewable energy sector.
The group and company monitor the likelihood and impact of legislative changes through its participation in industry bodies such as Renewable Energy Association (REA) and UK Anaerobic Digestion and Bioresources Association (ABDA).
Price & availability of feedstock risk
The operating facilities of the group and company require a consistent supply of suitable feedstock to maintain the biology of the plant and resulting generation. Market pressures, weather, plant issues/capacity can all impact feedstock supply.
This risk is mitigated by maintaining strong relationships with a wide range of feedstock suppliers and entering into long term contractual relationships with local authorities. Market pressures faced in recent years continue to impact feedstock costs and revenues which show a strong correlation to gas and power price movements.
Plant operating risk
Failure of key components of an operating plant may lead to reduced generation. This risk is mitigated by scheduled planned maintenance and monitoring alongside a team of experienced engineers and long-term maintenance partnerships with experienced and competent maintenance providers for specialist plant.
Regulatory compliance risk
The group and company operate within a heavily regulated environment with failure to comply with regulations having the potential to impact operations. The companies across the group operate 1SO9001, ISO 14001 and ISO 45001 with an integrated management system.
Compliance and health and safety are a high priority of the directors and reviewed regularly by the Board. All audits during the year were successfully passed.
Credit risk
The group and company mitigate credit risk by obtaining external credit reports for every new customer in conjunction with regularly monitoring customer credit levels.
Interest Rate Risk
The group and company have long term borrowing agreements with its lenders which mitigates the risk of interest rate volatility. It also utilises UK money market funds to maximise its interest earning capability.
Energy pricing risk
The group and company operate in the UK energy market and as such is exposed to movements in wholesale power and gas pricing. Where appropriate, the operating companies within the group have entered into medium term power price agreements to mitigate this risk.
Liquidity risk
The group and company monitor and manages the cash flow requirements on a group wide basis with annual budgets and monthly rolling forecasts that are reviewed regularly by the directors. The capital requirements of the group and company are met through cash reserves and shareholder loans.
Overall, the directors and shareholders are pleased with the group and company's performance in 2025 and are confident that the business is well placed to deliver to the agreed business plan.
Approved by the Board of Directors and signed on behalf of the Board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £520,000 (2024: £1,325,000).
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group and company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The group's principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Post reporting date events are detailed in the Strategic Report under the subheading ‘Future Developments’.
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Please refer to note 1.4 in the financial statements. The directors have a reasonable expectation that the group and company will have adequate resources to continue in operational existence for the forseeable future. Thus, they continue to adopt the going concern basis in the financial statements.
We have audited the financial statements of Granville Ecopark Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £4,425,864 (2024: £1,032,698 profit).
Granville Ecopark Limited (the "company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is Granville Ecopark, Granville Industrial Estate, Dungannon, County Tyrone, Northern Ireland, BT70 1NJ.
The group consists of Granville Ecopark Limited and all of its subsidiaries.
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.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; and
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Granville Ecopark Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
As part of the regular budgeting and forecast review process, the directors have prepared cash flow forecasts covering a period in excess of 12 months from the approval of the financial statements and are satisfied the group and company will have sufficient cash to meet its obligations as they fall due during this period. The group and company is also a member of a wider group whose financial position is closely linked to the status and continued support of other group undertakings. Each of these fellow group undertakings have committed to support each other as required for the foreseeable future.
The group and company has entered into certain fixed-price export contracts where the directors consider there to be minimal risk with respect to energy prices over the next 12-18 months and, furthermore, the directors have performed sensitivity analysis on key variables such as export prices and volumes, feedstock costs and yields on these forecasts and are satisfied as a result of this that there is no indication that the group and company will not be able to continue operating as a going concern.
The group and company additionally has a long-term financing arrangement with its parent company and any unpaid interest under this arrangement may be deferred until the final repayment date of September 2033, at the company's discretion.
Having considered the information available at the time of approving the financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future.
The directors have therefore continued to adopt the going concern basis of accounting in preparing the financial statements.
Turnover comprises revenue recognised by the group in respect of generation of power. Turnover is recognised as output is transferred.
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 recognised in the profit and loss account.
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.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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.
Basic financial assets, which include debtors and cash and bank balances, 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
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.
Other financial liabilities, including trade creditors arising from goods purchased from suppliers on short-term credit, are intially measured at the undiscounted amount owed to the creditor, which is normally the invoice price. Liabilities that are settled within one year are not discounted. If payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate, this constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, other financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Finance costs
Finance costs are charged to statement of comprehensive income 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Related parties
The group has taken advantage of the exemption available 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.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Factors which are taken into consideration to determine whether there are indicators of impairment in the group's fixed assets include the economic viability and expected future financial performance of the assets.
Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level ofprovision required for irrecoverable receivables. Provisions are made against receivables where recoverability is uncertain,
Included within administrative expenses are exceptional costs in relation to the sale of 50.97% of Bio Capital Limited, the parent company's share capital during the period.
The turnover of the group is generated from its principal activity. An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The company and group had no employees at 31 December 2025 as all employees transferred to Bio Capital Ltd, a related party, during the year ended 31 December 2025 with staff costs of £1,077,397 subsequently recharged from Bio Capital Limited to the company.
