Company No: 11020721 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	22,334,019		21,745,083
		22,334,019		21,745,083
Current assets
Stocks	4	2,640		0
Debtors	5	1,193,433		1,614,254
Cash at bank and in hand		2,283,242		284,667
		3,479,315		1,898,921
Creditors: amounts falling due within one year	6	( 8,134,806)		( 6,801,834)
Net current liabilities		(4,655,491)		(4,902,913)
Total assets less current liabilities		17,678,528		16,842,170
Creditors: amounts falling due after more than one year	7	( 24,782,553)		( 23,174,788)
Net liabilities		( 7,104,025)		( 6,332,618)
Capital and reserves
Called-up share capital	9	1		1
Profit and loss account		( 7,104,026 )		( 6,332,619 )
Total shareholder's deficit		( 7,104,025)		( 6,332,618)

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Nursling Energy Two Limited (registered number: 11020721) were approved and authorised for issue by the Board of Directors on 15 July 2026. They were signed on its behalf by:

J R Boss Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nursling Energy Two Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Lower Thames Street, London, EC3R 6AF, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £7,104,025. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are 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 reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents income from the operation of the Energy Storage System Project. Turnover is exclusive of Value Added Tax.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost net of depreciation and any provision for impairment. Depreciation commences on the date that the asset is brought into use. 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. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. The plant is not yet operational and depreciation charges will commence when the asset is in use.

Plant and machinery etc.

not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash is represented by deposits with financial intuitions repayable without penalty on notice of more than 24 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balance, 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
Basic financial liabilities, including creditors, and loans from fellow group companies 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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 October 2024	21,745,083		21,745,083
Additions	588,936		588,936
At 30 September 2025	22,334,019		22,334,019
Accumulated depreciation
At 01 October 2024	0		0
At 30 September 2025	0		0
Net book value
At 30 September 2025	22,334,019		22,334,019
At 30 September 2024	21,745,083		21,745,083

The assets of the company are subject to both fixed and floating charges in relation to connected party loan facilities.

4. Stocks

	2025		2024
	£		£
Stocks	2,640		0

5. Debtors

	2025		2024
	£		£
Trade debtors	37,769		35,003
Prepayments and accrued income	355,061		324,030
Deferred tax asset	526,586		573,710
VAT recoverable	136,543		577
Other debtors	137,474		680,934
	1,193,433		1,614,254

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	443,938		276,021
Other loans	6,974,567		5,287,818
Accruals	716,301		1,237,995
	8,134,806		6,801,834

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other loans	24,782,553		23,174,788

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	573,710		1,409,412
Charged to the Profit and Loss Account	( 47,124)		( 835,702)
At the end of financial year	526,586		573,710

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

10. Financial commitments

Commitments

Capital commitments are as follows:

	2025		2024
	£		£
Contracted for but not provided for:
Other	970,000		1,334,813

11. Related party transactions

The company has applied the exemption granted by Section 33.1A of FRS 102 Related Party Disclosures not to disclose transactions with the parent company on the basis that it is a wholly owned subsidiary or any transactions with other related parties that have been undertaken under normal market conditions.

12. Ultimate controlling party

The Company is a wholly owned subsidiary of Nursling Energy Limited.

Nursling Energy Limited is a Company registered in England and Wales. It is jointly owned by Bagnall Energy Limited and CCPEPF UK Intermediate Limited.

The directors are of the opinion that there is no ultimate parent undertaking or controlling party by virtue of the joint ownership and control.