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REGISTERED NUMBER: SO304001 (Scotland)












REPORT OF THE MEMBERS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INVERCLYDE RENEWABLES LLP

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024










Page

General Information 1

Report of the Members 2

Report of the Independent Auditors 4

Income Statement 6

Balance Sheet 7

Reconciliation of Members' Interests 8

Notes to the Financial Statements 10


INVERCLYDE RENEWABLES LLP

GENERAL INFORMATION
for the year ended 31 December 2024







DESIGNATED MEMBERS: Inverclyde Windfarm Limited
L V Chetwode
L H S Stewart
N Wright





REGISTERED OFFICE: Broomage Avenue
Larbert
United Kingdom
FK5 4NQ





REGISTERED NUMBER: SO304001 (Scotland)





AUDITORS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

REPORT OF THE MEMBERS
for the year ended 31 December 2024


The members present their report with the financial statements of the LLP for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of the development, construction and operation of a wind farm.

DESIGNATED MEMBERS
The designated members during the year under review were:

Inverclyde Windfarm Limited
L V Chetwode
L H S Stewart
N Wright

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £1,070,608 (2023 - £530,627 profit).

MEMBERS' INTERESTS
Each member's share of the profit or loss is determined by their subscription to the capital of the LLP and is repayable following retirement from the LLP.

Details of changes in members' capital in the year ended 31 December 2024 are set out in the Reconciliation of Members' Interests in the financial statements.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Losses are borne by the LLP and not allocated to the members.

Upon winding up of the LLP, surplus assets of the LLP will be distributed amongst the members in accordance with the terms of the Members' Agreement.

The operating cash requirements of the LLP are anticipated to be met out of the trading activities and cash flows. No member shall be required to make any further funding available after their admission as a member (save to the extent of their liability on winding up).

MEMBERS' RESPONSIBILITIES STATEMENT
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

REPORT OF THE MEMBERS
for the year ended 31 December 2024


AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:





Inverclyde Windfarm Limited - Designated member


14 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INVERCLYDE RENEWABLES LLP


Opinion
We have audited the financial statements of Inverclyde Renewables LLP (the 'LLP') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the LLP's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us 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
- we have not received all the information and explanations we require for our audit; or
- the members were not entitled to prepare the financial statements in accordance with the small LLPs regime.

Responsibilities of members
As explained more fully in the Members' Responsibilities Statement set out on page two, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP'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 the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INVERCLYDE RENEWABLES LLP


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the LLP and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the LLP Statement of Recommended Practice (SORP) . We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations, and fraud;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, or with unusual descriptions; and
- Challenging assumptions made by management in their significant accounting estimates such as those in relation to the carrying value of fixed assets, the level of decommissioning provision and the ability to continue as a going concern.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

14 April 2025

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

INCOME STATEMENT
for the year ended 31 December 2024

2024 2023
Notes £'000 £'000

TURNOVER 3,146 2,416

Administrative expenses (2,098 ) (1,894 )
OPERATING PROFIT 4 1,048 522

Interest receivable and similar income 23 9
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES


1,071


531

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION AND
PROFIT SHARES


1,071


531

Members' remuneration charged as an
expense

5

(1,071

)

(531

)
PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS


-


-


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

-

-

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

BALANCE SHEET
31 December 2024

2024 2023
Notes £'000 £'000
FIXED ASSETS
Tangible assets 6 21,850 22,864

CURRENT ASSETS
Debtors 7 1,513 2,204
Cash at bank 535 445
2,048 2,649
CREDITORS
Amounts falling due within one year 8 (24,147 ) (25,762 )
NET CURRENT LIABILITIES (22,099 ) (23,113 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(249

)

(249

)

PROVISIONS FOR LIABILITIES 10 (587 ) (587 )
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

(836

)

(836

)

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 30 30
Other reserves (866 ) (866 )
(836 ) (836 )

TOTAL MEMBERS' INTERESTS
Members' other interests (836 ) (836 )
Amounts due from members 7 (660 ) (1,493 )
(1,496 ) (2,329 )

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

The financial statements were approved by the members of the LLP and authorised for issue on 14 April 2025 and were signed by:





Inverclyde Windfarm Limited - Designated member

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

RECONCILIATION OF MEMBERS' INTERESTS
for the year ended 31 December 2024


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£'000 £'000 £'000
Balance at 1 January 2024 30 (866 ) (836 )
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

-

-
Profit for the financial year available for discretionary
division among members

-

-

-
Members' interests after profit for the year 30 (866 ) (836 )
Drawings on account and distributions of profit - - -
Balance at 31 December 2024 30 (866 ) (836 )

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£'000 £'000
Amount due to members -
Amount due from members (1,493 )
Balance at 1 January 2024 (1,493 ) (2,329 )
Members' remuneration charged as an expense,
including employment and retirement benefit costs

1,071

1,071

Profit for the financial year available for discretionary
division among members

-

-

Members' interests after profit for the year (422 ) (1,258 )
Drawings on account and distributions of profit (238 ) (238 )
Amount due to members -
Amount due from members (660 )
Balance at 31 December 2024 (660 ) (1,496 )

