The directors present their annual report and financial statements for the period ended ended 31 March 2025.

The principal activity of the company is storage and distribution of electricity.

The directors who held office during the period ended and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The income statement has been prepared on the basis that all operations are continuing operations.

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

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.

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

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The financial statements were prepared for a period from 20 April 2024 to 31 March 2025. This was a short period as it was the first period following incorporation.

Lower 48 Barton BESS Ltd is a private company limited by shares incorporated in England. The Registered Office is 33 Bedford Place, Bedford Square, London, WC1B 5JU. The nature of the Company's operations and its principal activities are set out in the Directors' Report. The Company's financial statements have been prepared in accordance with Financial Reporting Standard Number 102 (FRS 102), issued by the Financial Reporting Council, including the early adoption of the Periodic Review 2024 dated 27 March 2024.

Basis of preparation

The financial statements of Lower 48 Barton BESS Ltd were approved for issue by the Board of Directors on 24 December 2025. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with applicable accounting standards.

The functional currency of Lower 48 Barton BESS Ltd is considered to be Pounds Sterling because that is the currency of the primary economic environment in which the Company operates. The financial statements are presented in Pounds Sterling.

Foreign currency transactions and balances

Transactions in foreign currencies are translated into sterling and recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into sterling and recorded at the rates of exchange prevailing at that date.

Projects in development

The main aspects to address during the development stage of a project are obtaining a site, planning consent, and grid connection. Costs which are directly attributable to the development stage, including feasibility and application fees, are capitalised as projects in development.

Once a site has been secured, achieved planning consent, received approval for grid connection and obtained investment approval from the Board of Directors, the project in development costs are transferred to projects in construction under tangible fixed assets.

Projects in development are continuously reviewed and if at any stage a project ceases to be viable all capitalised costs are expensed.

Short-term debtors and creditors

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

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.

Ordinary shares are classified as equity. The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses. The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described above, the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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.

Judgements

At various stages in the development and operation of a site significant management judgement is required to decide if each site remains a viable project. The following are the critical judgements taken into consideration, apart from those involving estimations, that the Directors have made in applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

• Recoverability of project costs incurred to date.

• Expected future costs to be spent to the completion of a productive site.

• Expected profitability over the site’s economic life.

Estimates and assumptions

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the Group's key sources of estimation uncertainty:

• Determination of the company's incremental borrowing rate of interest for the purpose of calculation of the right-of-use lease liabilities.

The average number of employees during the period was zero. The directors are employed by related parties.

Projects in development represents accumulated legal and professional costs associated with the preparation of a site for battery storage, including land dealing, surveying, local planning fees, grid connection feasibility and application, and other legal fees.

Related party receivables relate to payments made by the Company’s parent, Lower 48 Energy Bess Ltd, on behalf of Lower 48 Barton Bess Ltd.

The Company’s immediate parent, and controlling shareholder, is Lower 48 Energy Bess Limited incorporated in the UK with company registration 14373103. The registered office address of Lower 48 Energy Bess Ltd is 33 Bedford Place, London, WC1B 5JU.

The ultimate parent undertaking and controlling entity is Castleton Commodities International LLC (“CCI”), incorporated in the United States under the laws of the State of Delaware and the smallest and largest group of undertakings for which consolidated accounts are drawn up. CCI’s financial statements are available at its registered office at c/o Corporate Service Company, 251 Little Falls Drive, Wilmington, Delaware, 19808.