Company registration number 07985107 (England and Wales)
BRYN HENLLYS SF LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BRYN HENLLYS SF LIMITED
COMPANY INFORMATION
Directors
Blair Cruikshank
Ross Galbraith
Secretary
Jacqueline Redares
Company number
07985107
Registered office
4th Floor
1 Tudor Street
London
UK
EC4Y 0AH
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
BRYN HENLLYS SF LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement and statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
BRYN HENLLYS SF LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024. This report has been prepared in accordance with the special provisions relating to small-sized companies under section 415A of the Companies Act 2006. The directors have taken advantage of the small companies' exemption provided by section 414B of the Companies Act 2006 not to provide a Strategic Report.

Principal activities

The principal activity of Bryn Henllys SF Limited ("the company"), registered company number 07985107, is the development of the Bryn Henllys solar plant. This activity will continue for the foreseeable future.

The immediate parent of the company is ScottishPower Renewables (UK) Limited ("SPRUKL"). SPRUKL is a member of the Scottish Power Limited group of companies ("ScottishPower"), which is headed by Scottish Power Limited ("SPL") in the United Kingdom ("UK"). The ultimate parent of the company is Iberdrola, S.A. ("Iberdrola"), which is listed on all four stock markets in Spain.

Results and dividends

The results for the year are set out on page 6.

No dividend was paid during the current year or prior year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

James Malcolm Paterson
(Resigned 15 March 2024)
Blair Cruikshank
Ross Galbraith
Qualifying third party indemnity provisions

In terms of the company's Articles of Association, a qualifying third party indemnity provision is in force for the benefit of all the directors of the company and has been in force during the financial year. In addition, the directors have been granted a qualifying third party indemnity provision, which continues in force.

Financial instruments

The company's principal financial instruments are included in the Statement of Financial Position. The principal financial risks to which the company is exposed are liquidity and interest rate risk.

Liquidity risk

The company's liquidity position and short-term financing activities are integrated and aligned with Iberdrola's. Liquidity risk, the risk that the company will have insufficient funds to meet its liabilities, is managed by ScottishPower's Treasury department who are responsible for arranging banking facilities on behalf of the SPL Group. SPL is the principal counterparty for the loan balances due.

Interest rate risk

The company is exposed to interest rate risk on the variable rate loans which are in place with SPL.

Auditor

Consilium Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

BRYN HENLLYS SF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 Financial Reporting Standard 101 'Reduced Disclosure Framework' ("FRS 101"). 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;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business; and

- use 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.

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 its 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 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.

Under applicable law and regulations, the directors are also responsible for preparing a Directors’ Report that complies with that law and those regulations.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.

On behalf of the board
Blair Cruikshank
Director
1 September 2025
BRYN HENLLYS SF LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRYN HENLLYS SF LIMITED
- 3 -
Opinion

We have audited the financial statements of Bryn Henllys SF Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement and statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (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 December 2024 and of its loss 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

BRYN HENLLYS SF LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRYN HENLLYS SF LIMITED
- 4 -
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 identifie d material misstatements in the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

- We identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge of the regulatory environment relevant to the company.

- We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.

- To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

BRYN HENLLYS SF LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRYN HENLLYS SF LIMITED
- 5 -

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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

Brian Thomson BA(Hons) CA (Senior Statutory Auditor)
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
1 September 2025
BRYN HENLLYS SF LIMITED
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Other operating expenses
(5,775)
(5,500)
Operating loss
3
(5,775)
(5,500)
Finance costs
5
-
(1)
Loss before taxation
(5,775)
(5,501)
Income tax expense
6
-
(3,791)
Loss and total comprehensive income for the year
(5,775)
(9,292)

All results relate to continuing operations.

Losses are wholly attributable to the equity holder of Bryn Henllys SF Limited.

The notes on pages 9 to 16 form part of these financial statements.

