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REGISTERED NUMBER: SC420122 (Scotland)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

LDV HARBURNHEAD LIMITED

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2025










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


LDV HARBURNHEAD LIMITED

COMPANY INFORMATION
for the year ended 31 March 2025







DIRECTORS: K Khevenhueller-Metsch
G Khevenhueller-Metsch
W Cranstone
C A Harris





SECRETARY: K Khevenhuller-Metsch





REGISTERED OFFICE: 13 Queen's Road
Aberdeen
AB15 4YL





REGISTERED NUMBER: SC420122 (Scotland)





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

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

STRATEGIC REPORT
for the year ended 31 March 2025



REVIEW OF BUSINESS
Principal activity
The principal activity of the Company in the year under review was that of operation of a UK onshore wind farm for the production and sale of renewable energy.

Performance in the year
Turnover for the year has increased from £14,942,764 to £16,865,966. Around 46% of income was received from wholesale power prices. Turnover has increased mainly due to increased generation in the year with an extra 3GWh produced compared to the year ended 31 March 2024.

The company has met all banking facility covenants and has made bank facility repayments due under this facility. The company has also used excess cash to make dividend payments in the year. The company has accrued retained earnings in the year and will continue to make payments of excess cash in the form of dividends.

Position at the year-end
At the year end the company has net current assets of £14,594,850 (2024: £15,084,728) and net assets of £18,898,490 (2024: £17,904,709). The increase in the net asset position being primarily due to paydown of the debt £3,822,893 (2024: £3,686,258) offset by depreciation of the tangible assets £1,518,868 (2024: £1,518,869).

Key performance indicators
- Volume of electricity produced by the wind farm
- Price achieved for the electricity produced

PRINCIPAL RISKS AND UNCERTAINTIES
Strategic
The principal risks facing the company are the volume of electricity produced and the prices achieved when this electricity is sold on wholesale power markets. The availability of the windfarm remains in line with expectations, however windspeeds were below average for the year with the windfarm generating 123,358 MWh of electricity in the year. This was below the budget of 130,400 MWh.

Financial
The company is partially exposed to movements in wholesale power prices. The Company continues to consider if wholesale power prices should be fixed on a periodic basis to reduce this risk. Due to commercial sensitivity, further detail is not provided in this Strategic Report. The Company continues to manage its exposure to interest rate risk in respect of its bank loan by hedging this risk with an interest rate swap, which fixes its interest rate and mitigates the risk of changes in the interest rates.

The Company applied to amend its planning consent and extend the life of the windfarm by a further 25 years. This was approved by Scottish Ministers in January 2024. The Company has the option to increase the various leases in line with extended planning consent.

The Company has put in place a decommissioning letter of credit with BLB for £2,413,327, to cover any future potential decommissioning liability costs. This replaces the decommissioning bond that was in place with the council.

The company is exposed to financing risk through our debt and our need to make principal and interest payments as planned. We are comfortably meeting all cover ratios and revenue would need to fall considerably and stay at those levels before it becomes a problem.

Operational
The volume of electricity produced is dependent on wind speeds and the availability of turbines. The turbine manufacturer is now much more appropriately resourced and is responding to faults and ongoing maintenance in a timely manner as is demonstrated with availability for the year above 98%.

ON BEHALF OF THE BOARD:





W Cranstone - Director


17 June 2025

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

REPORT OF THE DIRECTORS
for the year ended 31 March 2025


The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of operation of a UK onshore wind farm for the production and sale of renewable energy.

DIVIDENDS
The total dividends paid in the year ended 31 March 2025 are £5,650,000 (2024: £12,740,000).

FUTURE DEVELOPMENTS
Information relating to future developments is given in the Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

K Khevenhueller-Metsch
G Khevenhueller-Metsch
W Cranstone

Other changes in directors holding office are as follows:

P R Bolton - resigned 17 June 2024
C A Harris - appointed 17 June 2024

FINANCIAL INSTRUMENTS
The company uses financial instruments, which include cash borrowings, hedging, cash and other liquid resources. The main risks arising from the company's financial instruments are interest rate changes and liquidity risk. The directors regularly review and agree policies for the mitigation of these risks.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 company will continue in business.