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

RECONCILIATION OF MEMBERS' INTERESTS
for the year ended 31 December 2024

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£'000 £'000 £'000
Balance at 1 January 2023 30 (866 ) (836 )
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

-

-
Profit for the financial year available for discretionary
division among members

-

-

-
Members' interests after profit for the year 30 (866 ) (836 )
Drawings on account and distributions of profit - - -
Balance at 31 December 2023 30 (866 ) (836 )

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£'000 £'000
Amount due to members 1,227
Amount due from members -
Balance at 1 January 2023 1,227 391
Members' remuneration charged as an expense,
including employment and retirement benefit costs

531

531

Profit for the financial year available for discretionary
division among members

-

-

Members' interests after profit for the year 1,758 922
Drawings on account and distributions of profit (3,251 ) (3,251 )
Amount due to members -
Amount due from members (1,493 )
Balance at 31 December 2023 (1,493 ) (2,329 )

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


1. STATUTORY INFORMATION

Inverclyde Renewables LLP is a limited liability partnership, limited by members' capital, registered in Scotland. The address of the registered office is Broomage Avenue, Larbert, United Kingdom, FK5 4NQ.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements are denominated in Sterling (£) as this is the functional currency of the LLP. All amounts in the financial statements have been rounded to the nearest £1,000.

Going concern
As at 31 December 2024 the LLP had net current liabilities of £22,099,000 (2023: £23,113,000) and net liabilities of £836,000 (2023: net liabilities of £836,000). The Designated Members have prepared cash flow forecasts and consider that the LLP has sufficient resources and support to meet it liabilities as they fall due for at least 12 months from the signing of these financial statements and has therefore prepared the financial statements on a going concern basis. The parent company have confirmed that they will not request repayment of the amounts owed of £23,884,000 (2023: £25,595,000) until the LLP has sufficient resources to repay the amounts.

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

Tangible fixed assets
Tangible assets are stated at historical cost less 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 commences when the asset is ready for its intended use. The residual values and remaining useful lives are reassessed at each reporting date. When parts of tangible fixed assets have different useful lives, those components are accounted for as separate items of tangible fixed assets. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds received with carrying amount and are recognised with other income/(expenditure) net in the income statement. Depreciation is charged at the following rates:

Plant and machinery -Over the life of the lease
Decommissioning costs-Over remaining lease term

Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in the income statement in the period in which they are incurred.

Financial instruments
The LLP has chosen to adopt the 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.

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Trade debtors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 member's 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 are divided automatically in accordance to the members agreement and therefore such profits are classed as an expense through the profit and loss rather than an appropriation of equity.

The losses of the LLP shall, with effect from 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 an other reserve.

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'. Losses are included within 'other reserves'.

Taxation
The taxation payable on the LLP's profits is the liability of each member during the year.

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. 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.

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.

3. EMPLOYEE INFORMATION

There are no employees, except from Members of the LLP, in the current year or in the prior year and therefore no employee costs.

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£'000 £'000
Depreciation - owned assets 1,014 1,015
Other operating leases 10 10

5. INFORMATION IN RELATION TO MEMBERS
2024 2023
£'000 £'000
Members' remuneration charged as an expense
Partners' salaries 1,071 531

6. TANGIBLE FIXED ASSETS
Plant and
machinery
£'000
COST
At 1 January 2024
and 31 December 2024 25,907
DEPRECIATION
At 1 January 2024 3,043
Charge for year 1,014
At 31 December 2024 4,057
NET BOOK VALUE
At 31 December 2024 21,850
At 31 December 2023 22,864

Included within plant and machinery is interest capitalised of £1,237,000 (2023: £1,237,000). Interest was capitalised at the rate of 7%.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Trade debtors 212 172
Amounts owed by group undertakings 12 21
Amounts due from members 660 1,493
Prepayments and accrued income 629 518
1,513 2,204

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Trade creditors 53 69
Amounts owed to group undertakings 23,884 25,595
Taxation and social security 172 61
Other creditors 38 37
24,147 25,762

INVERCLYDE RENEWABLES LLP (REGISTERED NUMBER: SO304001)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

At the balance sheet date, the LLP had an amount outstanding to Inverclyde Windfarm Limited of £23,884,000 (2023: £25,595,000). The LLP has been granted this loan facility for the development and construction of a windfarm. The loan bears no interest and is repayable on demand.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£'000 £'000
Within one year 10 10
Between one and five years 37 38
In more than five years 180 188
227 236

10. PROVISIONS FOR LIABILITIES
Other
provisions
£'000
Balance at 1 January 2024 (587 )
Balance at 31 December 2024 (587 )

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 has been applied and this has been discounted at the LLP's weighted average cost of capital.

11. RELATED PARTY DISCLOSURES

The LLP 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.

12. ULTIMATE PARENT COMPANY

The LLP's immediate controlling entity is Inverclyde Windfarm Limited, company number SC396025; incorporated in Scotland.

The ultimate parent company is James Jones & Sons Limited which is the parent company incorporated in Scotland.

Group financial statements are available from James Jones & Sons Limited whose registered office is Broomage Avenue, Larbert, FK5 4NQ.

ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party, as no one person has a significant shareholding in the ultimate parent company.