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Registration number: 13352376

BF13A TF Solar Limited
Directors' Report and Financial Statements
for the Year Ended 30 June 2025

BF13A TF Solar Limited

Contents

Company Information | 1
Directors' Report | 2 to 4
Independent Auditor's Report to the Members of BF13A TF Solar Limited | 5 to 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 22

BF13A TF Solar Limited

Company Information

Directors | N A Wood J G Selwyn M Biedka

Registered number | 13352376

Registered office | 1st Floor 25 King Street Bristol BS1 4PB

Independent auditor | KPMG Audit Limited (formerly KPMG Channel Islands Limited) Glategny Court Glategny Esplanade St Peter Port Guernsey GY1 1WR

Bankers | Royal Bank of Scotland 49 Bishopsgate London EC2N 3AS

BF13A TF Solar Limited

Directors' Report for the Year Ended 30 June 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Principal activity

The principal activity of the Company is the development of a solar photovoltaic plant in the UK.

Country of incorporation and legal form of the entity

BF13A TF Solar Limited was incorporated as a private company, limited by shares, under the Registrar of Companies for England and Wales on 22 April 2021.

Risk management and control

In the ordinary course of business, the Company is exposed to and manages a variety of risks in relation to its activities, including financial risk. The management of credit, interest rate and liquidity risks are fundamental to the Company, with the Board of Directors having responsibility for the overall system of internal control and for reviewing its effectiveness.
The key areas of risk in relation to the use of financial statements are listed below and are properly addressed by the management of the Company:
Interest risk: Fluctuations in the prevailing levels of market rates of interest pose a risk to the Company's financial position and cash flows. This is not considered a significant risk to the Company as the interest on intercompany loans is charged at a rate agreed by the parent company and are not subject to interest movements in the market.
Liquidity risk: Failure to meet financial obligations in a timely and cost effective manner due to mismatches in the maturity profile of assets and liabilities. The Company closely monitors its cash flow levels and financial obligations to anticipate its future cash commitments.

Results and dividends

The loss for the year, after taxation, amounted to £198,410 (2024: £88,361)
No dividends were distributed in the current year or prior year.

Directors of the company

The directors who served during the year and up to the date of signing the financial statements were:

N A Wood

J G Selwyn

M Biedka (appointed 18 July 2024)

L J B Roberts (ceased 18 July 2024)

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were in force throughout the year at the date of this report.

BF13A TF Solar Limited

Directors' Report for the Year Ended 30 June 2025

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• | assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• | use the going concern basis of accounting unless they intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Disclosure of information to the auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

• | so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

• | the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Subsequent events

There have been no significant events affecting the Company since the year end.

Independent auditor

On 1 October 2025, KPMG Channel Islands Limited changed its name to KPMG Audit Limited.
The auditor, KPMG Audit Limited, has indicated its willingness to continue in office and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

BF13A TF Solar Limited

Directors' Report for the Year Ended 30 June 2025

Small companies note

In preparing this Directors' Report advantage has been taken of the small companies exemption. The Company is exempt from preparing a Strategic Report.

This report was approved by the Board on 23 March 2026 and signed on its behalf by:

......................................... N A Wood Director

BF13A TF Solar Limited

Independent Auditor's Report to the Members of BF13A TF Solar Limited

Our opinion

We have audited the financial statements of BF13A TF Solar Limited (the “Company”), which comprise the statement of financial position as at 30 June 2025, the statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.

In our opinion, the accompanying financial statements:

• | give a true and fair view of the state of the Company's affairs as at 30 June 2025 and of the Company's loss for the year then ended;
• | are properly prepared in accordance with United Kingdom accounting standards, including FRS 102 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland; 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including FRC Ethical Standards. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (the “going concern period").
In our evaluation of the directors' conclusions, we considered the inherent risks to the Company's business model and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:

• | we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and

• | we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.