Prior to the transfer of employees to Bio Capital Ltd, the company operated a defined contribution pension scheme for all qualifying employees. The total expenditure recognised in the profit or loss for defined contribution plans is £30,165 (2024: £28,864). The assets of the scheme are held separately from those of the company in an independently administered fund.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024 - 1).
As total directors' remuneration for qualifying services was less than £200,000 in the current and prior year, no disclosure is provided for the highest paid director.
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
No capitalised interest, arrangements fees or borrowing costs directly attributable to the acquisition, construction or production of plant and machinery were capitalised during either the current or prior year.
The total capitalised interest, arrangements fees and borrowing costs directly attributable to the acquisition construction or production of plant and machinery included in the brought forward and carried forward cost of plant and machinery above is £5,558,706 (2024: £5,558,706).
Details of the company's subsidiaries at 31 December 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
All the above subsidiaries are included in the consolidation.
Company
Amounts owed by group undertakings falling due within one year include loan notes that are unsecured, interest bearing from 8.50% per annum and is repayable on demand. Interest is calculated on a quarterly basis and compounded quarterly, where unpaid.
Loans from group undertakings include loans that are unsecured, interest bearing at 8.50% and 11.00% per annum and have a final repayment date for capital and all accrued, unpaid interest of more than 5 years. Interest payable is calculated on a quarterly basis and compounded quarterly, where unpaid. Repayments of both unpaid interest and capital are at the discretion of the company, subject to the final repayment date. At the balance sheet date, the capital outstanding was £30,433,771 (2024: £29,562,555).
Finance lease payments represent rentals payable by the group and company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the deferred tax liabilities recognised by the group and company, and movements thereon:
The deferred tax liability set out above relates to accelerated capital allowances.
The group and company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions to the defined contribution pension scheme are expeced to be settled wholly within 12 months of the reporting period. At the year end, no contributions were outstanding (2024: £6,039).
The company has one class of ordinary share which carries rights to voting, dividends and distibutions on a winding up of the company.
Retained earnings includes all current and prior period retained profits and losses.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Amounts contracted for but not provided in the financial statements:
Bio Capital Ltd
In the year to 31 December 2025, management charges of £601,306 (2024: £430,370) were paid to Bio Capital Ltd.
In the year to 31 December 2025, recharged staff costs of £1,077,397 (2024: £Nil) were paid to Bio Capital Ltd.
As at 31 December 2025, an amount of £2,012,187 (2024: £699) was due to Bio Capital Ltd, and is included in amounts owed to group undertakings falling due within one year.
Bio Capital Finance Ltd
Included in interest receivable from group undertakings in the statement of comprehensive income for the year is interest receivable of £174,793 (2024: £219,281). As at 31 December 2025, an amount of £1,878,229 (2024: £1,878,229) was due which is included in amounts owed by group undertakings falling due in less than one year. Accrued, unpaid interest payable on this loan of £288,588 (2024: £113,765) is included in amounts owed by group undertakings falling due in less than one year.
Included in interest payable to group undertakings in the statement of comprehensive income for the year is interest payable of £474,617 (2024: £295,198). As at 31 December 2025, an amount of £4,559,907 (2024: £3,688,690) was due which is included in amounts due to group undertakings falling due in more than one year. Accrued, unpaid interest payable on this loan of £387,747 (2024: £413,130) is included in amounts due to group undertakings falling due in more than one year.
Warrens Group Limited
In the year to 31 December 2025, management charges of £261,876 (2024: £Nil) were paid to Warrens Group Limited.
As at 31 December 2025, an amount of £191,931 (2024: £Nil) was due to Warrens Group Limited, and is included in amounts owed to group undertakings falling due within one year.
Earnside Energy Limited
As at 31 December 2025, an amount of £30,715 (2024: £Nil) was due from Earnside Energy Limited, and is included in amounts owed by group undertakings falling due within one year.
Barkip Biogas Limited
As at 31 December 2025, an amount of £700,000 (2024: £Nil) was due to Barkip Biogas Limited, and is included in amounts owed to related parties due within one year.
East London Biogas Limited
As at 31 December 2025, an amount of £34,623 (2024: £Nil) was due to East London Biogas Limited and is included in amounts owed to related parties due within one year.
In addition to the inter–group loans, during the financial year, there was trade in the normal course of business between group companies which represents the movements in intercompany balances.
The company is wholly owned by GECO Holdco Ltd, a company registered in Northern Ireland. The registered office is Granville Ecopark, Granville Industrial Estate, Dungannon, Northern Ireland, BT70 1NJ.
On 23 April 2025, Equitix AD Co Limited acquired 50.97% of the Bio Capital Ltd issued share capital. Following this transaction, from this date Equitix AD Co Limited became the sole shareholder. The company’s ultimate controlling party became Equitix Fund V LP (2024 - No ultimate controlling party), a limited partnership registered in England and Wales, with its registered office at 3rd Floor (South), 200 Aldersgate Street, London, EC1A 4HD.