REGISTERED NUMBER: 12020009 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

JUNO HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Consolidated Income Statement

5

Consolidated Balance Sheet

6

Company Balance Sheet

8

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Notes to the Consolidated Financial Statements

12

DIRECTORS:

S Hooper-Kay

Thames Street Services Limited

N M P Tome

REGISTERED OFFICE:

10 Lower Thames Street

London

EC3R 6AF

REGISTERED NUMBER:

12020009 (England and Wales)

INTRODUCTION

The directors present the Strategic report, Directors' report and the consolidated financial statements of Juno Holdings Limited (the 'Company') and subsidiary undertakings (the 'Group') for the year ending 30 September 2025.

The principal activity of the Company is as a holding company that holds interest, either directly or through holding companies, in Trading Companies ("TCs"). The TCs activity is the generation of electricity from solar PV panels at solar farms or located on domestic rooftops.

REVIEW OF BUSINESS

The directors consider the turnover and operating profit to be the key performance indicators of the

Group. Turnover for the Group was £10,019,272 (30/09/2024 - £3,427,312), with an operating profit of £2,324,947 (30/09/2024 - £742,849).The Group's revenues, in particular government subsidies such as Renewable Obligation Certificates (ROCs), are index linked and therefore protected against inflation.

PRINCIPAL RISKS AND UNCERTAINTIES

Management frequently assesses the risks of the business and adjusts the strategy and policies accordingly. Electricity generation is the Group's principal activity and technical availability of the equipment to produce electricity is a key risk. This risk is minimised through the appointment of operations and maintenance contractors with qualified and competent staff who carry out both preventative and reactive maintenance throughout the year. Further to this, via direct access to the electricity meters on site, the asset management company, INFRAM, verify the information provided is programmed to automatically raise alarm when a site's generation is not in line with expectations. This facilitates fast response times and allows for proactive monitoring of the equipment.

CREDIT RISK

The Group has loan facilities. The historic and forecast cover ratios of the loans are regularly tested and reported to the lenders on a six-monthly basis.

Trade debtors are actively managed to ensure that payments are received within the contracted terms.

CASH FLOW AND LIQUIDITY RISK

The majority of project revenues and cost in the underlying Group are contracted and can be forecast accurately. This ensures that debt covenants are met with required balances and adequate levels of working capital maintained. A large proportion of the Group's income comes from long term renewable energy incentives which give a secure and dependable cash flow. Any potential issues can be foreseen and remedied through the regular review of the forecast position, allowing the Group to make arrangements in good time in the event of a liquidity issue.

GOING CONCERN RISK

The directors have reviewed the Group's latest forecasts and the directors have reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The directors have not identified any material uncertainties that could cast significant doubt about the Company's ability to adopt the going concern basis of accounting for a period of at least 12 months from the date at which the financial statement are authorised for issue. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and financial statements,

ON BEHALF OF THE BOARD:

Thames Street Services Limited - Director

1 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a holding company that holds interests directly in trading Investee Companies ("ICs") (together "the Group"). The Group in turn is made up of eleven subsidiaries. The ICs undertake a range of operational activities involving the generation of electricity from solar PV panels at solar farms, or located on domestic rooftops.

REVIEW OF BUSINESS

The profit for the Group for the period after taxation, amounted to £208,475 (30/09/2024 - £744,568).

No dividends were distributed to the ultimate parent for the period ended 30 September 2025.

DIRECTORS

S Hooper-Kay

N M P Tome

Thames Street Services Limited

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Thames Street Services Limited - Director

1 September 2026

TURNOVER

10,079,252

3,427,312

Administrative expenses

(7,762,844

)

(3,179,709

)

2,316,408

247,603

Other operating income

8,539

495,246

OPERATING PROFIT

5

2,324,947

742,849

Profit/loss on sale of asset

6

49,417

7,634

2,374,364

750,483

Interest receivable and similar income

23

-

2,374,387

750,483

Interest payable and similar expenses

7

(2,391,441

)

(823,017

)

LOSS BEFORE TAXATION

(17,054

)

(72,534

)

Tax on loss

225,529

817,102

PROFIT FOR THE FINANCIAL YEAR

208,475

744,568

Profit attributable to:

Owners of the parent

208,475

744,568

FIXED ASSETS

Intangible assets

10

5,773,535

7,279,675

Tangible assets

11

26,457,859

28,697,672

Investments

12

-

-

32,231,394

35,977,347

CURRENT ASSETS

Debtors

13

7,846,855

7,761,788

Cash at bank

4,621,561

2,501,307

12,468,416

10,263,095

CREDITORS

Amounts falling due within one year

14

(3,988,189

)

(4,752,321

)

NET CURRENT ASSETS

8,480,227

5,510,774

TOTAL ASSETS LESS CURRENT LIABILITIES

40,711,621

41,488,121

CREDITORS

Amounts falling due after more than one year

15

(47,370,667

)

(48,105,805

)

PROVISIONS FOR LIABILITIES

16

(1,504,063

)

(1,753,900

)

NET LIABILITIES

(8,163,109

)

(8,371,584

)

CAPITAL AND RESERVES

Called up share capital

17

499,999

499,999

Retained earnings

18

(8,663,108

)

(8,871,583

)

SHAREHOLDERS' FUNDS

(8,163,109

)

(8,371,584

)

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2026 and were signed on its behalf by:

Thames Street Services Limited - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

57,433,965

57,433,965

57,433,965

57,433,965

CURRENT ASSETS

Debtors

13

492,982

2,046,281

Cash at bank

2,121,977

1,087,183

2,614,959

3,133,464

CREDITORS

Amounts falling due within one year

14

(3,724,208

)

