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REGISTERED NUMBER: OC418192 (England and Wales)












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: Carno Holdings Limited
S E Thomas





REGISTERED OFFICE: 1 Des Roches Square
Des Roches Square
Witney
OX28 4BE





REGISTERED NUMBER: OC418192 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
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 1,684,330 -

CURRENT ASSETS
Debtors 5 1,771,497 140,591
Cash at bank 2,638,364 34,112
4,409,861 174,703
CREDITORS
Amounts falling due within one year 6 (1,330,391 ) (36,460 )
NET CURRENT ASSETS 3,079,470 138,243
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,763,800

138,243

PROVISIONS FOR LIABILITIES 8 (2,165,567 ) -
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 (41,949 ) (41,949 )
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

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 have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 18 August 2025 and were signed by:





S E Thomas - Designated member

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 2,165,567
At 31 March 2025 2,165,567
DEPRECIATION
Charge for year 481,237
At 31 March 2025 481,237
NET BOOK VALUE
At 31 March 2025 1,684,330

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 490,615 -
VAT - 26,498
Prepayments and accrued income 1,280,882 114,093
1,771,497 140,591

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 595,115 12,910
VAT 370,641 -
Accruals and deferred income 364,635 23,550
1,330,391 36,460

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 1,337,076 -
Between one and five years 2,217,537 -
3,554,613 -

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 2,165,567
Balance at 31 March 2025 2,165,567

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)