BF13A TF Solar Limited

Independent Auditor's Report to the Members of BF13A TF Solar Limited

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

• | enquiring of management as to the Company’s policies and procedures to prevent and detect fraud as well as enquiring whether management have knowledge of any actual, suspected or alleged fraud;

• | reading minutes of meetings of those charged with governance; and

• | using analytical procedures to identify any unusual or unexpected relationships.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the Company did not earn any revenue for the year ended 30 June 2025. We did not identify any additional fraud risks.
We performed procedures including:

• | Identifying journal entries and other adjustments to test based on risk criteria and comparing any identified entries to supporting documentation; and

• | incorporating an element of unpredictability in our audit procedures.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience and through discussion with management (as required by auditing standards), and discussed with management the policies and procedures regarding compliance with laws and regulations.
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of litigation or impacts on the Company’s ability to operate. We identified company law as being the area most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

BF13A TF Solar Limited

Independent Auditor's Report to the Members of BF13A TF Solar Limited

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

The directors' report

The directors are responsible for the directors' report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon.
Our responsibility is to read the directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

• | we have not identified material misstatements in the directors' report;

• | in our opinion the information given in that report for the financial year is consistent with the financial statements; and

• | in our opinion that report has been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006, we are required 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 take advantage of the small companies exemption from the requirement to prepare a strategic report.

We have nothing to report in these respects.

Respective responsibilities
Directors' responsibilities

As explained more fully in their statement set out on page 3, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

BF13A TF Solar Limited

Independent Auditor's Report to the Members of BF13A TF Solar Limited

Auditors' responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC's website at: www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

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 an auditor’s report 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Emilie Vermeulen (Senior Statutory Auditor)
For and on behalf of KPMG Audit Limited, Statutory Auditor
Chartered Accountants
Guernsey

24 March 2026

BF13A TF Solar Limited

Statement of Comprehensive Income for the Year Ended 30 June 2025

| Note | 2025 £ | 2024 £
Administrative expenses |  | (117,486) | (31,455)
Operating loss |  | (117,486) | (31,455)
Interest income and similar income | 6 | 902 | 1,658
Interest expenses and similar expenses | 7 | (113,329) | (82,913)
Loss before tax |  | (229,913) | (112,710)
Tax credit for the year | 8 | 31,503 | 24,349
Total comprehensive loss for the year |  | (198,410) | (88,361)

All amounts relate to continuing activities of the Company.

BF13A TF Solar Limited

(Registration number: 13352376)
Statement of Financial Position as at 30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 9 | 328,627 | 218,627
Current assets |  |  |
Debtors | 10 | 94,801 | 70,336
Cash at bank and in hand | 11 | 43,926 | 30,533
|  | 138,727 | 100,869
Creditors: Amounts falling due within one year | 12 | (17,539) | (1,037,794)
Net current assets/(liabilities) |  | 121,188 | (936,925)
Creditors: Amounts falling due after more than one year | 12 | (1,366,523) | -
Net liabilities |  | (916,708) | (718,298)
Capital and reserves |  |  |
Called up share capital |  | 10 | 10
Retained earnings |  | (916,718) | (718,308)
Total equity |  | (916,708) | (718,298)

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 23 March 2026

......................................... N A Wood Director

BF13A TF Solar Limited

Statement of Changes in Equity for the Year Ended 30 June 2025

| Called up share capital £ | Retained earnings £ | Total £
At 1 July 2024 | 10 | (718,308) | (718,298)
Loss for the year | - | (198,410) | (198,410)
At 30 June 2025 | 10 | (916,718) | (916,708)

| Share capital £ | Retained earnings £ | Total £
At 1 July 2023 | 10 | (629,947) | (629,937)
Loss for the year | - | (88,361) | (88,361)
At 30 June 2024 | 10 | (718,308) | (718,298)

The following describes the nature and purpose of each reserve within equity:
Called up share capital - nominal value of share capital subscribed for.
Retained earnings - cumulative profit or losses, net of dividends paid and other adjustments.

BF13A TF Solar Limited

Statement of Cash Flows for the Year Ended 30 June 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Loss for the year |  | (198,410) | (88,361)
Adjustments to cash flows from non-cash items |  |  |
Interest expense and similar expenses | 7 | 113,329 | 82,913
Taxation credit | 8 | (31,503) | (24,349)
|  | (116,584) | (29,797)
Working capital adjustments |  |  |
Decrease in trade debtors |  | 7,702 | 10,612
(Decrease)/increase in trade creditors |  | (32,725) | 35,264
Net cash flow from operating activities |  | (141,607) | 16,079
Cash flows from investing activities |  |  |
Acquisitions of tangible assets | 9 | (110,000) | (218,627)
Net cash flows from investing activities |  | (110,000) | (218,627)
Cash flows from financing activities |  |  |
Loans from group undertakings |  | 265,000 | 120,546
Net cash flows from financing activities |  | 265,000 | 120,546
Net increase/(decrease) in cash and cash equivalents |  | 13,393 | (82,002)
Cash and cash equivalents at 1 July |  | 30,533 | 112,535
Cash and cash equivalents at 30 June |  | 43,926 | 30,533
Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand |  | 43,926 | 30,533

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

1 | General information

BF13A TF Solar Limited, (the "Company") is a Company incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page and the nature of the Company's operations and its principal activity is the development of a solar photovoltaic plant in the UK.

