Fafnir BESS Limited

	Page
Company Information	1
Directors' Report	2
Accountant's Report	3
Profit and Loss Account	4
Balance Sheet	5
Notes to the Financial Statements	6—7

Page 1

Page 2

Fafnir BESS Limited

Company No. 13735785

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

Fafnir BESS Limited was incorporated on 10 November 2021 for the development and operation of a renewable energy site in the UK. The directors foresee no material change in the nature of the company’s activities.

Directors

The directors who held office during the year were as follows:

Mr Martyn Tuffs

Mr Simon Coulson

Mr Benjamin Moore

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr Martyn Tuffs

Director

30/09/2025

Page 2

Page 3

Fafnir BESS Limited

Accountant's Report

For The Year Ended 31 December 2024

Accountant's Report

In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.

You have acknowledged on the balance sheet as at year ended 31 December 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

30/09/2025

Mendip Accounting Solutions Ltd

6 Hill Road

Clevedon

North Somerset

BS21 7NE

Page 3

Page 4

Fafnir BESS Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
Administrative expenses		(1,000 )	(733 )

OPERATING LOSS AND LOSS FOR THE FINANCIAL YEAR		(1,000 )	(733 )

The notes on pages 6 to 7 form part of these financial statements.

Page 4

Page 5

Fafnir BESS Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		188,395		175,720

			188,395		175,720
CURRENT ASSETS
Debtors	5	6,000		6,000

		6,000		6,000
Creditors: Amounts Falling Due Within One Year	6	(199,648 )		(185,973 )

NET CURRENT ASSETS (LIABILITIES)			(193,648 )		(179,973 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(5,253 )		(4,253 )

NET LIABILITIES			(5,253 )		(4,253 )

CAPITAL AND RESERVES
Called up share capital	7		10		10
Profit and Loss Account			(5,263 )		(4,263 )

SHAREHOLDERS' FUNDS			(5,253)		(4,253)

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Mr Martyn Tuffs

Director

30/09/2025

The notes on pages 6 to 7 form part of these financial statements.

Page 5

Page 6

Fafnir BESS Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Fafnir BESS Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13735785 . The registered office is 30 Queen Square, Penthouse Office, Bristol, BS1 4ND.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company currently relies on the continued financial support from its parent company. With the net liability position of the Company in mind, the directors have separately reviewed group forecasts in which the Company is included, for the foreseeable future. The group forecasts and the confirmed support available, which is affordable to the group, indicate that the Company will be able to meet its cash flow demands and liabilities as they fall due, and the directors therefore believe that the financial statements have been appropriately prepared on a going concern basis

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Assets under construction

Not depreciated until in use

Assets under construction contain capitalised development expenditure, including interest costs on associated borrowings, incurred in bringing an asset to a usable state. If it is no longer deemed economically viable to develop an asset, the relevant capitalised costs would be written off. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

2.3.a Fixed Asset Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

2.4. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Page 6

Page 7

Fafnir BESS Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2023: NIL)

4. Tangible Assets

	Assets under construction
	£
Cost
As at 1 January 2024	175,720
Additions	12,675

As at 31 December 2024	188,395

Net Book Value
As at 31 December 2024	188,395

As at 1 January 2024	175,720

5. Debtors

	2024	2023
	£	£
Due within one year
Other debtors	6,000	6,000

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Group Undertaking	198,173	147,653
Other creditors	1,475	650
Taxation and social security	-	37,670

	199,648	185,973

7. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	10	10

8. Ultimate Controlling Party

The parent company is Aura Power BESS Ltd, a company incorporated in the United Kingdom. The registered office for Aura Power BESS Ltd is 30 Queen Square, Penthouse Office, Bristol, BS1 4ND. The ultimate controlling party is Aura Power Developments Ltd, a company incorporated in the United Kingdom. The registered office for Aura Power Developments Ltd is 30 Queen Square, Penthouse Office, Bristol, BS1 4ND.

Page 7