(4,329,808

)

NET CURRENT LIABILITIES

(1,109,249

)

(1,196,344

)

TOTAL ASSETS LESS CURRENT LIABILITIES

56,324,716

56,237,621

CREDITORS

Amounts falling due after more than one year

15

(47,355,667

)

(56,010,377

)

NET ASSETS

8,969,049

227,244

CAPITAL AND RESERVES

Called up share capital

17

499,999

499,999

Retained earnings

18

8,469,050

(272,755

)

SHAREHOLDERS' FUNDS

8,969,049

227,244

Company's profit/(loss) for the financial year

8,592,613

(205,248

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2026 and were signed on its behalf by:

Thames Street Services Limited - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2024

499,999

(9,616,151

)

(9,116,152

)

Changes in equity

Total comprehensive income

-

744,568

744,568

Balance at 30 September 2024

499,999

(8,871,583

)

(8,371,584

)

Changes in equity

Total comprehensive income

-

208,475

208,475

Balance at 30 September 2025

499,999

(8,663,108

)

(8,163,109

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2024

499,999

(67,507

)

432,492

Changes in equity

Total comprehensive income

-

(205,248

)

(205,248

)

Balance at 30 September 2024

499,999

(272,755

)

227,244

Changes in equity

Total comprehensive income

-

8,592,613

8,592,613

Balance at 30 September 2025

499,999

8,319,858

8,819,857

1.	STATUTORY INFORMATION

Juno Holdings Limited is a private company, limited by shares , registered in England and Wales. The company'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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Parent Company disclosure exemptions

In preparing the separate financial statements of the Parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:

- no Statement of Cash Flows has been presented for the Parent Company

Financial Reporting Standard 102 - reduced disclosure exemptions

The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. lntercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the Group has transferred the significant risks and rewards of ownership to the buyer;

- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably;

- it is probable that the Group will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover represents amounts receivable for energy generated and management charges in the year net of any applicable value added tax. Any uninvoiced income is accrued in the period in which it has been generated.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Income Statement over its useful economic life.

The estimated useful lives range as follows:

Goodwill - 10 years

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 at the following annual rate.

Plant and machinery - Straight line over 25 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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Income Statement.

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition offinancial 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 Consolidated 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 Group 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate, the directors have taken into account all relevant information about the future.

The directors have prepared forecast based on models covering 15 years and reviewed capital requirements and debt covenants for 12 months from the date of approval of these financial statements. The directors are comfortable that the group can continue to trade for at least 12 months from the date of approval of these accounts. The directors have assessed that the group is not likely to breach any debt covenants based on the forecasting performed.

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.

Reporting period length

These financial statements cover the twelve month period to 30 September 2025. The previous accounting period covers the four month to 30 September 2024, therefore, the comparatives are not entirely comparable.

Value of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

Creditors

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

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Useful lives of depreciable assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Estimates are based onhistorical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following:

Useful lives of depreciable assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets.

4.	EMPLOYEES AND DIRECTORS

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

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2024 - NIL).

5.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1/6/24

Year Ended

to

30/9/25

30/9/24

as restated

£

£

Depreciation - owned assets

2,317,280

771,065

Goodwill amortisation

1,506,140

502,047

6.	EXCEPTIONAL ITEMS

Period

1/6/24

Year Ended

to

30/9/25

30/9/24

as restated

£

£

Exceptional items

-

495,246

Profit/loss on sale of asset

49,417

7,634

49,417

502,880

Exceptional items is represented by an insurance claim receivable for lost revenues.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

As restated

30/09/2025

30/09/2024

£

£

Bank interest payable

670,545

279,172

Loans from group undertakings

1,720,896

543,845

2,391,441

823,017

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9.	PRIOR YEAR ADJUSTMENT

The prior year contains an adjustment to reflect a corporation tax refund recorded via the balance sheet rather than the profit and loss accounting totalling £33,307.

10.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 October 2024

and 30 September 2025

15,061,398

AMORTISATION

At 1 October 2024

7,781,723

Charge for year

1,506,140

At 30 September 2025

9,287,863

NET BOOK VALUE

At 30 September 2025

5,773,535

At 30 September 2024

7,279,675

11.	TANGIBLE FIXED ASSETS

Group

Plant and

machinery

etc

£

COST

At 1 October 2024

52,875,873

Additions

80,232

Disposals

(10,560

)

At 30 September 2025

52,945,545

DEPRECIATION

At 1 October 2024

24,178,201

Charge for year

2,317,280

Eliminated on disposal

(7,795

)

At 30 September 2025

26,487,686

NET BOOK VALUE

At 30 September 2025

26,457,859

At 30 September 2024

28,697,672

12.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 October 2024

and 30 September 2025

57,433,965

NET BOOK VALUE

At 30 September 2025

57,433,965

At 30 September 2024

57,433,965

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Argyll Solar Limited

Registered office: United Kingdom

Nature of business: Electricity generation

%

Class of shares:

holding

Ordinary

100.00

Eider Renewables Limited

Registered office: United Kingdom

Nature of business: Electricity generation

%

Class of shares:

holding

Ordinary

100.00

Galgorm Renewables Limited

Registered office: United Kingdom

Nature of business: Electricity generation

%

Class of shares:

holding

Ordinary

100.00

Garganey Sustainable Energy Solutions Limited

Registered office: United Kingdom

Nature of business: Electricity generation

%

Class of shares:

holding

Ordinary

100.00

Goldcrest Renewables Limited

Registered office: United Kingdom

Nature of business: Electricity generation

%

Class of shares:

holding

Ordinary

100.00