| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| CARNO 1 LLP |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| CARNO 1 LLP |
| CARNO 1 LLP (REGISTERED NUMBER: OC418192) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2025 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CARNO 1 LLP |
| GENERAL INFORMATION |
| for the year ended 31 March 2025 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Magma House |
| 16 Davy Court |
| Castle Mound Way |
| Rugby |
| CV23 0UZ |
| CARNO 1 LLP (REGISTERED NUMBER: OC418192) |
| BALANCE SHEET |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,598,233 |
138,243 |
| CARNO 1 LLP (REGISTERED NUMBER: OC418192) |
| BALANCE SHEET - continued |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
2,640,182 |
180,192 |
| MEMBERS' OTHER INTERESTS |
| Other reserves | ( |
) | ( |
) |
| 2,598,233 | 138,243 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 9 | 2,640,182 | 180,192 |
| Members' other interests | (41,949 | ) | (41,949 | ) |
| 2,598,233 | 138,243 |
| The members acknowledge their responsibilities for: |
| (a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| CARNO 1 LLP (REGISTERED NUMBER: OC418192) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| Carno 1 LLP (the "LLP) (OC418192) is a Limited Liability Partnership registered in England and Wales. It's registered office is 1 Des Roches Square, Witney, OX28 4BE. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. |
| The financial statements are presented in Sterling (£) and rounded to the nearest £1. |
| Turnover |
| Turnover represents the fair value of the consideration received or receivable for goods rendered during the period, exclusive of value added tax, derived from the generation of electricity. |
| Revenue from 'Brown' energy and revenue from Renewable Obligation Certificates (ROCs), is recognised when the related electricity is generated. In the case of Renewable Energy Guarantees of Origin (REGOs), revenue is recognised when it falls due. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. Finance costs are included in the cost of tangible assets when they are directly attributable to the construction of tangible fixed assets. |
| Depreciation is provided at the following annual rates in order to write off each asset, net of anticipated disposal proceeds, over its estimated useful economic life. Depreciation is charged at the following rates: |
| Plant and machinery - period over the lease term. |
| 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. |
| Financial instruments |
| The LLP has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade creditors and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Members' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| CARNO 1 LLP (REGISTERED NUMBER: OC418192) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Members' participation rights |
| Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). |
| The losses of the LLP shall, with effect from the commencement date, be borne by the LLP and not allocated to the members. The members shall procure that all losses of the LLP are debited to a retained loss account. |
| Profits are divided equally between the members and therefore such profits are classed as an expense through the profit and loss rather than an appropriation of equity |
| All amounts due to the members that are classified as liabilities are presented in the balance sheet within 'Loans and other debt due to members' and are charged to profit and loss account within Members' remuneration charged as an expense. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'. |
| Taxation |
| The taxation payable on the LLP's profits is the personal liability of the member during the year. Consequently, neither the LLP nor related deferred taxation are accounted for in the financial statements. |
| Provisions |
| Provision is made for the net present value of the estimated future decommissioning costs at the end of the operating life of the wind farm. This provision is made when construction of the wind farm has reached a stage when decommissioning of the constructed plant would incur material costs. The provision is calculated using estimated costs of decommissioning, and these estimates have been arrived at by consideration of the expected costs of contracts to remove the installed plant. The estimates are discounted at a rate that reflects current market assessments of the time value of money. A corresponding asset is recognised and included within the wind farm assets and is depreciated over the lease term. The estimated future cost of decommissioning obligations are regularly reviewed and adjusted as appropriate for new circumstances or changes in law or technology. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. |
| Operating leases |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
| Critical accounting estimates and assumptions |
| (i) Useful economic lives of tangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
| (ii) Provisions |
| Provision is made for asset decommissioning obligations, dilapidations and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows, inflation and the discount rates used to establish net present value of the obligations require management's judgement. |
| (iii) Accrued income |
| Accrued income is estimated based on the value of unbilled wind revenue at the reporting date. Management estimate accrued income based on output of the wind farms multiplied by the average price for the period. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2024 - NIL). |
| CARNO 1 LLP (REGISTERED NUMBER: OC418192) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| VAT |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| VAT | 370,641 | - |
| Accruals and deferred income |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| The operating leases are in respect of the land upon which the wind farm is sited and the annual charge is based primarily upon the levels of electricity generated. |
| 8. | PROVISIONS FOR LIABILITIES |
| Other |
| provisions |
| £ |
| Provided during year |
| Balance at 31 March 2025 |
| CARNO 1 LLP (REGISTERED NUMBER: OC418192) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2025 |
| 8. | PROVISIONS FOR LIABILITIES - continued |
| Other provisions relates to the net present value of the estimated future decommissioning costs of the wind farm, which is required at the end of the operating lease. The provision has been calculated using estimated costs of decommissioning and an average inflation rate of 3%. This has been discounted at 8.5%. |
| 9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| Loans and other debts due to members rank behind other unsecured creditors. |
| 10. | RELATED PARTY DISCLOSURES |
| During the year the LLP received site management charges from a company in which a Designated Member is also a director and majority shareholder, totalling £190,000 (2024: £10,000). At the year end the LLP owed £228,000 (£2024: £12,000) |