PYEBRIDGE POWER LTD

Company number

13499825

Status

Active

Incorporation

2021-07-08

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

35110

Hubs

UK Energy & Climate

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Crowe U.K. LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The directors have concluded that as the company is reliant on the parent for continued financial support and as this support is not guaranteed, there exists a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern and that, therefore, the company may be unable to meet its liabilities in the normal course of business. The entity itself is not in a net-cash positive generating position yet, at the date of this report, and it relies on the ultimate holding company for financing. Unforeseen challenges with drawdown financing arrangements that the parent is pursuing may result in the parent company not being in a position to provide further funding. Based on the cashflow forecast and the cash status of the company at the date of this report, if further funding by the parent cannot be secured, the company will continue to experience continuous cash shortfalls over the next 12 months.”

Significant events

• “In 2024, the Company focused on enhancing the operational efficiency and financial performance of its Pyebridge site ('Pyebridge'), an 8.1 MW gas-powered flexible generation power facility located in Derbyshire. The year was marked by significant refurbishment efforts on-site enabled by availing of drawdowns of £2,769,297on a secured loan facility of up to £4,000,000 from RiverFort and strategic participation in Capacity Market ('CM') contracts, contributing to improved operational outcomes.”
• “In addition to the overhaul of Engines 3 and 2, the following significant site technical upgrades were implemented at the Pyebridge site during 2024: Redundancy on the internet connection in the form of a Starlink satellite connection, backed up by a SIM connection; thereby always ensuring uninterrupted connectivity. Redundancy on the main compressed gas supply line in the form of a backup gas compressor. Installation of a new roof, covering all gensets and ancillary components. This ensures no water ingress. Full HD CCTV security system upgrade.”
• “Pyebridge now has uninterrupted CM contracts until 2029 with a cumulative total guaranteed gross profit income value of c. £1.73m, over and above its Power Purchase Agreement ('PPA') trading income and Embedded Benefits.”
• “Additionally, following successful pre-qualification for additional CM T-1 and T-4 contracts during the assessment window in August 2024, and the implementation of a robust CM auction bid strategy, Pyebridge has recently (February 2025) secured additional CM contracts at its maximum generation capacity permissible under the CM rules for the first time, as follows: A T-1 CM contract for 2025/2026 secured at a rate of £20,000 per MW/year. A T-4 CM contracts for 2028/2029 secured at a rate of £60,000 per MW/year.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers