Debt & Cash

GROUP CASH

£1.7M

+£18.4K+1.1% vs prior month+£785.9K YoY vs same period last year

CASH CONVERSION

81%

+£1.3Moperating cash (OCF − Capex)

NET DEBT / LTM EBITDA

1.7x

£4.8Mnet debt · Net Debt / LTM EBITDA

WORKING CAPITAL

As of 2026-04

UNINVOICED REVENUE

£743.9K

WIP

£418.7K

ACCRUED INCOME

£271.9K

DEBTOR DAYS

46d

EntityUninvoicedWIPTrade DebtorsDSO
AquaPump Services£310.5K£157.8K£779.2K44d
GreenSpark Environmental£216.9K£143K£756.4K48d
GreenSpark North£142.4K£118K£470.3K44d
DrainClear Solutions£74K£0£207.6K47d

Debtor days (DSO) = trade debtors ÷ latest-month revenue × 30. The production formula for these balances is defined by the client’s fCFO during onboarding.

DEFERRED REVENUE

As of 2026-04 · standalone basis (pre-consolidation)

LATEST BALANCE

£835.7K

-£19.2K vs prior month

6-MONTH TREND

£694.2K → £835.7K

Nov · £694.2KApr · £835.7K

Standalone basis (pre-consolidation) — intercompany deferred-revenue eliminations are a client onboarding item, not yet applied here.

GROUP CASH TREND

Monthly · GBP

Within covenant

LEVERAGE VS COVENANT

Net Debt / LTM EBITDA · monthly

INTEREST COVERAGE

LTM EBITDA / interest · monthly · 5.8× latest

DEBT SERVICE

TTM · GBP

DEBT & CASH BY ENTITY

EntityCash Balance30-Day Change30-Day Change %Net Debt
HoldCo / Group (senior facility)———£5.2M
GreenSpark Environmental£660,000+£2,597+0.4%Net cash £337.7K
AquaPump Services£520,000+£5,317+1.0%£328.6K
GreenSpark North£384,000+£12,457+3.4%Net cash £206.1K
DrainClear Solutions£92,000-£1,991-2.1%Net cash £92K

Senior/acquisition debt (£5.2M) is held at HoldCo; operating entities carry only vendor loans + small working-capital lines, so per-entity leverage is not meaningful. HoldCo senior + entity debt = group gross £6.5M; group net debt £4.8M = 1.7x LTM EBITDA (covenant basis, shown above).