REGISTERED NUMBER: 11020721 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

NURSLING ENERGY TWO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S W Moore

K G M Hird

REGISTERED OFFICE:

10 Lower Thames Street

London

EC3R 6AF

REGISTERED NUMBER:

11020721 (England and Wales)

FIXED ASSETS

Tangible assets

4

21,745,083

19,899,397

CURRENT ASSETS

Debtors

5

1,614,254

2,819,059

Cash at bank

284,667

367,388

1,898,921

3,186,447

CREDITORS

Amounts falling due within one year

6

(6,801,834

)

(3,711,350

)

NET CURRENT LIABILITIES

(4,902,913

)

(524,903

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,842,170

19,374,494

CREDITORS

Amounts falling due after more than one year

7

(23,174,788

)

(22,424,787

)

NET LIABILITIES

(6,332,618

)

(3,050,293

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

10

(6,332,619

)

(3,050,294

)

SHAREHOLDERS' FUNDS

(6,332,618

)

(3,050,293

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

S W Moore - Director

1.	STATUTORY INFORMATION

Nursling Energy Two Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following:

Going concern

The directors have reviewed the performance of the Company during the year as set out in these accounts and, after taking account of possible changes that can reasonably be envisaged in trading performance, have considered the cash flow forecasts and future liquidity requirements of the Company.

Having regard to the above and after making enquiries the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing the accounts. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Useful lives of depreciable assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets.

Operating Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Turnover

Turnover represents income from the operation of the Energy Storage System Project. Turnover is exclusive of Value Added Tax.

Tangible fixed assets

Tangible fixed assets are stated at cost net of depreciation and any provision for impairment. Depreciation commences on the date that the asset is brought into use.

Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - Straight line over 15 years

The plant is not yet operational and depreciation charges will commence when the asset is in use.

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 and cash and bank balances, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument

Debtors and creditors

Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents

Cash is represented by deposits with financial intuitions repayable without penalty on notice of more than 24 hours, Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2023

19,899,397

Additions

1,845,686

At 30 September 2024

21,745,083

NET BOOK VALUE

At 30 September 2024

21,745,083

At 30 September 2023

19,899,397

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/24

30/9/23

as restated

£

£

Trade debtors

35,003

195,591

Other debtors

680,934

680,934

VAT debtor

577

56,208

Deferred tax asset

573,710

1,409,412

Prepayments

153,586

181

Accrued income

170,444

476,733

1,614,254

2,819,059

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/24

30/9/23

as restated

£

£

Trade creditors

276,021

-

VAT creditor

-

2,456

Loan

5,287,818

3,664,466

Accruals and deferred income

1,237,995

44,428

6,801,834

3,711,350

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/24

30/9/23

as restated

£

£

Loan

23,174,788

22,424,787

8.	DEFERRED TAXATION

30/09/2024

30/09/2023

£

£

At beginning of period

-1,409,412

-572,402

Charged to profit and loss

835,702

-837,010

--------------

--------------

At end of period

-573,710

-1,409,412

=======

=======

The deferred tax asset is made up as follows:

Accelerated capital allowances

2,368,988

1,898,709

Tax losses carried forward

-2,942,698

-3,308,121

---------------

----------------

-573,710

-1,409,412

========

========

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/24

30/9/23

value:

as restated

£

£

1

Ordinary

1

1

1

10.

RESERVES

Retained

earnings

£

At 1 October 2023

(3,050,294

)

Deficit for the year

(3,282,325

)

At 30 September 2024

(6,332,619

)

11.	CAPITAL COMMITMENTS

30/9/24

30/9/23

as restated

£

£

Contracted but not provided for in the

financial statements

1,334,813

1,200,000

12.	RELATED PARTY DISCLOSURES

The company has applied the exemption granted by Section 33.1A of FRS 102 Related Party Disclosures not to disclose transactions with the parent company on the basis that it is a wholly owned subsidiary or any transactions with other related parties that have been undertaken under normal market conditions.

13.	ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Nursling Energy Limited.

Nursling Energy Limited is a Company registered in England and Wales. It is jointly owned by Bagnall Energy Limited and CCPEPF UK Intermediate Limited.

The directors are of the opinion that there is no ultimate parent undertaking or controlling party by virtue of the joint ownership and control.