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 also responsible for safeguarding the assets of the company 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

REPORT OF THE DIRECTORS
for the year ended 31 March 2025


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

ON BEHALF OF THE BOARD:





W Cranstone - Director


17 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LDV HARBURNHEAD LIMITED


Opinion
We have audited the financial statements of LDV Harburnhead Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 March 2025 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.

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 company 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 directors' 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 company'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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 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
- 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LDV HARBURNHEAD LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors 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 directors 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 directors are responsible for 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 company and the industry, we have identified the principal 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. 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 principal 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 regulation, and fraud;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting revenue, journal entries crediting cash and entries with unusual descriptions; and
- challenging assumptions made by management in their significant accounting estimates, such as those in relation to the fair value of derivatives, impairment of tangible fixed assets, deferred tax, accrued income and decommissioning provision

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 a material misstatement due to fraud is higher than the risk of not detecting one resulting in error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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 company's members, as a body, 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ryan Parkin (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

17 June 2025

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 March 2025

2025 2024
Notes £    £   

TURNOVER 3 16,865,966 14,942,764

Administrative expenses (6,529,431 ) (6,501,426 )
OPERATING PROFIT 5 10,336,535 8,441,338

Interest receivable and similar income 6 254,375 409,998
10,590,910 8,851,336

Interest payable and similar expenses 7 (1,516,229 ) (1,658,343 )
PROFIT BEFORE TAXATION 9,074,681 7,192,993

Tax on profit 8 (2,385,344 ) (1,873,201 )
PROFIT FOR THE FINANCIAL YEAR 6,689,337 5,319,792

OTHER COMPREHENSIVE INCOME
Change in value of hedging instrument (60,741 ) (688,426 )
Income tax relating to other comprehensive
income

15,185

172,106
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(45,556

)

(516,320

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

6,643,781

4,803,472

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

BALANCE SHEET
31 March 2025

2025 2024
Notes £    £   
FIXED ASSETS
Tangible assets 10 61,804,168 63,323,036

CURRENT ASSETS
Debtors: amounts falling due within one year 11 14,499,905 13,502,921
Debtors: amounts falling due after more than
one year

11

-

2,518,947
Cash at bank 5,746,653 4,536,004
20,246,558 20,557,872
CREDITORS
Amounts falling due within one year 12 (5,651,708 ) (5,473,144 )
NET CURRENT ASSETS 14,594,850 15,084,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

76,399,018

78,407,764

CREDITORS
Amounts falling due after more than one
year

13

(42,540,182

)

(45,924,843

)

PROVISIONS FOR LIABILITIES 18 (14,960,346 ) (14,578,213 )
NET ASSETS 18,898,490 17,904,708

CAPITAL AND RESERVES
Called up share capital 19 1 1
Cash flow hedge reserve 20 6,296,229 6,341,784
Retained earnings 20 12,602,260 11,562,923
SHAREHOLDERS' FUNDS 18,898,490 17,904,708

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2025 and were signed on its behalf by:





W Cranstone - Director


LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2025

Called up Cash flow
share Retained hedge Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2023 1 18,983,131 6,858,104 25,841,236

Changes in equity
Dividends - (12,740,000 ) - (12,740,000 )
Total comprehensive income - 5,319,792 (516,320 ) 4,803,472
Balance at 31 March 2024 1 11,562,923 6,341,784 17,904,708

Changes in equity
Dividends - (5,650,000 ) - (5,650,000 )
Total comprehensive income - 6,689,337 (45,556 ) 6,643,781
Balance at 31 March 2025 1 12,602,260 6,296,228 18,898,489

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2025


1. STATUTORY INFORMATION

LDV Harburnhead Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC420122 and its registered office is 13 Queen's Road, Aberdeen, AB15 4YL.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

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

Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the notes to the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(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) Fair value of derivatives
The directors measure derivatives at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumption used in valuing the swaps at 31 March 2025 is the 6 month SONIA rate (2024: 6 month SONIA rate).

(iii) 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 and the discount rates used to establish net present value of the obligations require management's judgement.

(iv) 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 for the period.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025


2. ACCOUNTING POLICIES - continued

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.

