THAMES GATEWAY WASTE TO ENERGY LIMITED - Accounts to registrar (filleted)

REGISTERED NUMBER: 07933078 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

THAMES GATEWAY WASTE TO ENERGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms. G Arnal

F H Dajani

Ms. Z C Lababedi

REGISTERED OFFICE:

50 Seymour Street

London

W1H 7JG

REGISTERED NUMBER:

07933078 (England and Wales)

ACCOUNTANTS:

Orcom Civvals Limited

Accountants

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

30,053,428

30,003,221

CURRENT ASSETS

Debtors

5

1,410,660

1,342,735

Cash at bank

17,236

160,297

1,427,896

1,503,032

CREDITORS

Amounts falling due within one year

6

(31,616,036

)

(27,682,899

)

NET CURRENT LIABILITIES

(30,188,140

)

(26,179,867

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(134,712

)

3,823,354

CAPITAL AND RESERVES

Called up share capital

1,070

Share premium

4,314,586

Retained earnings

(4,450,368

)

(492,302

)

(134,712

)

3,823,354

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2026 and were signed on its behalf by:

Ms. Z C Lababedi - Director

1.	STATUTORY INFORMATION

THAMES GATEWAY WASTE TO ENERGY LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the

translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis notwithstanding that the Company has net current liabilities of £30,188,140 (2024: £26,179,867).

The Company has continued to obtain loan funding to support its operations. The £9 million secured loan facility, previously due for renewal in November 2024, was subsequently extended and renewed/restructured in May 2025.

As at 31 May 2025, the Company intended to continue the development of its EfW facility in Dagenham. Subsequent to the year end, the Company's strategy changed and it is no longer seeking to develop the project itself, with the current intention being to pursue a sale of the land and site.

The directors have considered the Company's existing financing arrangements, cash flow requirements and proposed sale of the land and site. The successful sale of the property is an important factor in the Company's ability to repay its outstanding liabilities and continue to meet its obligations as they fall due.

Accordingly, the directors consider the going concern basis of preparation to be appropriate.

Interest income

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

Finance costs

Finance costs are charged to profit or loss 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.

Borrowing Costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 3 ).

4.	TANGIBLE FIXED ASSETS

Long

Computer

leasehold

equipment

Totals

£

COST

At 1 June 2024

30,000,001

8,413

30,008,414

Additions

51,818

-

51,818

At 31 May 2025

30,051,819

8,413

30,060,232

DEPRECIATION

At 1 June 2024

-

5,193

Charge for year

-

1,611

At 31 May 2025

-

6,804

NET BOOK VALUE

At 31 May 2025

30,051,819

1,609

30,053,428

At 31 May 2024

30,000,001

3,220

30,003,221

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

Restated

£

Trade debtors

524

Amounts owed by group undertakings

1,250,000

Other debtors

160,136

92,211

1,410,660

1,342,735

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

Restated

£

Bank loans and overdrafts

2

-

Trade creditors

127,478

88,567

Taxation and social security

(204

)

11,664

Other creditors

31,488,760

27,582,668

31,616,036

27,682,899

7.	RELATED PARTY DISCLOSURES

During the period, interest of £568,150 (2024 £452,903.22) incurred by Urban Mining Limited was recharged to the Company, the ultimate beneficiary of the facilities. At the period end, the total owned by the Company to Urban Mining Limited was £13,973,494 (2024 - £13,405,344)

8.	ULTIMATE CONTROLLING PARTY

The immediate controlling party is Urban Mining Limited, a company registered in the UK.

The ultimate controlling party is Chinook Investment Partners Limited, a company registered in the British Virgin Islands.

In March 2026, following a change in the ownership and control structure of the Group, Thames Gateway Holding became the ultimate controlling party of the Company.

This change occurred after the reporting date and has therefore been treated as a non-adjusting event. The change had no impact on the amounts recognised in these financial statements as at 31 May 2025.

9.

RESERVES

Share premium account

The share premium account represents the cumulative excess of proceeds from share issues over their par value.

Revaluation reserve

Revaluation reserve represents increase in value of long-term leasehold property upon revaluation by the director in 2019.

Profit and loss account

The profit & loss account represents the cumulative losses of the company.

10.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost chargerepresents contributions payable by the Company to the fund and amounted to £1,276 (2024 - £4933). Contributions totalling £nil (2024 - £nil) were payable to the fund at the balance sheet date.

11.	POST BALANCE SHEET EVENT

Subsequent to the period end, £13,404,426.12 of the amount owed by the Company to Urban Mining Limited was converted from an intercompany loan into share premium. This conversion reduced the Company's intercompany loan liability and increased shareholders' funds by the corresponding amount.