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Registered number: 08838364
GREN BIOMASS (NORFOLK) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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GREN BIOMASS (NORFOLK) LIMITED
REGISTERED NUMBER: 08838364
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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GREN BIOMASS (NORFOLK) LIMITED
REGISTERED NUMBER: 08838364
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2026.
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C Phillips
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The notes on pages 3 to 9 form part of these financial statements.
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GREN BIOMASS (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Gren Biomass (Norfolk) Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is C/O Womble Bond Dickinson (UK) LLP, 4 More London Riverside, London, SE1 2AU. The principal place of business is 14 St Johns Lane, London, EC1M 4AJ. The principal activity of the company is the operation of biomass power plants across a number of sites. The company number is 08838364.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
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:
Gren Biomass (Norfolk) Limited has net liabilities of £25,316,758 (2024: £25,031,111) inclusive of £40,609,055 (2024: £39,462,439) of intercompany loans as at the reporting date.
The directors are satisfied with the trading performance of the Company during the year with an operating profit of £2,009,241 (2024: £2,057,459), which is before interest and similar charges. When considering current trading up to the date of this report and future forecasts, the directors are satisfied with the continued cash generation of the company, which continues to generate positive EBITDA.
As evidenced by the intercompany loans, the Company is reliant on the long term support of Gren Energy Limited (“the Funding company”). These intercompany loans are not repayable until 2028.
The directors are satisfied that, with the support from the Funding company, the Company can continue to meet its liabilities as they fall due and therefore consider it appropriate to continue to prepare the financial statements on a going concern basis.
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GREN BIOMASS (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is determined by the energy produced from the biomass boilers and submitted to Ofgem within the terms of the Renewable Heat Incentive Scheme. Income is recognised in the period on the basis that it is probable the Company will receive income based on data submissions of the energy produced. Bernard Matthews Foods Limited has entered into an agreement with the Company to generate a minimum of heat by the biomass boilers installed at the various sites. Income due under the terms of this agreement is calculated on an annual cumulative basis beginning 1 January each year.
The provision of revenue under the minimum income agreement represents an estimate based on the meter readings and approved tariffs under the renewable incentive scheme agreements.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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5 to 20 years straight line
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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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GREN BIOMASS (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are as follows:
Depreciation
Tangible fixed assets (see note 7) are depreciated over their useful lives. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Impairment
Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected performance of that unit.
MAHC accrued income provision
A provision is included against the MAHC accrued income. A reasonable estimate is taken which takes factors such as down time hours and avian flu into account.
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The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
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GREN BIOMASS (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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GREN BIOMASS (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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GREN BIOMASS (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The total amounts owed to group undertakings for interest bearing loans is £40,387,857 (2024: £39,241,241) of which £39,841,241 (2024: £37,933,692) is in respect of liabilities payable by instalments which fall due within five years from the reporting date, due to related parties as outlined in Note 13.
Interest is charged at EURIBOR plus a margin and the loan is repayable in May 2028, with interest on the loan notes being payable half yearly in arrears. Interest accruing on the loan amounted to £2,294,888 (2024: £2,657,931) for the year, with £1,748,246 paid during the year, bringing the total interest accrual to £546,646 (2024: £1,307,548). The loan notes are unsecured.
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Allotted, called up and fully paid
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249,999 (2024 - 249,999) A Ordinary Shares of £1.00 each
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1 (2024 - 1) B Ordinary Shares of £1.00
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Each share ranks pari passu.
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Related party transactions
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There are interest bearing loan notes outstanding with Gren Energy Limited. The amount outstanding at the year end was £40,387,857 (2024: £39,241,241), of which £39,841,241 (2024: £37,933,692) related to loan capital. Accrued unpaid interest on the loan amounted to £546,646 (2024: £1,307,548). There is also an interest free loan outstanding with Gren Energy Limited totalling £211,198 (2024: £211,198).
There is a creditor balance due to Gren Energy Limited totalling £661,539 at the year end (2024: £79,616) relating to management services recharged during the year. Gren Energy Limited also owes £308,664 (2024: £298,538) in relation to a VAT group to which the Company belongs. The administration and settlement of the VAT group is managed by Gren Energy Limited.
The Company is also owed £211,124 (2024: £211,124) from fellow group companies related to consideration for tax losses surrendered in the prior year.
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GREN BIOMASS (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company’s immediate parent undertaking is Gren Energy Limited, a company incorporated and registered in England and Wales.
The smallest member of the group preparing consolidated financial statements is LIC 422 Sarl, the registered office of this company is 6 Rue Eugène Ruppert L-2453 Luxembourg.
In the opinion of the directors the ultimate parent company and ultimate controlling party is Partners Group Holding AG. The group financial statements can be obtained from Zugerstrasse 57, 6341 Baar-
Zug, Switzerland.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 30 September 2026 by Andrew Cameron (Senior Statutory Auditor) on behalf of Ryecroft Glenton.
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