REGISTERED NUMBER: OC319479 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2026

FOR

WHARRELS HILL LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

G Hands

J Hartz

S Turner

J Hands

Gresham House Asset Management Limited

REGISTERED OFFICE:

1 Des Roches Square

Witney

OX28 4BE

REGISTERED NUMBER:

OC319479 (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

Intangible assets

4

4,990

51,557

Tangible assets

5

2,269,204

2,779,961

2,274,194

2,831,518

CURRENT ASSETS

Debtors

6

2,994,373

2,719,235

Cash at bank

632,765

213,533

3,627,138

2,932,768

CREDITORS

Amounts falling due within one year

7

(496,063

)

(365,144

)

NET CURRENT ASSETS

3,131,075

2,567,624

TOTAL ASSETS LESS CURRENT LIABILITIES

5,405,269

5,399,142

PROVISIONS FOR LIABILITIES

9

(655,269

)

(649,142

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

4,750,000

4,750,000

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

4,750,000

4,750,000

4,750,000

4,750,000

TOTAL MEMBERS' INTERESTS

Members' other interests

4,750,000

4,750,000

Amounts due from members

6

(1,864,773

)

(1,751,374

)

2,885,227

2,998,626

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 5 April 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 7 October 2026 and were signed by:

Gresham House Asset Management Limited - Designated member

1.	STATUTORY INFORMATION

Wharrels Hill LLP (OC319479) 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 goods rendered during the period, exclusive of value added tax, derived from the generation of electricity.

Revenue from 'Brown' energy and revenue from Renewable Obligation Certificates (ROCs), is recognised when the related electricity is generated. In the case of Renewable Energy Guarantees of Origin (REGOs) and ROCS recycle, revenue is recognised when it falls due.

Intangible fixed assets and amortisation

Intangible assets are initially recognised at cost. Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life of 20 years.

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 term of the lease

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

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 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 creditors 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.

Operating leases

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.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Profits and losses are divided automatically in accordance to the members agreement and therefore such profits and losses 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.

Provisions

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. This provision is made when construction of the wind farm has reached a stage when decommissioning of the constructed plant would incur material costs. 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 life of the wind farm. The estimated future cost of decommissioning obligations are regularly reviewed and adjusted as appropriate for new circumstances or changes in law or technology.

Insurance income

Insurance income is recognised when entitlement to the compensation has been established, the claim has been approved, and the amount can be measured reliably. Insurance income relating to the reimbursement of costs incurred by the LLP is recognised within other operating income in the period in which the related costs are incurred.

3.	EMPLOYEE INFORMATION

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 6 April 2025

and 5 April 2026

399,139

AMORTISATION

At 6 April 2025

347,582

Charge for year

46,567

At 5 April 2026

394,149

NET BOOK VALUE

At 5 April 2026

4,990

At 5 April 2025

51,557

The goodwill arose as a result of the transfer of assets from Wharrels Hill Windfarm Limited to the LLP on 13 June 2006.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 6 April 2025

and 5 April 2026

10,662,814

DEPRECIATION

At 6 April 2025

7,882,853

Charge for year

510,757

At 5 April 2026

8,393,610

NET BOOK VALUE

At 5 April 2026

2,269,204

At 5 April 2025

2,779,961

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

-

255,328

Amounts due from members

1,864,773

1,751,374

Prepayments and accrued income

1,129,600

712,533

2,994,373

2,719,235

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

371,993

160,010

VAT

102,317

188,095

Other creditors

21,753

17,039

496,063

365,144

8.	LEASING AGREEMENTS

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

2026

2025

£

£

Within one year

60,407

55,223

Between one and five years

301,151

220,893

In more than five years

-

32,214

361,558

308,330

The operating lease is in respect of the land on which the wind farm is located. The annual lease charge consists of a fixed payment together with a variable payment calculated by reference to the annual electricity generated by the wind farm.

9.	PROVISIONS FOR LIABILITIES

Other

provisions

£

Balance at 6 April 2025

649,142

Provided during year

6,127

Balance at 5 April 2026

655,269

Provisions are made for the net present value of the estimated future decommissioning costs at the end of the operating life of the windfarm. 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 weight average cost of capital. A corresponding addition was previously recorded within the financial statements.

10.	RELATED PARTY DISCLOSURES

During the year the LLP incurred costs of £97,672 (2025: £45,707) in respect of management services provided by Gresham House Asset Management Limited. At the year end £20,302 (2025: £13,712) was outstanding for payment to Gresham House Asset Management Limited.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G Hands in the current and prior year.