Registration number: 13272677

BF33C LHF Solar Limited

Contents

Company Information	1
Directors' Report	2 to 4
Independent Auditor's Report to the Member of BF33C LHF Solar Limited	5 to 8
Statement of Comprehensive Income	9
Statement of Financial Position	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 to 23

BF33C LHF Solar Limited

Company Information

Directors

N A Wood M Biedka

Registered number

13272677

Registered office

1st Floor 25 King Street Bristol BS1 4PB

Independent auditor

KPMG Audit Limited Glategny Court Glategny Esplanade St Peter Port Guernsey GY1 1WR

Bankers

Santander Regents Place Sunderland Tyne and Wear SR43 4ET

Royal Bank of Scotland 49 Bishopsgate London EC2N 3AS

BF33C LHF Solar Limited

Directors' Report for the Year Ended 30 June 2026

The directors present their report and the financial statements for the year ended 30 June 2026.

Principal activity

The principal activity of the Company is the development of a solar photovoltaic plant in the UK.

Country of incorporation and legal form of the entity

BF33C LHF Solar Limited was incorporated as a private company, limited by shares, under the Registrar of Companies for England and Wales on 17 March 2021.

Results and dividends

The loss for the year, after taxation, amounted to £333,475 (2025: £188,435)

No dividends were distributed in the current year or prior year.

Directors of the company

The directors who served during the year and up to the date of signing the financial statements were:

N A Wood

M Biedka

J G Selwyn (ceased 20 October 2025)

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were in force throughout the year at the date of this report.

BF33C LHF Solar Limited

Directors' Report for the Year Ended 30 June 2026

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

•	assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

•	use the going concern basis of accounting unless they intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Disclosure of information to the auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

•	so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

•	the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Subsequent events

Subsequent to 30 June 2026, Bluefield Solar Income Fund Limited ("BSIF"), the ultimate parent undertaking of the Company at the reporting date, was acquired by Drax Smart Generation Holdco Limited, a wholly owned subsidiary of Drax Group plc.

BF33C LHF Solar Limited

Directors' Report for the Year Ended 30 June 2026

Independent auditor

The auditor during the year was KPMG Audit Limited.
 

Small companies note

In preparing this Directors' Report advantage has been taken of the small companies exemption. The Company is exempt from preparing a Strategic Report.

This report was approved by the Board on 29 October 2026 and signed on its behalf by:
 

......................................... N A Wood Director

BF33C LHF Solar Limited

Independent Auditor's Report to the Member of BF33C LHF Solar Limited

Our opinion

We have audited the financial statements of BF33C LHF Solar Limited (the “Company”), which comprise the statement of financial position as at 30 June 2026, the statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.

In our opinion the accompanying financial statements:

•	give a true and fair view of the state of the Company's affairs as at 30 June 2026 and of the Company's loss for the year then ended;
•	are properly prepared in accordance with United Kingdom accounting standards, including FRS 102 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including FRC Ethical Standards. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (the “going concern period").

In our evaluation of the directors' conclusions, we considered the inherent risks to the Company's business model and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

•	we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and

•	we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.

BF33C LHF Solar Limited

Independent Auditor's Report to the Member of BF33C LHF Solar Limited

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

•	enquiring of management as to the Company’s policies and procedures to prevent and detect fraud as well as enquiring whether management have knowledge of any actual, suspected or alleged fraud;

•	reading minutes of meetings of those charged with governance; and

•	using analytical procedures to identify any unusual or unexpected relationships.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the Company did not earn any revenue for the year ended 30 June 2026. We did not identify any additional fraud risks.

We performed procedures including:

•	identifying journal entries and other adjustments to test based on risk criteria and comparing any identified entries to supporting documentation; and

•	incorporating an element of unpredictability in our audit procedures.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience and through discussion with management (as required by auditing standards), and discussed with management the policies and procedures regarding compliance with laws and regulations.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of litigation or impacts on the Company’s ability to operate. We identified company law as being the area most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

BF33C LHF Solar Limited

Independent Auditor's Report to the Member of BF33C LHF Solar Limited

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

The directors' report

The directors are responsible for the directors' report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon.

Our responsibility is to read the directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

•	we have not identified material misstatements in the directors' report;

•	in our opinion the information given in that report for the financial year is consistent with the financial statements; and

•	in our opinion that report has been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006, we are required to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit; or

•	the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.

We have nothing to report in these respects.

Respective responsibilities
Directors' responsibilities

As explained more fully in their statement set out on page 3, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 7

BF33C LHF Solar Limited

Independent Auditor's Report to the Member of BF33C LHF Solar Limited

Auditor's responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC's website at: www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Company's member, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s member those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its member, as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Barry Ryan (Senior Statutory Auditor)
For and on behalf of KPMG Audit Limited, Statutory Auditor
 Chartered Accountants
  

29 October 2026

BF33C LHF Solar Limited

Statement of Comprehensive Income for the Year Ended 30 June 2026

	Note	2026 £	2025 £
Administrative expenses		(183,373)	(121,423)
Operating loss		(183,373)	(121,423)
Interest income and similar income	6	801	616
Interest expenses and similar expenses	7	(208,862)	(93,777)
Loss before tax		(391,434)	(214,584)
Tax on loss	8	55,959	26,149

Total comprehensive loss for the year	(335,475)	(188,435)

All amounts relate to continuing activities of the Company.

BF33C LHF Solar Limited

(Registration number: 13272677)
Statement of Financial Position as at 30 June 2026

	Note	2026 £	2025 £
Tangible fixed assets
Tangible assets	9	1,354,845	265,164
Cash and cash equivalents
Debtors	10	154,256	97,868
Cash and cash equivalents	11	50,030	81,582
		204,286	179,450
Creditors: Amounts falling due within one year	12	(80,118)	(105,988)
Net current assets		124,168	73,462
Creditors: Amounts falling due after more than one year	12	(2,677,112)	(1,201,250)
Net liabilities		(1,198,099)	(862,624)
Capital and reserves
Called up share capital		10	10
Retained earnings		(1,198,109)	(862,634)
Total equity		(1,198,099)	(862,624)

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 29 October 2026

......................................... N A Wood Director

BF33C LHF Solar Limited

Statement of Changes in Equity for the Year Ended 30 June 2026

	Called up share capital £	Retained earnings £	Total £
At 1 July 2025	10	(862,634)	(862,624)
Loss for the year	-	(335,475)	(335,475)
At 30 June 2026	10	(1,198,109)	(1,198,099)