BRYN HENLLYS SF LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
ASSETS
Non-current assets
Property, plant and equipment
7
4,673,036
3,790,213
Trade and other receivables
8
-
6,446
4,673,036
3,796,659
Current assets
Corporation tax recoverable
93,581
59,396
Trade and other receivables
8
2,108,054
2,113,684
2,201,635
2,173,080
Total assets
6,874,671
5,969,739
EQUITY
Share capital
9
-
0
-
0
Capital contribution reserve
34,159
34,159
Retained losses
(139,211)
(133,436)
Total equity
(105,052)
(99,277)
LIABILITIES
Non-current liabilities
Deferred tax liabilities
10
179,023
85,442
Current liabilities
Loans and other borrowings
11
6,505,381
5,453,342
Trade and other payables
12
295,319
530,232
6,800,700
5,983,574
Total equity and liabilities
6,874,671
5,969,739

The notes on pages 9 to 16 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 1 September 2025 and are signed on its behalf by:
Blair Cruikshank
Director
Company registration number 07985107 (England and Wales)
BRYN HENLLYS SF LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Capital contribution reserve
Retained losses
Total
£
£
£
£
Balance at 1 January 2023
-
34,159
(124,144)
(89,985)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(9,292)
(9,292)
Balance at 31 December 2023
-
0
34,159
(133,436)
(99,277)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(5,775)
(5,775)
Balance at 31 December 2024
-
0
34,159
(139,211)
(105,052)

The notes on pages 9 to 16 form part of these financial statements.

BRYN HENLLYS SF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information

Bryn Henllys SF Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 1 Tudor Street, London, UK, EC4Y 0AH. The company's registration number is 07985107. The company's principal activities and nature of its operations are disclosed in the Directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards, but makes amendments where necessary in order to comply with the Companies Act 2006 and where advantage of the FRS 101 disclosure exemptions has been taken.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- presentation of a statement of cash flows and related notes;

- comparative period reconciliations for the carrying amounts of property, plant and equipment;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- the effects of new but not yet effective IFRS pronouncements;

- disclosures in respect of deferred tax assets and liabilities related to Pillar Two model rules income taxes; and

- related party disclosures for transactions with the parent or wholly owned members of the Iberdrola group.

As the consolidated financial statements of Iberdrola, S.A. include the equivalent disclosures, the company has also taken the exemptions available under FRS 101 in respect of certain disclosures required by IFRS 13 'Fair Value Measurement' and the disclosures required by IFRS 7 'Financial Instrument Disclosures'.

BRYN HENLLYS SF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.2
Going concern

The statement of financial position presents net current liabilities of £4,599,065 and net liabilities of £105,052 as at 31 December 2024. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.true

The principal activity of the company is the development of the Bryn Henllys solar plant within the group headed by Scottish Power UK plc (“the SPUK Group”). Scottish Power UK plc (“SPUK”), the company’s intermediate parent company, is itself a subsidiary of Iberdrola, S.A., the ultimate parent undertaking. The company’s cash flows are therefore dependent on the continuation of operations and have been considered as part of the SPUK Group’s cash flow forecasts, on which the directors of the SPUK Group have performed an assessment of reasonably possible downsides.

Cash and liquidity are managed centrally by the ScottishPower Treasury function, with working capital requirements of the company funded by SPL, the parent company of SPUK, who also operate a cash pooling arrangement which the company is party to. Centralised funding and cash management aligns with the Iberdrola Group model. The directors have performed a going concern assessment which indicates that, in the case of reasonably possible downsides, the company will require funding from SPUK to meet its liabilities as they fall due for at least one year from the date of approval of these financial statements.

SPUK has indicated its intention to make available such funds as are needed by the company, in the event that this is required. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these statements, they have no reason to believe that it will not do so.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least one year from the date of the approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Property, plant and equipment includes employee costs, capitalised interest and other directly attributable costs. Borrowing costs directly attributable to the acquisition, construction or production of major qualifying assets (i.e. assets that necessarily take a substantial period of time to get ready for their intended use) are added to the cost of those assets, until such time as the assets are substantially ready for their intended use.