These financial statements were authorised for issue by the Board on 23 March 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and The Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company's presentational and functional currency is GBP.

2.2 Amendments to FRS 102 not yet applied

On 27 March 2024, the FRC issued Amendments to FRS 102. The effective date for most amendments is accounting periods beginning on or after 1 January 2026, with early adoption permitted. The Company has chosen not to early adopt any of the amendments in these financial statements.
The directors consider the most significant amendments to be the replacement of Section 23, now renamed Revenue from Contracts with Customers, and section 20 Leases. The other changes are not currently expected to have a material impact on the Company. The new revenue and leasing requirements seek to provide greater consistency and alignment to the international accounting standards, i.e., IFRS 15 and IFRS 16. The Company is planning for the implementation of these changes and is at an early stage in evaluating their financial impact.

2.3 Going concern

The accounts have been prepared on a going concern basis although the Company is in a net liability position. The directors believe this basis is appropriate following the consideration of cashflow forecasts which show the Company is able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.
At the year end the Company reported net liabilities of £916,708 (2024: £718,298), as a result of an intra-group loan (note 12).
Should any unforeseen circumstances require additional funding, the Company has obtained written confirmation from its intermediate parent that it would provide financial support to meet the Company's liabilities for a period ofat least twelve months from the date the financial statements are approved.

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

2.4 Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

For financial liabilities measured at amortised cost, the impairment loss is measured as the difference between a liability's carrying amount and the present value of estimated cash flows discounted at the liability's original effective interest rate. If a financial liability has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. The Company offsets financial assets and financial liabilities if the Company has a legally enforceable right to offset the recognised amounts and interest and intends to settle on a net basis or realise the asset and liability immediately.

A financial asset (in whole or in part) is derecognised either:

• | when the Company has transferred substantially all the risks and rewards of ownership; or

• | when it has neither transferred nor retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or

• | when the contractual right to receive cashflow has expired.

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

2.5 Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date, the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the year in which they are incurred.
Assets in the course of construction include all costs directly attributable to acquiring and preparing the site, together with the cost of developing and commissioning the energy storage equipment.
Assets remain classed as assets in the course of construction until such time as they are commissioned and connected to the grid. Once operational the assets are written off over their expected useful lives.
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.
Depreciation is provided on the following basis:
• Assets under construction - Nil
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.6 Debtors

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

2.7 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8 Creditors

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

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

2.9 Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt so that the amount charged is at a constant rate on the carrying amount. Finance costs include issue costs, which are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10 Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

2.11 Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest rate method.

2.12 Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
• the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• any deferred tax balance are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax balances are not discounted.

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

3 | Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
In preparing these financial statements, the directors have made the following judgements and estimates:
a) Going concern - refer to note 2.3.
b) A determination of the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the net effect of future planning strategies.
c) An assessment of the operational state of assets under construction and whether depreciation needs to be considered.

4 | Operating loss

The operating loss is stated after charging:

| 2025 £ | 2024 £
Fees payable to the Company's auditor for the audit of the Company's annual financial statements | 4,700 | 4,658

5 | Employees

The Company has no employees (2024: Nil) other than the directors, who did not receive any remunerations (2024: £Nil).

6 | Interest income and similar income

| 2025 £ | 2024 £
Bank interest receivable | 902 | 1,658

7 | Interest expense and similar expenses

| 2025 £ | 2024 £
Interest on loan from group undertakings | 113,329 | 82,913

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

8 | Taxation

| 2025 £ | 2024 £
Corporation tax | 217 | -
UK corporation tax adjustment to prior periods | 447 | -
| 664 | -
Total current tax | 664 | -
Deferred tax |  |
Origination and reversal of timing differences | (32,098) | (24,349)
Adjustments in respect of prior periods | (69) | -
Total deferred taxation | (32,167) | (24,349)
Taxation on profit/(loss) on ordinary activities | (31,503) | (24,349)

