REGISTERED NUMBER: 08995092 (England and Wales)

CURLEW POWER LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

DIRECTORS:

V Desai

L Mouyeaux

Thames Street Services Limited

REGISTERED OFFICE:

10 Lower Thames Street

London

EC3R 6AF

REGISTERED NUMBER:

08995092 (England and Wales)

AUDITORS:

Berringers LLP

Chartered Accountants

and Statutory Auditors

3rd Floor, Imperial House

21 - 25 North Street

Bromley

Kent

BR1 1SD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

515,836

293,702

515,836

293,702

CURRENT ASSETS

Stocks

50,603

49,896

Debtors

6

3,846,679

959,951

Cash at bank

1,518,770

14,448,122

5,416,052

15,457,969

CREDITORS

Amounts falling due within one year

7

2,547,298

3,690,785

NET CURRENT ASSETS

2,868,754

11,767,184

TOTAL ASSETS LESS CURRENT LIABILITIES

3,384,590

12,060,886

PROVISIONS FOR LIABILITIES

8

3,009,095

2,593,335

NET ASSETS

375,495

9,467,551

CAPITAL AND RESERVES

Called up share capital

9

49,991

49,991

Retained earnings

10

325,504

9,417,560

SHAREHOLDERS' FUNDS

375,495

9,467,551

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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2026 and were signed on its behalf by:

Thames Street Services Limited - Director

1.	STATUTORY INFORMATION

Curlew Power 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 Company 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.

Going concern

The directors have reviewed the performance of the Company 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 Company. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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 on historical

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.

The financial statements include an accrual in respect of amounts estimated to be payable for the period following the expiry of the previous lease, pending agreement of the terms of a new lease. The amount recognised represents the director's best estimate of the liability based on the commercial terms currently under negotiation between the parties.

As the terms of the new lease have not yet been finalised or formally agreed, there is significant estimation uncertainty over the amount ultimately payable. Consequently, there is a risk that the amount recognised may require material adjustment once the lease negotiations are concluded.

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 on historical 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:

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprised of the sale of electricity to the National Grid and revenue associated Renewable Obligation Certificates and is recognised as earned based on the contracted price per kilowatt hour sold.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model are stated at historic 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, on the following bases.

Wind turbines are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided over their estimated useful economic lives, having regard to their expected period of use and relevant planning arrangements.

Expenditure on the repowering of the wind turbines will be capitalised where it meets the recognition criteria for tangible fixed assets and depreciated over the estimated useful economic lives of the new or replacement assets from the date they are available for use

Stocks

Stocks relate to spare parts held, and have been included at cost.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Provisions for liabilities

Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount of the obligation can be estimated reliably.

Provisions are measured at the best estimate of the amount required to settle the obligation at the reporting date. Where the effect of the time value of money is material, the provision is measured at the present value of the expenditure expected to be required to settle the obligation.

The Company recognises a provision for its obligations to decommission the wind turbine sites at the end of their operational lives. The initial estimate of the decommissioning obligation is included within the cost of the related tangible fixed asset. The provision is reviewed at each reporting date and adjusted to reflect the current best estimate. The unwinding of the discount is recognised as a finance cost in profit or loss.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

51,017

Disposals

(51,017

)

At 31 December 2025

-

AMORTISATION

At 1 January 2025

51,017

Eliminated on disposal

(51,017

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

5.	TANGIBLE FIXED ASSETS

Capitalised

Plant and

decommissioning

machinery

costs

Totals

£

£

£

COST

At 1 January 2025

7,882,266

1,541,381

9,423,647

Additions

10,602

304,132

314,734

At 31 December 2025

7,892,868

1,845,513

9,738,381

DEPRECIATION

At 1 January 2025

7,746,511

1,383,434

9,129,945

Charge for year

67,540

25,060

92,600

At 31 December 2025

7,814,051

1,408,494

9,222,545

NET BOOK VALUE

At 31 December 2025

78,817

437,019

515,836

At 31 December 2024

135,755

157,947

293,702

The existing wind turbines were previously depreciated by reference to their expected period of use under the original planning arrangements. The Directors have reviewed this assessment in light of the current condition of the turbines and consider that the existing depreciation profile remains appropriate. Following the negotiation of new leases, a repowering project is planned, with qualifying expenditure capitalised and depreciated over the estimated useful economic lives of the new or replacement assets.

The capitalised decommissioning cost relates to the provision as detailed in note 11.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

16,416

-

Amounts owed by group undertakings

2,625,657

-

Other debtors

342,500

342,500

Taxation

45,086

-

Prepayments

817,020

617,451

3,846,679

959,951

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade creditors

20,044

32,776

Taxation

-

105,208

VAT

211,227

252,160

Accrued expenses

2,316,027

3,300,641

2,547,298

3,690,785

8.	PROVISIONS FOR LIABILITIES

2025

2024

as restated

£

£

Deferred taxation

128,959

67,841

Other provisions

2,880,136

2,525,494

3,009,095

2,593,335

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2025

As previously reported

67,841

-

Prior year adjustment

-

2,525,494

As restated

67,841

2,525,494

Provided during year

61,118

304,132

Unwinding of discounted amount

-

50,510

Balance at 31 December 2025

128,959

2,880,136

The Company has an obligation to decommission the wind turbine sites at the end of their operational lives. A provision is recognised for the best estimate of the expenditure required to settle the obligation at the reporting date.

Where the effect of the time value of money is material, the provision is measured at the present value of the expenditure expected to be required to settle the obligation. The estimate is based on the expected costs of decommissioning, with reference to a professional decommissioning cost assessment.

The provision is reviewed at each reporting date and adjusted to reflect the current best estimate. The unwinding of the discount is recognised as a finance cost in profit or loss.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

as restated

£

£

49,991

Ordinary

1

49,991

49,991

10.

RESERVES

Retained

earnings

£

At 1 January 2025

12,166,196

Prior year adjustment

(2,748,636

)

9,417,560

Deficit for the year

(92,056

)

Dividends

(9,000,000

)

At 31 December 2025

325,504

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Paul Allan BSocSc FCA (Senior Statutory Auditor)

for and on behalf of Berringers LLP

12.	CONTINGENT LIABILITIES

The Company is finalising an extension to the lease agreement under a contractual agreement in respect of lease costs, the amount of which is dependent upon the final determination of those costs. The amount payable cannot presently be determined with sufficient certainty and no provision has therefore been recognised.

13.	RELATED PARTY DISCLOSURES

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.

14.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent and controlling entity is Downing Sustainable Investment I Ltd, a company incorporated in England and Wales. The financial statements of Downing Sustainable Investment I Ltd can be obtained from that company's registered office: 10 Lower Thames Street, London, England, EC3R 6AF.

The Company's ultimate parent and controlling entity is Human Capability Foundation, a company incorporated in England and Wales. The financial statements of Human Capability Foundation, can be obtained from the Company's registered office: Natco Cash & Carry Silverdale Industrial Estate, Silverdale Road, Hayes, London, United Kingdom, UB3 3BL.