The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

WP Grid Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, 2 Kingsway, Cardiff, CF10 3FD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest thousand.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Carron Energy Limited. These consolidated financial statements are available from its registered office, Fourth Floor, 2 Kingsway, Cardiff, United Kingdom, CF10 3FD.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The directors have reviewed the financial position and forecast cash flows and, having made appropriate enquiries, have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations for the foreseeable future and it is therefore appropriate to adopt the going concern basis in preparing the financial statements

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:

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.

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.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Project development costs, including those related to site identification, land acquisition, design, and obtaining consents, are deferred when it is probable that the resulting project will generate future economic benefits for the company at least equal to the costs incurred. Costs that are not expected to be recoverable are expensed in the period in which they are incurred, or when it becomes apparent that the project will not proceed.

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

At 31 March 2025 the company had deferred development costs of £499,000 (2024: £297,000) relating to site identification, land acquisition, design, and consents on projects. Costs are deferred where it is probable that future economic benefits will flow to the company at least equivalent to the costs incurred. Management applies judgement in determining whether development costs meet the criteria for deferral. Costs are capitalised only when it is probable that future economic benefits will exceed the costs incurred. This involves assessing project viability, expected returns, and recoverability. Deferred costs are reviewed regularly and written off if the project is no longer expected to proceed.

Other debtors at 31 March 2025 includes £1,793,000 (2024: £6,644,000) of deferred and contingent consideration relating to the sale of subsidiaries. The amount recognised at the balance sheet date is based on the board's best estimate of the consideration receivable based on milestones in the sale and purchase agreements. The board reviews deferred and contingent consideration at each balance sheet date to review likely recoverability taking into consideration relevant factors which require estimation and judgement.

The average monthly number of persons (including directors) employed by the company during the year was:

There are no employments contracts held with any employees in the name of WP Grid Services Limited.

Other debtors relates to deferred consideration on the sale of subsidiaries.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

The immediate parent company is Welsh Power Group Limited, a company incorporated in the United Kingdom with the registered office being the same as that of this company.

The intermediate parent company is Carron Energy Limited, a company incorporated in the United Kingdom with the registered office being the same as that of this company. Carron Energy Limited is the parent of the largest and smallest group of which the company is a member and for which consolidated financial statements are prepared.

Copies of the consolidated financial statements of Carron Energy Limited are available from the company's registered office being the same as that of this company.

The ultimate parent company is CEL Trustee Limited, a company incorporated in the United Kingdom with the registered office being the same as that of this company. CEL Trustee Limited is a company limited by guarantee.

There is no ultimate controlling party.