REGISTERED NUMBER: 10327437 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

FOR

BRACON ASH SOLAR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D K Bryson

J A Orchard-Lisle

REGISTERED OFFICE:

Hartham Park

Hartham Park Lane

Corsham

Wiltshire

SN13 0RP

REGISTERED NUMBER:

10327437 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP (part of the Dains Group)

Lakeside House

4 Smith Way

Grove Park

Leicester

LE19 1SX

FIXED ASSETS

Tangible assets

4

17,260,613

18,138,510

CURRENT ASSETS

Debtors

5

420,044

2,013,280

Cash at bank

972,712

2,316,301

1,392,756

4,329,581

CREDITORS

Amounts falling due within one year

6

(7,298,991

)

(9,092,371

)

NET CURRENT LIABILITIES

(5,906,235

)

(4,762,790

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,354,378

13,375,720

CREDITORS

Amounts falling due after more than one year

7

(13,228,154

)

(13,378,351

)

NET LIABILITIES

(1,873,776

)

(2,631

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(1,873,777

)

(2,632

)

(1,873,776

)

(2,631

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2026 and were signed on its behalf by:

J A Orchard-Lisle - Director

1.	STATUTORY INFORMATION

Bracon Ash Solar Limited is a limited company, limited by shares and registered in England and Wales. Its registered office address is Hartham Park, Hartham Park Lane, Corsham, Wiltshire, SN13 0RP and the registered number is 10327437.

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational currency of the financial statements is Pound sterling (£) and figures are rounding to the nearest £1.

Going concern

At the year end, the company had net current liabilities of £5,906,235 (2025: £4,762,790) and net liabilities of £1,873,776 (2024: £2,631).

The directors have considered the impact that this may have on the company and have prepared the financial statements on a going concern basis. They have confirmed that with the support of the group they are happy that the company will be able to meet its financial obligations as they fall due for at least the next twelve months.

Revenue recognition

Revenue from contracts with customers comprises the fair value of the consideration received or receivable in respect of the invoiced and accrued value of generated electricity and Renewable Energy Guarantees of Origin (REGOs).

Revenue represents income from power purchase and REGO transfer agreements relating to the generation of electricity from solar photovoltaic sites. Revenue comprises the value of units of electricity and REGOs supplied and is recognised when the performance obligation has been satisfied, which is when the electricity is delivered to the customer. Units of electricity are determined by energy volumes recorded on the solar farm meters and market settlement systems. REGOs granted to the company are recognised when eligible electricity is generated and is immediately transferable to the customer. Revenue is measured based on the consideration specified in a contract with a customer (transaction price). Variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.The consideration for the power is due when the actual power is delivered to the customer.

Where electricity or REGOs are transferred to the customer before the customer pays consideration, or before payment is due, contract assets are recognised. Contract assets are included in the statement of financial position and represent the right to consideration for goods delivered.

Tangible fixed assets

Tangible fixed assets 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 a straight line method, as indicated below.

Depreciation is provided on the following basis:

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is shorter.

Plant and machinery - 5% Straight Line

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

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

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as an hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months.

Contracts for Difference (CfDs)

Contracts for Difference (CfDs) are agreements entered into to provide price stability for electricity generated from low-carbon sources.

Under the CfD mechanism, the company receives or pays the difference between a fixed "strike price" and a variable market reference price for electricity generated and sold.

The company has classified the CfD as a derivative financial instrument in accordance with Section 12 of FRS 102. The CfD is recognised at fair value through profit or loss, with changes in fair value recognised in the statement of profit or loss in the period in which they arise.

The CfD is initially recognised at fair value, which is typically nil at inception, and subsequently remeasured at

fair value at each reporting date.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2025

18,283,250

Additions

20,995

At 28 February 2026

18,304,245

DEPRECIATION

At 1 March 2025

144,740

Charge for year

898,892

At 28 February 2026

1,043,632

NET BOOK VALUE

At 28 February 2026

17,260,613

At 28 February 2025

18,138,510

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

5,838

-

Other debtors

414,206

2,013,280

420,044

2,013,280

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

402,491

482,638

Trade creditors

1,440,590

1,538,451

Amounts owed to group undertakings

5,116,460

5,787,068

Other creditors

339,450

1,284,214

7,298,991

9,092,371

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

12,975,860

13,378,351

Other creditors

252,294

-

13,228,154

13,378,351

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than 5 years by instalments

10,460,030

10,862,521

Trade and other receivables include amounts recognised in respect of the company’s Contract for Difference (CfD).

The CfD is accounted for as a derivative financial instrument and is measured at fair value through profit or loss. The fair value has been determined using a discounted cash flow model, based on the difference between forecast electricity prices and the contractual strike price, multiplied by expected generation volumes over the contract term and discounted to the reporting date.

Key inputs into the valuation include forecast electricity prices, generation volumes and the discount rate. These inputs involve a degree of estimation uncertainty and are therefore classified as Level 3 within the fair value hierarchy.

The movement in fair value of the CfD during the year has been recognised within the P&L. At 28 February 2026, the CfD is recognised as a financial liability of £252,294.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

39,883

28,488

Between one and five years

341,850

-

In more than five years

68,370

-

450,103

28,488

9.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

13,378,351

13,860,989

The company's bank loan is secured with a fixed and floating charge over all of the company property or undertaking.