The notes on pages 3 to 9 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Field Whitebirk Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fora Montacute Yards, Shoreditch High St, London, United Kingdom, E1 6HU.

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 company has chosen to early adopt the updated FRS 102 requirements for right-of-use assets and lease accounting.

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 £'000.

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

Notwithstanding net current liabilities of £8.1m as at 31 March 2025 and a loss for the year then ended of £79k

the financial statements have been prepared on a going concern basis which the directors consider to

be appropriate for the following reasons.

The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through funding from its ultimate parent company, Aspen Borrower Ltd, to meet its liabilities as they fall due for that period.

Those forecasts are dependent on Aspen Borrower Ltd not seeking repayment of the amounts currently due to the parent, which at 31 March 2025 amounted to £9m, and providing additional financial support during that period. Aspen Borrower Ltd has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts.

As with any company placing reliance on its parent for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment loss. Cost includes expenditure that is directly attributable to the acquisition and construction in the location and condition necessary for it to be capable of operating in the manner intended by management. Costs include site preparation, planning, battery energy storage system (BESS), grid connection, civil engineering, cabling, professional fees, direct labour, cost of materials and other directly attributable costs such as borrowing costs.

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.

Assets in the course of construction are not depreciated.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 statement of financial position 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, which include trade and other receivables 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, including trade and other payables, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability

adjusted for any lease payments made at or before the commencement date plus any initial direct costs and

an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the

site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement

date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The

estimated useful lives of right-of-use assets are determined on the same basis as those of other property,

plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted

for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the

commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily

determined, the company's incremental borrowing rate. Lease payments included in the measurement of the

lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts

expected to be payable under a residual value guarantee, and the cost of any options that the company is

reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an

optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when

there is a change in: future lease payments arising from a change in an index or rate; the company's estimate

of the amount expected to be payable under a residual value guarantee; or the company's assessment of

whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in

this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded

in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of

machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT

equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis

over the lease term.

The Company had no employees during the period except for the directors (2024: nil). No remuneration was paid or is payable by the company (2024: £nil). The Directors are employed by other companies in the group and consider their duties to this company incidental to their other activities within the group. As a result, no qualifying services have been performed in either year.

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date.

The Company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A from the requirement to disclose transactions with group companies on the grounds that all entities which were party to such transactions are wholly owned members of the group.

The immediate parent undertaking is Aspen Borrower Ltd (Registered number: 15880342) and ultimate parent undertaking is Virmati Energy Ltd (Registered number:13095982), a company incorporated in the United Kingdom. Virmati Energy Limited is the parent undertaking of the smallest and largest group to consolidate this Company's financial statements. Copies of Virmati Energy Ltd’s consolidated financial statements can be obtained from Fora Montacute Yards, Shoreditch High St, London, E1 6HU.