REGISTERED NUMBER: OC391350 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

AQUILO POWER LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

Downing Members Limited

Nerth Energy Limited

REGISTERED OFFICE:

10 Lower Thames Street

London

EC3R 6AF

REGISTERED NUMBER:

OC391350 (England and Wales)

The members present their report with the financial statements of the LLP for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of the generation and supply of renewable energy.

DESIGNATED MEMBERS

The designated members during the year under review were:

Downing Members Limited

Nerth Energy Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £355,067 (2024 - £572,436 profit).

MEMBERS' INTERESTS

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 as applicable to LLPs by the Limited Liability Partnerships (Account and Audit) (Application of Companies Act 2006) regulations 2008 relating to LLPs."

ON BEHALF OF THE MEMBERS:

Nerth Energy Limited - Designated member

20 August 2026

TURNOVER

1,580,026

1,866,727

Administrative expenses

(1,224,959

)

(1,294,291

)

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

355,067

572,436

FIXED ASSETS

Tangible assets

5

2,467,404

2,752,625

CURRENT ASSETS

Debtors

6

1,341,083

527,026

Cash at bank

109,177

1,397,443

1,450,260

1,924,469

CREDITORS

Amounts falling due within one year

7

(496,342

)

(610,839

)

NET CURRENT ASSETS

953,918

1,313,630

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,421,322

4,066,255

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

666,596

1,311,529

MEMBERS' OTHER INTERESTS

Capital accounts

2,754,726

2,754,726

3,421,322

4,066,255

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

666,596

1,311,529

Members' other interests

2,754,726

2,754,726

3,421,322

4,066,255

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 30 September 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 20 August 2026 and were signed by:

Nerth Energy Limited - Designated member

1.	STATUTORY INFORMATION

Aquilo Power LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. No significant judgements and estimates have been made in the year.

Going concern

The directors have reviewed the performance of the LLP during the year as set out in these accounts and, after taking account of possible changes that can reasonably be envisaged in trading performance, have considered the cash flow forecasts and future liquidity requirements of the LLP.

Having regard to the above and after making enquiries the directors have a reasonable expectation that the LLP has adequate resources to continue in operational existence for at least 12 months from the date of signing the accounts. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

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.

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 - 20 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Operating 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.

Provisions for liabilities

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 the profit or loss.

Debtors and creditors

Short-term debtors are measured at transaction price, less any impairment.

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

The income tax expense relating to the operations of the LLP is borne by the Members in their financial statements.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Division of profits

Profits have been divided in line with the underlying LLP agreement.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging:

30/9/25

30/9/24

£

£

Depreciation - owned assets

285,221

282,173

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2024

and 30 September 2025

5,515,899

DEPRECIATION

At 1 October 2024

2,763,274

Charge for year

285,221

At 30 September 2025

3,048,495

NET BOOK VALUE

At 30 September 2025

2,467,404

At 30 September 2024

2,752,625

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/25

30/9/24

£

£

Trade debtors

177,989

19,264

VAT debtor

27,816

31,952

Accrued income

1,085,673

435,900

Prepayments

49,605

39,910

1,341,083

527,026

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/25

30/9/24

£

£

Trade creditors

20,596

28,363

Other creditors

396,270

396,270

Accruals and deferred income

79,476

186,206

496,342

610,839

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members' Capital

Retained Earnings/(Deficit)

Total

£

£

£

Balance at 1st October 2024

2,754,726

1,311,529

4,066,255

Profit/(loss) for the period

-

355,067

355,067

Distributions to members

-

(1,000,000)

(1,000,000)

Balance at 30th September 2025

2,754,726

666,596

3,421,322

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

9.	RELATED PARTY DISCLOSURES

The LLP 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 LLP'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.