Assets in the course of construction are not depreciated.

1.4
Impairment of tangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BRYN HENLLYS SF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BRYN HENLLYS SF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from t he initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying the entity's accounting policies:

The company has not made any critical judgements in applying the entity's accounting policies.

Critical accounting estimates and assumptions:

The company has not made any critical estimates in applying the entity's accounting policies.

3
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,775
5,500
4
Employees

The company has no employees in the current year or prior year.

The directors provided a minimal amount of qualifying services to the company and consequently received no remuneration.

BRYN HENLLYS SF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
5
Finance costs
2024
2023
£
£
Interest on amounts due to Iberdrola Group companies
374,324
252,747
Capitalised interest
(374,324)
(252,747)
Other finance costs
-
0
1
-
0
1
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(93,581)
(59,396)
Deferred tax
Origination and reversal of temporary differences
93,581
63,187
Total tax charge
-
0
3,791

The charge for the year can be reconciled to the loss per the income statement as follows:

2024
2023
£
£
Loss before taxation
(5,775)
(5,501)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 23.50%)
(1,444)
(1,293)
Impact of tax rate change on current year charge
-
3,791
Deferred tax not recognised
1,444
1,293
Taxation charge for the year
-
3,791

Legislation was enacted on 10 June 2021 under the Finance Act 2021 that increased the UK Corporation Tax rate to 25% from 1 April 2023.

BRYN HENLLYS SF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
7
Property, plant and equipment
Photovolatic energy in progress
£
Cost
At 1 January 2024
3,790,213
Additions
882,823
At 31 December 2024
4,673,036
Accumulated depreciation and impairment
At 1 January 2024
-
0
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
4,673,036
At 31 December 2023
3,790,213

Included within the cost of property, plant and equipment is capitalised interest of £716,092 (202 3: £341,768).

Interest was capitalised during the year at an average rate of 5.11% (2023: 5.59%).

8
Trade and other receivables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
VAT recoverable
8,054
13,684
-
-
Other receivables
-
-
-
6,446
Prepayments and accrued income
2,100,000
2,100,000
-
-
2,108,054
2,113,684
-
6,446
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of 10p each
1
1
-
-
1
1
-
0
-
0
BRYN HENLLYS SF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

£
Liability at 1 January 2023
22,255
Deferred tax movements in prior year
Charge to income statement
63,187
Liability at 1 January 2024
85,442
Deferred tax movements in current year
Charge to income statement
93,581
Liability at 31 December 2024
179,023

The company has not recognised a deferred tax asset in relation to £75,568 (2023: £69,793) of losses due to the uncertainty over the availability of future taxable profits.

11
Loans and other borrowings
2024
2023
Interest rate*
Maturity
£
£
Instrument
Loans with Iberdrola Group companies
Base + 1%
On demand
6,134,783
5,200,595
Accrued interest due to Iberdrola Group companies
370,598
252,747
6,505,381
5,453,342

*Base - Bank of England Base Rate.

12
Trade and other payables
2024
2023
£
£
Trade payables
5,775
5,500
Payables due to Iberdrola Group companies
261,836
468,576
Other payables
27,708
56,156
295,319
530,232
BRYN HENLLYS SF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
13
Ultimate and immediate parent company

The immediate parent company is SPRUKL. The registered office of the parent company is The Soloist, 1 Lanyon Place, Belfast, Northern Ireland, BT1 3LP.

The directors regard Iberdrola, S.A. as the ultimate parent company, which is also the parent company of the largest group in which the results of the company are consolidated. The parent company of the smallest group in which the results are consolidated is SPUK.

Copies of the consolidated accounts of Iberdrola, S.A. may be obtained from Iberdrola, S.A., at its registered office, Torre Iberdrola, Plaza Euskadi 5, 48009, Bilbao, Spain. Copies of the consolidated accounts of SPUK may be obtained from its registered office, 320 St. Vincent Street, Glasgow, G2 5AD.

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