Company No: NI613735 (Northern Ireland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.09.2025		30.09.2024
		£		£
Fixed assets
Tangible assets	3	1,962,341		2,189,731
		1,962,341		2,189,731
Current assets
Debtors	4	900,218		4,059,356
Cash at bank and in hand		347,245		247,967
		1,247,463		4,307,323
Creditors: amounts falling due within one year	5	( 36,892)		( 86,210)
Net current assets		1,210,571		4,221,113
Total assets less current liabilities		3,172,912		6,410,844
Provision for liabilities	6	( 12,667)		( 39,009)
Net assets		3,160,245		6,371,835
Capital and reserves
Called-up share capital	7	0		48,983
Share premium account		0		4,531,084
Profit and loss account		3,160,245		1,791,768
Total shareholder's funds		3,160,245		6,371,835

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 Galgorm Renewables Limited (registered number: NI613735) 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

Galgorm Renewables Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Northern Ireland. The address of the Company's registered office is 27-28 The Courtyard, Galgorm Castle, Ballymena, BT42 1HL, 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 01/10/2024 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.

Turnover

Turnover represents income from the generation of the 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 Renewable 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 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. The estimated useful lives are 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.

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, 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 legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and the amount can be estimated 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	4,502,029		4,502,029
Disposals	( 5,280)		( 5,280)
At 30 September 2025	4,496,749		4,496,749
Accumulated depreciation
At 01 October 2024	2,312,298		2,312,298
Charge for the financial year	224,947		224,947
Disposals	( 2,837)		( 2,837)
At 30 September 2025	2,534,408		2,534,408
Net book value
At 30 September 2025	1,962,341		1,962,341
At 30 September 2024	2,189,731		2,189,731

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	260		0
Amounts owed by Group undertakings	0		3,204,740
Prepayments and accrued income	887,230		807,724
VAT recoverable	12,728		12,391
Corporation tax	0		34,501
	900,218		4,059,356

5. Creditors: amounts falling due within one year

	30.09.2025		30.09.2024
	£		£
Trade creditors	1,011		37,161
Accruals	32,104		49,049
Taxation and social security	3,777		0
	36,892		86,210

6. Provision for liabilities

	30.09.2025		30.09.2024
	£		£
Deferred tax	12,667		39,009

7. Called-up share capital

	30.09.2025		30.09.2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 0.01 (30.09.2024: 4,898,388 shares of £ 0.01 each)	0.01		48,983.00

During the period, the company undertook a capital reduction, transferring £48,983 from share capital and £4,531,084 from share premium, to retained earnings.

8. 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.

9. 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.