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Registered number: OC384943 BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP CONTENTS
| Page
Information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 12
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP INFORMATION
Designated Members | Bernard Matthews Green Energy Pickenham Limited North Pickenham Energy Limited
LLP registered number | OC384943
Registered office | 7th Floor Wellington House 125 - 130 Strand London WC2R 0AP
Independent auditor | Blick Rothenberg Audit LLP Chartered Accountants Senior Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH
Page 1
|  | REGISTERED NUMBER:OC384943
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 2,719,292 |  | 2,994,323
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 6 | 328,812 |  | 332,123 |
Debtors: amounts falling due within one year | 6 | 468,735 |  | 479,532 |
Cash at bank and in hand |  | 370,105 |  | 559,112 |
|  | 1,167,652 |  | 1,370,767 |
Creditors: amounts falling due within one year | 7 | (438,094) |  | (421,960) |
Net current assets |  |  | 729,558 |  | 948,807
Total assets less current liabilities |  |  | 3,448,850 |  | 3,943,130
Creditors: amounts falling due after more than one year | 8 |  | (1,892,261) |  | (2,246,416)
|  |  | 1,556,589 |  | 1,696,714
Provisions for liabilities |  |  |  |  |
Decommissioning provision | 10 | (250,996) |  | (234,356) |
|  |  | (250,996) |  | (234,356)
Net assets |  |  | 1,305,593 |  | 1,462,358
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts | 11 |  | 1,305,591 |  | 1,462,356
Members' other interests |  |  |  |  |
Members' capital classified as equity |  |  | 2 |  | 2
|  |  | 1,305,593 |  | 1,462,358
Total members' interests |  |  |  |  |
Loans and other debts due to members | 11 |  | 1,305,591 |  | 1,462,356
Members' other interests |  |  | 2 |  | 2
Total equity |  |  | 1,305,593 |  | 1,462,358
Page 2
|  | REGISTERED NUMBER:OC384943
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements were approved and authorised for issue by the members and were signed on their behalf on 30 September 2025.
S Watson - for and on behalf of Bernard Matthews Green Energy Pickenham Limited
Designated member
The notes on pages 4 to 12 form part of these financial statements. Bernard Matthews Wind Farm (North Pickenham) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a statement of changes in equity. Page 3
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Bernard Matthews Wind Farm (North Pickenham) LLP ("the LLP") is a limited liability partnership incorporated in England and Wales. The registered office is 7th Floor, Wellington House, 125 - 130 Strand, London, England, WC2R 0AP. The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The LLP has adequate financial resources and, as a consequence, the designated members believe that the LLP is well placed to manage its business risks successfully. After making enquiries, the designated members have a reasonable expectation that the LLP has adequate resources to continue in its operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The LLP's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within administrative expenses. All other foreign exchange gains and losses are presented in profit or loss within administrative expenses. Page 4
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue represents amounts receivable from the generation and sale of electricity and associated benefits net of VAT and is recognised on an accruals basis according to the quantity of electricity generated, once this can be measured reliably and it is probable that the economic benefits associated with the transactions will flow to the entity.
| 2.5 | Members' participating interests
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). Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity. All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests. Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
| 2.6 | Operating leases: the LLP as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | 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.
| 2.8 | Borrowing costs
Borrowing costs during the capital expenditure phase, including interest, have been capitalised in accordance with paragraph 25.2 of FRS 102. These costs are all directly attributable to the construction, as well as the financing of progress payments in respect of the construction of the wind farm and are therefore capitalised as part of its cost. All borrowing costs incurred after completion are expensed to the profit and loss account in the year in which they are incurred. Page 5
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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. At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Wind farm development | - | straight line over 20 years
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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Cash at bank
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Equity instruments
Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs.
| 2.12 | Financial instruments
The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. Page 6
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, bank loans 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Page 7
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.14 | Hedge accounting
The LLP uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its liabilities. These derivatives are measured at fair value at each balance sheet date. To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year. Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss. Page 8
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
As presented in note 6 within accrued income there is an amount accrued in relation to Renewable Obligation Certificates (ROCs - recycling). Income is recognised based on £GBP per megawatt hour basis and this value is not determined until November after the reporting period ends. The price used for the period is an estimate based on the prior year's price set by Ofgem. The value of ROC recycling is dependent on the total number of ROC's presented, obligation levels and the buy-out fund. A price is then set for the distribution to suppliers. The residual or scrap value of the Wind Power Asset has been estimated by reference to a third party report which sets out the current estimated scrap value of the turbines. The decommissioning liability to be incurred at the end of the initial lease term has also been estimated with reference to this report which sets out the current estimated cost of decommissioning the wind turbines and restoring the site to its previous use.
4. | Employees
| The entity has no employees.
| The average monthly number of employees, including directors, during the year was 0 (2024 - 0).
5. | Tangible fixed assets
|  | Wind farm development
|  | £
| Cost |
| At 1 April 2024 | 5,745,124
| At 31 March 2025 | 5,745,124
| Depreciation |
| At 1 April 2024 | 2,750,801
| Charge for the year | 275,031
| At 31 March 2025 | 3,025,832
| Net book value |
| At 31 March 2025 | 2,719,292
| At 31 March 2024 | 2,994,323
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BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 126,375 | 79,216
| Financial instruments | 202,437 | 252,907
|  | 328,812 | 332,123
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 178,281 | -
| Amounts owed by group undertakings | 23,068 | 375
| Prepayments and accrued income | 267,386 | 479,157
|  | 468,735 | 479,532
| Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 326,877 | 312,538
| Trade creditors | 53,451 | 60,683
| Amounts owed to group undertakings | 7,435 | 7,435
| Other taxation and social security | 32,628 | 6,728
| Accruals and deferred income | 17,703 | 34,576
|  | 438,094 | 421,960
| Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
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BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,892,261 | 2,246,416
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 2,219,138 | 2,321,891
| Details of security provided:
The bank loan is secured by way of a fixed and floating charge over the limited liability partnership's assets and is repayable in bi-annual amounts. Interest is charged at 3.94% per annum.
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 326,877 | 312,538
| Amounts falling due 1-5 years |  |
| Bank loans | 1,490,940 | 1,440,014
| Amounts falling due after more than 5 years |  |
| Bank loans | 401,321 | 806,402
|  | 2,219,138 | 2,558,954
10. | Provisions
|  | Decommissioning provision
|  | £
| At 1 April 2024 | 234,356
| Charged to profit or loss | 16,640
| At 31 March 2025 | 250,996
| The provision is expected to be utilised on 09 April 2039, which is the date at which the site lease ends.
Page 11
BERNARD MATTHEWS WIND FARM (NORTH PICKENHAM) LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Loans and other debts due to members
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other amounts due to members | 1,305,591 | 1,462,356
Loans and other debts due to members may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Falling due after more than one year | 1,305,591 | 1,462,356
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
12. | Commitments under operating leases
| At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 196,713 | 187,899
| Later than 1 year and not later than 5 years | 664,656 | 668,192
| Later than 5 years | 734,134 | 725,721
|  | 1,595,503 | 1,581,812
13. | Related party transactions
| The Company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
14. | Auditor's information
The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 30 September 2025 by Krishan Sivathondan BSc (Hons) FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 12