Company No: 11871728 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.09.2025		30.09.2024
		£		£
Fixed assets
Tangible assets	3	20,343,165		21,120,179
		20,343,165		21,120,179
Current assets
Debtors
- due within one year	4	633,461		994,343
- due after more than one year	4	454,068		475,908
Cash at bank and in hand		1,861,456		1,248,848
		2,948,985		2,719,099
Creditors: amounts falling due within one year	5	( 988,295)		( 268,886)
Net current assets		1,960,690		2,450,213
Total assets less current liabilities		22,303,855		23,570,392
Creditors: amounts falling due after more than one year	6	( 24,768,186)		( 24,612,008)
Provision for liabilities	7	( 495,841)		( 466,674)
Net liabilities		( 2,960,172)		( 1,508,290)
Capital and reserves
Called-up share capital	8	1		1
Profit and loss account		( 2,960,173 )		( 1,508,291 )
Total shareholder's deficit		( 2,960,172)		( 1,508,290)

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 Monica Solar Limited (registered number: 11871728) 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

Monica 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 note that the business has net liabilities of £2,960,172. 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.

Reporting period length

These financial statements cover the period 01/10/2024 to 30/09/2025. The previous financial statements covered the 6 month period 01/04/2024 to 30/09/2024, therefore the comparatives are not entirely comparable.

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 generation of renewable electricity from the operational installation 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 Contracts for Difference (CfDs) and the sale of Renewable Energy Guarantees of Origin certficates (REGOs).

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 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.

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.

0 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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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 cash in hand and 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 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 an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. be measured reliably.

2. Employees

	Year ended 30.09.2025		Period from 01.04.2024 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	22,277,158		22,277,158
Additions	188,471		188,471
At 30 September 2025	22,465,629		22,465,629
Accumulated depreciation
At 01 October 2024	1,156,979		1,156,979
Charge for the financial year	965,485		965,485
At 30 September 2025	2,122,464		2,122,464
Net book value
At 30 September 2025	20,343,165		20,343,165
At 30 September 2024	21,120,179		21,120,179

4. Debtors

	30.09.2025		30.09.2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	15,613		181,281
Amounts owed by Group undertakings	139,107		0
Prepayments and accrued income	478,741		813,062
	633,461		994,343
Debtors: amounts falling due after more than one year
Deferred tax asset	454,068		475,908

5. Creditors: amounts falling due within one year

	30.09.2025		30.09.2024
	£		£
Trade creditors	289,398		106,997
Amounts owed to Group undertakings	139,107		0
Accruals	206,685		157,435
Other taxation and social security	300,914		4,454
Other creditors	52,191		0
	988,295		268,886

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

	30.09.2025		30.09.2024
	£		£
Amounts owed to Group undertakings	24,768,186		24,612,008

7. Provision for liabilities

	30.09.2025		30.09.2024
	£		£
Other provisions	495,841		466,674

8. Called-up share capital

	30.09.2025		30.09.2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

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 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.