Factors affecting tax charge for the year

The tax assessed for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are explained below:

| 2025 £ | 2024 £
Loss on ordinary activities before tax | (229,913) | (112,710)
Loss on ordinary activities multiplied by the marginal rate of corporation tax of 25% (2024: 25%) | (57,478) | (28,177)
Effects of:
Group relief claimed | - | (414)
Expenses not deductible for tax purposes | 25,602 | 4,242
Adjustments to tax charge in respect of previous periods | 448 | -
Adjustments to tax charge in respect of previous periods - deferred tax | (69) | -
Marginal relief | (6) | -
Total tax credit for the year | (31,503) | (24,349)

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

Factors that may affect future tax charges

The value of the deferred tax asset at the Statement of Financial Position date had been calculated using the applicable rate when the liability is expected to be realised.
There were no factors that may affect future tax charges.

9 | Tangible assets

| Assets under construction £
Cost
At 1 July 2024 | 218,627
Additions | 110,000
At 30 June 2025 | 328,627
Net book value
At 30 June 2025 | 328,627
At 30 June 2024 | 218,627

Assets under construction are not operational and therefore no depreciation has been charged for the year.

10 | Debtors

Amounts due after more than one year | Note | 2025 £ | 2024 £
Other debtors |  | - | 3,464
Deferred tax assets | 13 | 92,677 | 60,510
|  | 92,677 | 63,974

Amounts due within one year | 2025 £ | 2024 £
Other debtors | 1,830 | 6,362
Prepayments | 294 | -
| 2,124 | 6,362
Trade and other debtors | 94,801 | 70,336

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

11 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank and in hand | 43,926 | 30,533

12 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 4,668 | 38,171
Amounts due to related parties | - | 988,205
Accruals | 12,200 | 11,418
Corporation tax | 671 | -
| 17,539 | 1,037,794
Due after one year |  |
Amounts due to related parties | 1,366,523 | -

At the year end a net balance of £1,366,523 (2024: £998,205) was owed to New Road Solar Limited. Included within this is a principal balance £1,065,000 (2024: £800,000) and cumulative interest charges of £301,523 (2024: £188,205). Interest is charged at 10% (2024 -10%) and the loan is unsecured. The repayment date of the loan is 1 July 2056.

13 | Deferred tax

| 2025 £ | 2024 £
At beginning of year | 60,510 | 36,161
Credited to Statement of Comprehensive Income | 32,167 | 24,349
At end of year | 92,677 | 60,510

The provision for deferred taxation is made up as follows:

| 2025 £ | 2024 £
Short term timing differences | 92,677 | 60,510

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

14 | Share capital

Allotted, called up and unpaid

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 10 | 10 | 10 | 10

The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.

15 | Analysis of net debt

| At 1 July 2024 £ | Cash flows £ | Non-cash changes £ | At 30 June 2025 £
Cash at bank and in hand | 30,533 | 13,393 | - | 43,926
Debt due after 1 year |  |  |  |
Intercompany financing | (988,205) | (265,000) | (113,318) | (1,366,523)
| (957,672) | (251,607) | (113,318) | (1,322,597)

16 | Related party transactions

The Company has taken advantage of the exemption available in Section 33.1A of FRS102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the
parent company's.
The Company incurred expenses and fees of £3,939 (2024: £7,260) payable to Bluefield Services Limited. At the year end £Nil (2024: £Nil) was owed to Bluefield Services Limited.
The Company incurred expenses and fees of £Nil (2024: £53,267) payable to Bluefield Renewable Developments Limited. At the year end £Nil (2024: £Nil) was owed to Bluefield Renewable Developments Limited.
Bluefield Services Limited is under the control of the group's investment advisors.
The Company's shareholders are New Road Solar Limited who own 60% of the Company and Bluefield Renewable Developments Limited who own 40%.

17 | Subsequent events

There have been no significant events affecting the Company since the year end.

BF13A TF Solar Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

18 | Controlling party

The Company's immediate parent company is New Road Solar Limited, a company incorporated in the United Kingdom, and is a wholly owned subsidiary of Bluefield Solar Income Fund Limited which is the ultimate parent company and controlling party, and is incorporated in Guernsey. The registered address of the immediate parent is 2nd Floor, 2 City Place, Beehive Ring Road, Gatwick, West Sussex, RH6 0PA.
The results of the Company are not included in the consolidated accounts of any other entity.