REGISTERED NUMBER: OC418192 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

CARNO 1 LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Carno Holdings Limited

S E Thomas

REGISTERED OFFICE:

1 Des Roches Square

Des Roches Square

Witney

OX28 4BE

REGISTERED NUMBER:

OC418192 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP (part of the Dains Group)

First Floor, Lakeside House

4 Smith Way

Grove Park

Leicester

Leicestershire

LE19 1SX

FIXED ASSETS

Tangible assets

4

1,203,093

1,684,330

CURRENT ASSETS

Debtors

5

2,007,197

1,771,497

Cash at bank

1,770,340

2,638,364

3,777,537

4,409,861

CREDITORS

Amounts falling due within one year

6

(1,472,563

)

(1,330,391

)

NET CURRENT ASSETS

2,304,974

3,079,470

TOTAL ASSETS LESS CURRENT LIABILITIES

3,508,067

4,763,800

PROVISIONS FOR LIABILITIES

8

(2,182,674

)

(2,165,567

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,325,393

2,598,233

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

1,367,342

2,640,182

MEMBERS' OTHER INTERESTS

Other reserves

(41,949

)

(41,949

)

1,325,393

2,598,233

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

1,367,342

2,640,182

Members' other interests

(41,949

)

(41,949

)

1,325,393

2,598,233

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 31 March 2026.

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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 September 2026 and were signed by:

S E Thomas - Designated member

1.	STATUTORY INFORMATION

Carno 1 LLP ('LLP') (OC418192) is a Limited Liability Partnership registered in England and Wales. Its registered office is 1 Des Roches Square, Witney, OX28 4BE.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Turnover

Turnover represents the fair value of the consideration received or receivable for electricity and associated renewable benefits sold during the period, exclusive of value added tax, derived from the generation of electricity.

Revenue from wholesale electricity, Renewable Obligation Certificates (ROCs) and Renewable Energy Guarantees of Origin (REGOs) are recognised in the period in which the related electricity is generated.

Other renewable benefits are recognised when the value can be reliably ascertained.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. Finance costs are included in the cost of tangible assets when they are directly attributable to the construction of tangible fixed assets.

Depreciation is provided at the following annual rates in order to write off each asset, net of anticipated disposal proceeds, over its estimated useful economic life. Depreciation is charged at the following rates:

Plant and machinery - over the expected lease term.

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.

Financial instruments

The LLP has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and 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 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.

Members' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Members' participation rights

Members’ participation rights comprise the rights of a member against the LLP in respect of amounts subscribed or otherwise contributed, remuneration and profits.

The losses of the LLP shall, with effect from the commencement date, be borne by the LLP and not allocated to the members. The members shall procure that all losses of the LLP are debited to other reserves. Other reserves comprise the accumulated losses of the LLP.

Profits are allocated to one designated member and therefore such profits are classed as an expense through the profit and loss rather than an appropriation of equity.

All amounts due to the members that are classified as liabilities are presented in the balance sheet within 'Loans and other debt due to members' and are charged to profit and loss account within Members' remuneration charged as an expense. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.

Taxation

The taxation payable on the LLP's profits is the personal liability of the member during the year. Consequently, neither the LLP nor related deferred taxation are accounted for in the financial statements.

Decommissioning Provision

Provision is made for the net present value of the estimated future decommissioning costs at the end of the operating life of the wind farm. The provision is calculated using estimated costs of decommissioning, and these estimates have been arrived at by consideration of the expected costs of contracts to remove the installed plant. The estimates are discounted at a rate that reflects current market assessments of the time value of money. A corresponding asset is recognised and included within the wind farm assets and is depreciated over the lease term. The estimated future cost of decommissioning obligations are regularly reviewed and adjusted as appropriate for new circumstances or changes in law or technology.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Operating lease commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Critical accounting estimates and assumptions

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Provisions

Provision is made for asset decommissioning obligations, dilapidations and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows, inflation and the discount rates used to establish net present value of the obligations require management's judgement.

(iii) Accrued income

Accrued income is estimated based on the value of unbilled wind revenue at the reporting date. Management estimate accrued income based on output of the wind farms multiplied by the average price for the period.

3.	EMPLOYEE INFORMATION

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2025

and 31 March 2026

2,165,567

DEPRECIATION

At 1 April 2025

481,237

Charge for year

481,237

At 31 March 2026

962,474

NET BOOK VALUE

At 31 March 2026

1,203,093

At 31 March 2025

1,684,330

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

-

490,615

Other debtors

25,207

-

Prepayments and accrued income

1,981,990

1,280,882

2,007,197

1,771,497

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

377,778

595,115

VAT

499,934

370,641

Accruals and deferred income

594,851

364,635

1,472,563

1,330,391

7.	LEASING AGREEMENTS

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

2026

2025

£

£

Within one year

935,776

1,337,076

Between one and five years

641,949

2,217,537

1,577,725

3,554,613

The operating leases relate to the land on which the wind farm is situated. The amounts disclosed represent estimated minimum lease payments calculated using budgeted revenue up to the lease expiry date of 30 September 2028.

8.	PROVISIONS FOR LIABILITIES

Other

provisions

£

Balance at 1 April 2025

2,165,567

Provided during year

17,107

Balance at 31 March 2026

2,182,674

Provisions are made for the net present value of the estimated future decommissioning costs at the end of the operating life of the wind farm. The provision is calculated using estimated costs of decommissioning. An average inflation rate of 3% has been applied and then this has been discounted at the LLP's weighted average cost of capital of 8.5%.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with other unsecured creditors of the LLP and do not carry any fixed date of repayment. No interest is charged on amounts due to members.

Amounts due to members at 31 March 2026 were £1,367,342 (2025: £2,640,182).

10.	RELATED PARTY DISCLOSURES

During the year, the LLP incurred site-management charges of £153,947 (2025: £190,000) from a company in which a Designated Member is also a director and majority shareholder. At 31 March 2026, £38,487 (2025: £190,000) was outstanding for payment.

During the year, the LLP incurred charges of £172,859 (2025: £102,247) in respect of management services provided by a related company which is not a Designated Member. At 31 March 2026, £52,631 (2025: £37,621) was outstanding for payment.

During the year the LLP incurred costs of £1,939 (2025: £2,557) in respect of subscription services provided by a related company. At 31 March 2026, £nil (2025: £nil) was due to this entity.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Carno Holdings Limited, by virtue of its controlling interest in the LLP, during the current and previous year.