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

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

Arm Dev Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 338 Euston Road, London, United Kingdom, NW1 3BG.

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 £.

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

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The financial statements have been prepared on a going concern basis. In assessing the Company’s ability to continue as a going concern, management has considered the Company’s current financial position, cash flow forecasts, and funding arrangements.

The Company has secured joint venture funding agreements that provide financial support until 31 March 2026. In addition, the funding partners have agreed in principle to continue providing funding for agreed projects beyond this date. However, the formal documentation for this extended funding has not yet been finalized as at the reporting date.

Management has prepared detailed cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements, which include the committed funding and anticipated operational cash flows, in addition a letter of support has been provided by the funding partners. Based on these forecasts and the funding partners’ confirmed intention to continue support, management believes the Company will have sufficient resources to meet its obligations as they fall due.

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

Rendering of services

Revenue arises from the provision of costs incurred in relation to obtaining planning permission for solar farms.

Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

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

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 company after deducting all of its liabilities.

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

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

Included within other debtors is an amount of £1,613,293 relating to accrued income. This represents overhead costs that will be recharged to subsidiary undertakings in accordance with the company’s policy of allocating overheads to projects.

Included within Other Creditors is £848,768, of which £172,832 represents accrued interest on redeemable preference shares issued under the Joint Venture Agreement dated 6 November 2023. These shares carry fixed cumulative preferential dividends of 20% per annum for A Preference Shares and 15% per annum for B Preference Shares, based on the subscription price.

Under FRS 102 Section 22.5(e), these instruments are classified as financial liabilities as the company has a contractual obligation to redeem them for cash.

At 31 March 2025, all Year One shares are current liabilities because redemption can be requested within 12 months.

Other Creditors consists entirely of redeemable preference shares, of which £70,200 represents accrued interest. Further details are provided in the note under ‘Creditors: amounts falling due within one year.’

As at 31 March 2025, all shares issued after Year 1 are classified as non-current liabilities, as redemption cannot be requested within 12 months.

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.

During the year the company was recharged £342,359 (2024: £319,662) from Mespil, a shareholder, in relation to staff costs.

Upon review of the joint venture agreement, the directors determined that the preference shares are in substance debt rather than equity instruments, and so were reclassified accordingly. Interest on these instruments was not previously recognised, but has now been reflected in the financial statements as part of this adjustment.

In the prior period, the profit and loss account included amounts in relation to sites that did not meet the conditions to be recognised as revenue. The directors subsequently determined this was in was in error and so these amounts were adjusted accordingly, with a corresponding reallocation of the relevant asset.