In the case of 'Brown' energy and revenue on Renewable Obligation Certificates (ROCs), revenue is recognised in the month that it is generated. In the case of Renewable Energy Guarantees of Origin (REGOs), revenue is recognised when it falls due.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. Expenditure on construction of tangible fixed assets is included in assets under construction within the Balance Sheet, at cost, until the asset is brought into use at which point it is transferred to the appropriate fixed asset category. Such costs include all costs directly attributable to bringing the tangible fixed asset into working condition for the intended use.

Finance costs are included in the cost of tangible assets when they are directly attributable to the construction of tangible fixed assets. Following the completion of the asset, depreciation is provided to write off the asset over the life of the lease from the date it is brought into use.

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.

Financial instruments
The company has chosen to adopt the 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 and loans from fellow group companies 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Non-basic financial liabilities, including derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the income statement in finance costs or finance income as appropriate.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025


2. ACCOUNTING POLICIES - continued

iii) Hedging arrangements
The company applies hedge accounting for transactions entered into to manage the cash flow exposures of borrowings. Interest rate swaps are held to manage the interest rate exposures and are designated as cash flow hedges of floating rate borrowings.

Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in equity. Any ineffectiveness in the hedging relationship (being the excess of the cumulative change in fair value of the hedging instrument since inception of the hedge over the cumulative change in the fair value of the hedged item since inception of the hedge) is recognised in the Statement of Comprehensive Income.

The gain or loss recognised in other comprehensive income is reclassified to the Income Statement when the hedge relationship ends. Hedge accounting is discontinued when the hedging instrument expires, no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised or the hedging instrument is terminated.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that;
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leasing 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.

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. 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 pre-tax 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.

Share capital
Ordinary shares are classified as equity.

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

3. TURNOVER

The company's turnover is derived from the company's principal activity of production and sale of renewable energy wholly undertaken in the United Kingdom.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025


4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.

The average number of employees, including directors, in the year was 3 (2024: 3).

5. OPERATING PROFIT

The operating profit is stated after charging:

2025 2024
£    £   
Other operating leases 1,308,144 1,167,631
Depreciation - owned assets 1,518,868 1,518,869
Auditors' remuneration 13,120 12,500
Auditors' remuneration for non audit work 2,360 2,250

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2025 2024
£    £   
Deposit account interest 254,375 409,998

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Bank interest 1,516,229 1,579,058
HMRC interest - 79,285
1,516,229 1,658,343

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 2,097,635 1,498,442
Adjustment to prior years - 18,731
Total current tax 2,097,635 1,517,173

Deferred tax 287,709 356,028
Tax on profit 2,385,344 1,873,201

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025 2024
£    £   
Profit before tax 9,074,681 7,192,993
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

2,268,670

1,798,248

Effects of:
Expenses not deductible for tax purposes 51,296 51,168
Income not taxable for tax purposes 65,378 65,378
Adjustments to tax charge in respect of previous periods - (41,593 )
Total tax charge 2,385,344 1,873,201

Tax effects relating to effects of other comprehensive income

2025
Gross Tax Net
£    £    £   
Change in value of hedging instrument (60,741 ) 15,185 (45,556 )

2024
Gross Tax Net
£    £    £   
Change in value of hedging instrument (688,426 ) 172,106 (516,320 )

9. DIVIDENDS
2025 2024
£    £   
Ordinary shares of £0.01 each
Interim 5,650,000 12,740,000

10. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2024
and 31 March 2025 74,147,974
DEPRECIATION
At 1 April 2024 10,824,938
Charge for year 1,518,868
At 31 March 2025 12,343,806
NET BOOK VALUE
At 31 March 2025 61,804,168
At 31 March 2024 63,323,036

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025


11. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Trade debtors 242 142
Fair value of swap 8,394,971 8,455,712
VAT 21,355 16,994
Prepayments and accrued income 6,083,337 5,030,073
14,499,905 13,502,921

Amounts falling due after more than one year:
Other debtors - 2,518,947

Aggregate amounts 14,499,905 16,021,868

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts (see note 14) 3,384,661 3,751,355
Trade creditors 714,198 703,778
Tax 1,038,344 526,879
Accruals and deferred income 514,505 491,132
5,651,708 5,473,144

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans (see note 14) 42,540,182 45,924,843

14. LOANS

An analysis of the maturity of loans is given below:

2025 2024
£    £   
Amounts falling due within one year or on demand:
Bank loans 3,384,661 3,751,355

Amounts falling due between one and two years:
Bank loans - 1-2 years 3,452,953 3,384,661

Amounts falling due between two and five years:
Bank loans - 2-5 years 10,357,647 10,337,410

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than
five years 28,729,582 32,202,772
28,729,582 32,202,772

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025


14. LOANS - continued

The Company's bank loans accrue interest on a 6 monthly basis at the 6 month SONIA rate. The loans are repayable in 6 monthly instalments and are due to be fully repaid by 2038.

