Company No: 07722644 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.09.2025		31.05.2024
		£		£
Fixed assets
Tangible assets	4	537,479		642,927
		537,479		642,927
Current assets
Debtors	6	366,394		286,747
Cash at bank and in hand		153,768		533,934
		520,162		820,681
Creditors: amounts falling due within one year	7	( 39,570)		( 134,615)
Net current assets		480,592		686,066
Total assets less current liabilities		1,018,071		1,328,993
Creditors: amounts falling due after more than one year	8	( 33,477)		( 631,522)
Provision for liabilities	9	( 104,190)		( 130,590)
Net assets		880,404		566,881
Capital and reserves
Called-up share capital	10	7,993		7,993
Share premium account		689,855		689,855
Capital redemption reserve		483		483
Profit and loss account		182,073		( 131,450 )
Total shareholder's funds		880,404		566,881

For the financial period 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 period 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 Carrow Solar Limited (registered number: 07722644) were approved and authorised for issue by the Board of Directors on 19 August 2026. They were signed on its behalf by:

Thames Street Services Limited Director

1. Accounting policies

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

General information and basis of accounting

Carrow Solar 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 have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Reporting period length

These financial statements cover the period 01/06/2024 to 30/09/2025. The previous financial statements covered the 12 month period 01/06/2023 to 31/05/2024, therefore the comparatives are not entirely comparable.

Turnover

Turnover represents income from the generation of renewable electricity from the operational installations during the year, excluding Value Added Tax. Turnover is recognised in the period in which the electricity is generated.

Turnover is generated through the sale of electricity under Power Purchase Agreements and through the UK Government's Feed-in-Tariff (FiT) scheme.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

10 years straight line

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Plant and machinery etc.

25 years straight line

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.

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 institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of the 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 balances, 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	Period from 01.06.2024 to 30.09.2025		Year ended 31.05.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	0		0

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 June 2024	480,640		480,640
At 30 September 2025	480,640		480,640
Accumulated amortisation
At 01 June 2024	480,640		480,640
At 30 September 2025	480,640		480,640
Net book value
At 30 September 2025	0		0
At 31 May 2024	0		0

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 June 2024	1,494,390		1,494,390
Disposals	( 13,916)		( 13,916)
At 30 September 2025	1,480,474		1,480,474
Accumulated depreciation
At 01 June 2024	851,463		851,463
Charge for the financial period	98,804		98,804
Disposals	( 7,272)		( 7,272)
At 30 September 2025	942,995		942,995
Net book value
At 30 September 2025	537,479		537,479
At 31 May 2024	642,927		642,927

A number of the fixed assets of the company are subject to a fixed charge.

5. Fixed asset investments

Investments in subsidiaries

	30.09.2025
	£
Cost
At 01 June 2024	566,725
At 30 September 2025	566,725
Provisions for impairment
At 01 June 2024	566,725
At 30 September 2025	566,725
Carrying value at 30 September 2025	0
Carrying value at 31 May 2024	0

6. Debtors

	30.09.2025		31.05.2024
	£		£
Trade debtors	24,786		83,359
Accrued income	305,666		175,021
VAT recoverable	35,942		28,367
	366,394		286,747

7. Creditors: amounts falling due within one year

	30.09.2025		31.05.2024
	£		£
Trade creditors	30,306		0
Amounts owed to Group undertakings	3,599		44,650
Accruals	5,665		89,965
	39,570		134,615

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

	30.09.2025		31.05.2024
	£		£
Amounts owed to Group undertakings	33,477		631,522

9. Provision for liabilities

	30.09.2025		31.05.2024
	£		£
Deferred tax	104,190		130,590

10. Called-up share capital

	30.09.2025		31.05.2024
	£		£
Allotted, called-up and fully-paid
799,288 Ordinary shares of £ 0.01 each	7,993		7,993

11. Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. Ultimate controlling party

The immediate parent company is Downing Residential Rooftop Limited, a company incorporated in England and Wales.

The Company's ultimate parent entity is Bagnall Energy Limited, a company incorporated in England and Wales. The financial statements of Bagnall Energy Limited, can be obtained from that company's
registered office: 10 Lower Thames Street, London, England, EC3R 6AF.