REGISTERED NUMBER: 09038971 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

North Fen Solar Energy Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

J M Fernandez Chaves

L LOTTI

REGISTERED OFFICE:

41 Lothbury

London

EC2R 7HF

REGISTERED NUMBER:

09038971 (England and Wales)

AUDITORS:

Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Kent

TN11 9BH

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of development of renewable energy projects.

DIRECTORS

The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

J M Fernandez Chaves - appointed 5 July 2024

L LOTTI - appointed 5 July 2024

N R Sutton - resigned 5 July 2024

C D Sutton - resigned 5 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hilden Park Accountants Limited, will be proposed for an appointment at the forthcoming Annual General Meeting.

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

ON BEHALF OF THE BOARD:

J M Fernandez Chaves - Director

23 December 2025

Opinion

We have audited the financial statements of North Fen Solar Energy Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in linewith our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company anddetermined that the most significant are the Companies Act 2006, Employment Law, Health and Safety Law, DataProtections Laws (including UK General Data Protection Regulation (GDPR) and EFL regulations and enquires weremade with management regarding procedures in place to ensure compliance.

Having reviewed the laws and regulations applicable to the company, we designed and performed audit procedures toobtain sufficient appropriate evidence. Specifically we:

- Enquired with management on any non compliance with laws and regulations.

- Reviewed the legal expense accounts to identify potential litigation or claims involving the entity.

- Reviewed internal policies and procedures and external guidance.

We assessed the susceptibility of the company's financial statements to material misstatement and fraud and in doing so:

- Considered whether there were areas of the financial statements particularly susceptible to fraud and enquired withmanagement as to any known or suspected instances of fraud and their assessment of fraud risk.

- Considered whether management have incentives and opportunities to manipulate financial results and determined thekey audit risks related to completeness of income, management override of controls, valuation of the stadium andcompleteness of creditors.

- The risk of management override of controls has been reviewed and audited, including through testing journal entries,accounting estimates and other adjustments for appropriateness.

- Designed and performed audit procedures to obtain sufficient appropriate evidence including substantive testing inrelation to the valuation of the stadium and creditors.

The audit has been planned and performed in such a way as to best identify risks of material misstatement, however theinherent limitations of audit procedures means that there remains a risk that material misstatements maynot beidentified. In particular we are aware of the inherent difficulties in detecting irregularities and irregularities that result from fraud may be more difficult to detect than irregularities from error due, for example, to override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from theevents and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul K Matthews (Senior Statutory Auditor)

for and on behalf of Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Kent

TN11 9BH

23 December 2025

TURNOVER

-

-

Administrative expenses

13,197

102,215

OPERATING LOSS and

LOSS BEFORE TAXATION

(13,197

)

(102,215

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(13,197

)

(102,215

)

FIXED ASSETS

Tangible assets

4

1,214,214

-

CURRENT ASSETS

Stocks

-

726,516

Debtors

5

50,095

1,717

Cash at bank

-

3,464

50,095

731,697

CREDITORS

Amounts falling due within one year

6

1,432,653

886,844

NET CURRENT LIABILITIES

(1,382,558

)

(155,147

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(168,344

)

(155,147

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(168,444

)

(155,247

)

(168,344

)

(155,147

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

J M Fernandez Chaves - Director

1.	STATUTORY INFORMATION

North Fen Solar Energy 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.

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.

Tangible fixed assets

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

Asset in the course of construction - Not depreciated

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct costs and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Going concern

The company has obtained planning permission to construct a solar energy farm. As the project is still in the development stage the balance sheet shows net current liabilities of £164,344 (2023: £155,417). The directors have prepared detailed projections and are satisfied that with financial support from its parent company, liabilities will continue to be paid as they fall due and that the project will be profitable in the medium term.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

1,214,214

At 31 December 2024

1,214,214

NET BOOK VALUE

At 31 December 2024

1,214,214

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

50,095

1,717

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

1,282,500

785,000

Other creditors

150,153

101,844

1,432,653

886,844

7.	RELATED PARTY DISCLOSURES

At the end of the year, the following balances were outstanding with related parties:

Included in creditors:

Trina Solar UK Investments II LTD - £1,282,500

Trina Solar UK Holdco LTD - £60,153

8.	ULTIMATE CONTROLLING PARTY

In June 2024, control of the Company transferred. Prior to this date, the Company’s immediate parent undertaking was Abbey Properties Cambridgeshire Limited. The registered office address is Nene Lodge, Funthams Lane, Whittlesey, Peterborough, PE7 2PB.

The ultimate parent was The Abbey Group Cambridgeshire Limited. The registered office address is Nene Lodge, Funthams Lane, Whittlesey, Peterborough, PE7 2PB.

Following the transaction, the Company’s immediate parent undertaking is Trina Solar UK Investments II LTD The registered office address is Milton Gate, 60 Chiswell Street, London, Greater London, United Kingdom, EC1Y 4AG.

The ultimate parent company is Trina Solar Co., Ltd, a company incorporated in China.

A confirmation statement reflecting this change was filed at Companies House in April 2025.