The Company has entered into two interest rate swaps to mitigate the interest rate risk of its bank loans.

As at 31 March 2025, one interest rate swap fixed the interest at 0.395% and is due for settlement by March 2026, payable by instalments.

As at 31 March 2025, the second interest swap fixed the interest at 0.977% and is due for settlement by September 2038, payable by instalments.

The interest rate swap is measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the interest rate swap at 31 March 2025 are the 6 month SONIA rates (2024: 6 month SONIA rates).

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 609,685 593,682
Between one and five years 2,438,741 2,374,729
In more than five years 8,648,340 9,015,020
11,696,766 11,983,431

16. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loans 45,924,843 49,676,198

The bank loans are secured by fixed and floating charges over the assets, licences, agreements and undertakings of the company. The charges prohibit or restrict the company from creating further security that will rank equally with or ahead of the charges.

The bank holds all of the tenant's interests under the lease agreements held by the company.

17. FINANCIAL INSTRUMENTS

2025 2024
£ £
Financial assets at fair value through profit and loss
Derivative financial instruments 8,394,971 8,455,712

Cash flows on both the loan and the interest rate swaps are paid on 31 March and 30 September until 2037. During 2025, a hedging loss of £45,556 (2024: £516,320) was recognised in other comprehensive income for changes in the fair value of the interest rate swaps.

18. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 11,030,636 10,758,316
Other provisions 3,929,710 3,819,897
14,960,346 14,578,213

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025


18. PROVISIONS FOR LIABILITIES - continued

Deferred Other
tax provisions
£    £   
Balance at 1 April 2024 10,758,316 3,819,897
Movement during year 272,320 109,813
Balance at 31 March 2025 11,030,636 3,929,710

Other provisions relate to the net present value of the estimated future decommissioning costs of the wind farm, which is required at the end of the operating lease. The provision is calculated using estimated costs of decommissioning and an average inflation rate of 3%. This has been discounted at the company's weighted average cost of capital.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
100 Ordinary £0.01 1 1

Ordinary shares have full voting, dividend and capital distribution rights.

20. RESERVES
Cash flow
Retained hedge
earnings reserve Totals
£    £    £   

At 1 April 2024 11,562,923 6,341,785 17,904,708
Profit for the year 6,689,337 - 6,689,337
Dividends (5,650,000 ) - (5,650,000 )
Other comprehensive income - (45,556 ) (45,556 )
At 31 March 2025 12,602,260 6,296,229 18,898,489

21. FINANCIAL COMMITMENTS

As at 31 March 2025, the company has a contractual obligation to provide cash collateral of £89,382 every six months in relation to the decommissioning bond with Bayern LB. A total of 27 payments are due up to 31 March 2037, totalling £2,413,327 in letter of credit reserves.

22. 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.

During the year, administration fees of £221,900 (2024: £207,592) were paid to Gresham House Asset Management Limited, being the investment manager of Gresham House Wind Energy LP, which holds an indirect ownership interest in the company.

During the year, consultancy fees of £nil (2024: £3,369) were paid to Lass'n Wind DA GmbH, a company with a common director. At the year end a balance of £nil (2024: £3,369) was due to Lass'n Wind DA GmbH. This was included within trade creditors.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2025


23. ULTIMATE CONTROLLING PARTY

The group for which consolidated financial statements are prepared, which include the results of this company, is that headed by LDV Harburnhead Holdings Limited, whose registered office is 13 Queen's Road, Aberdeen, United Kindgom, AB15 4YL.

There was no ultimate controlling party as no individual shareholder had a controlling holding during the current year or the preceding year.