Company No: 08324386 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.09.2025		30.09.2024
		£		£
Fixed assets
Tangible assets	3	2,501,349		2,683,293
		2,501,349		2,683,293
Current assets
Debtors	4	461,798		360,406
Cash at bank and in hand		485,629		401,845
		947,427		762,251
Creditors: amounts falling due within one year	5	( 34,342)		( 90,150)
Net current assets		913,085		672,101
Total assets less current liabilities		3,414,434		3,355,394
Provision for liabilities	6	( 214,699)		( 233,628)
Net assets		3,199,735		3,121,766
Capital and reserves
Called-up share capital	7	44,200		44,200
Profit and loss account		3,155,535		3,077,566
Total shareholder's funds		3,199,735		3,121,766

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 Argyll Solar Limited (registered number: 08324386) 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 year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Argyll 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 a period of 12 months from 01/10/2025 to 30/09/2025. The previous financial statements covered a period of 9 months from 01/01/2024 to 30/09/2024, 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 sale of Renewable Obligation Certificates from the UK Government's Renewables Obligation
Scheme.

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 or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

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.

Leases

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

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

	Year ended 30.09.2025		Period from 01.01.2024 to 30.09.2024
	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	4,548,621		4,548,621
At 30 September 2025	4,548,621		4,548,621
Accumulated depreciation
At 01 October 2024	1,865,328		1,865,328
Charge for the financial year	181,944		181,944
At 30 September 2025	2,047,272		2,047,272
Net book value
At 30 September 2025	2,501,349		2,501,349
At 30 September 2024	2,683,293		2,683,293

The assets of the company are subject to a fixed and floating charge in relation to group loan facilities.

4. Debtors

	30.09.2025		30.09.2024
	£		£
Trade debtors	24,539		37,378
Amounts owed by Group undertakings	15,000		0
Prepayments and accrued income	370,690		274,733
VAT recoverable	0		3,433
Corporation tax	0		14,998
Other debtors	51,569		29,864
	461,798		360,406

5. Creditors: amounts falling due within one year

	30.09.2025		30.09.2024
	£		£
Trade creditors	12,197		55,834
Taxation and social security	9,562		0
Other creditors	12,583		34,316
	34,342		90,150

6. Provision for liabilities

	30.09.2025		30.09.2024
	£		£
Deferred tax	214,699		233,628

7. Called-up share capital

	30.09.2025		30.09.2024
	£		£
Allotted, called-up and fully-paid
4,420,039 Ordinary shares of £ 0.01 each	44,200		44,200

8. Contingencies

Contingent liabilities

Argyll Solar Limited is currently being audited by the Office of Gas and Electricity Markets (the Energy Market regulator), regarding the ROC banding issues to the company based on the commissioning date of the solar farm. Although liability is not admitted, if the defence to retain the current ROC banding of 1.6 is unsuccessful then a new banding of 1.4 would be issued and the company would owe an estimated £412,000 based on payments received from off takers since commissioning. Based on the current position of the audit, the directors believe that the company will be successful in retaining the current banding of 1.6 and therefore no provision has been recognised in the statement of financial position.

9. 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.

10. Ultimate controlling party

The immediate parent company is Juno Holdings Limited, a company incorporated in England and Wales.

The Company's ultimate parent and controlling 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.