TOLLGATE ENERGY STORAGE LIMITED

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Moore Kingston Smith LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis, which the Directors consider to be appropriate. Tollgate Energy Storage Limited is operational; however, the group's battery energy storage programme has experienced delays at Cuxton Energy Storage Limited. As at the date of approval of these financial statements, construction at Cuxton is behind schedule and the previous contractual longstop date of 31 December 2025 has now passed. Under the Senior Loan arrangements that finance the projects, certain provisions (including longstop date and related undertakings) apply at a portfolio level across both project companies. Therefore, sustained delays at Cuxton increase the risk that the Senior Lender could exercise rights that would also affect Tollgate under the facility documentation. Subsequent to the reporting date, the senior financing lender, Fuyo General Lease (USA) Inc., a company holding a non controlling interest, contractually agreed to extend the longstop date to 20 January 2026. On 15 January 2026, the senior financing loan was transferred from Fuyo General Lease (USA) Inc. to Integrated Design & Engineering Holdings Co., Ltd., a company holding a controlling interest. Following the transfer, the longstop date was further extended to 30 November 2026. As at 30 June 2025, both Cuxton Energy Storage Limited and Tollgate Energy Storage Limited were in compliance with all covenants under the Senior Loan. However, the continued delay at Cuxton increases the risk of breaching the longstop date provisions, which could give the Senior Lender the right to demand immediate repayment. The Directors have held discussions with the Senior Lender, who has indicated ongoing support and as part of this we have agreed the above extension to the longstop date provision. We remain in constructive dialogue with the lender regarding the repayment terms and also will look at alternative financing if the delays to the project continue. The Directors have prepared cash flow forecasts covering a period of at least 12 months from the date of approval of the financial statements. These forecasts indicate that the company (and the wider project portfolio) will require continued support from the Senior Lender and/or additional financing to meet its obligations as they fall due. The Directors believe that they will be able to secure the necessary amendments to the loan facility, refinance and/or raise additional finance, and therefore consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.”

Group structure

1. TOLLGATE ENERGY STORAGE LIMITED · parent
   1. Cuxton Energy Storage Limited
   2. TollCux Investments Limited
   3. RNK UK Investments Limited
   4. Fuyo General Lease (USA) Inc.
   5. Integrated Design & Engineering Holdings Co. Ltd.
   6. TollCux Finance Limited

Significant events

• “Subsequent to the reporting date, the senior financing lender, Fuyo General Lease (USA) Inc., contractually agreed to extend the longstop date from 31 December 2025 to 20 January 2026. On 15 January 2026, the senior financing loan was transferred from Fuyo General Lease (USA) Inc.to Integrated Design & Engineering Holdings Co. Ltd. The transfer was effected on the same terms and conditions as the original loan arrangement. The Longstop Date got extended till 30 November 2026.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.