Company No: SC315233 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,976,534		1,957,283
Investments	4	6,417,505		4,230,151
		8,394,039		6,187,434
Current assets
Debtors	5	1,292,454		975,530
Cash at bank and in hand	6	1,353,416		3,074,059
		2,645,870		4,049,589
Creditors: amounts falling due within one year	7	( 127,676)		( 601,758)
Net current assets		2,518,194		3,447,831
Total assets less current liabilities		10,912,233		9,635,265
Provision for liabilities	8	( 474,020)		( 440,465)
Net assets		10,438,213		9,194,800
Capital and reserves
Called-up share capital	9	220,000		220,000
Capital redemption reserve		2,000		2,000
Profit and loss account		10,216,213		8,972,800
Total shareholders' funds		10,438,213		9,194,800

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Redbog Renewables Limited (registered number: SC315233) were approved and authorised for issue by the Board of Directors on 27 August 2025. They were signed on its behalf by:

Grace Chapman Director

Peter Chapman Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Redbog Renewables Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is South Redbog, Strichen, Fraserburgh, AB43 6RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the production of electricity through wind power and use of renewable resources net of VAT and is recognised at point of invoice.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	25 years straight line
Plant and machinery	20 % reducing balance
Other property, plant and equipment	20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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. Amounts payable 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Land and buildings		Plant and machinery		Other property, plant and equipment		Total
	£		£		£		£
Cost
At 01 April 2024	90,350		740,838		3,930,051		4,761,239
Additions	0		485,000		0		485,000
Disposals	0		( 305,000)		0		( 305,000)
At 31 March 2025	90,350		920,838		3,930,051		4,941,239
Accumulated depreciation
At 01 April 2024	8,245		165,666		2,630,045		2,803,956
Charge for the financial year	1,649		137,651		200,133		339,433
Disposals	0		( 178,684)		0		( 178,684)
At 31 March 2025	9,894		124,633		2,830,178		2,964,705
Net book value
At 31 March 2025	80,456		796,205		1,099,873		1,976,534
At 31 March 2024	82,105		575,172		1,300,006		1,957,283

4. Fixed asset investments

	Listed investments		Investments in associates		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2024	0		4,230,151		4,230,151
Additions	3,911,832		206,549		4,118,381
Disposals	( 1,951,025)		0		( 1,951,025)
Change in value of loans receivable	19,998		0		19,998
At 31 March 2025	1,980,805		4,436,700		6,417,505
Carrying value at 31 March 2025	1,980,805		4,436,700		6,417,505
Carrying value at 31 March 2024	0		4,230,151		4,230,151

5. Debtors

	2025		2024
	£		£
Trade debtors	391,641		519,091
Amounts owed by associates	134,000		84,000
Amounts owed by related parties	682,760		292,760
Corporation tax	28,350		28,350
Other debtors	55,703		51,329
	1,292,454		975,530

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	1,353,416		3,074,059

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	4,328		1,000
Taxation and social security	114,056		592,469
Other creditors	9,292		8,289
	127,676		601,758

8. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 440,465)		( 371,158)
Charged to the Profit and Loss Account	( 33,555)		( 69,307)
At the end of financial year	( 474,020)		( 440,465)

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
219,900 Ordinary "A" Class Shares shares of £ 1.00 each	219,900		219,900
100 Ordinary "B" Class Shares shares of £ 1.00 each	100		100
	220,000		220,000

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	20,000		20,000
between one and five years	80,000		80,000
after five years	73,333		93,333
	173,333		193,333

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts due to the directors of the company	3,910		3,910

These loan balances are unsecured, interest free and have no fixed terms of repayment

Other related party transactions

	2025		2024
	£		£
Loan balances due from other related parties	816,760		376,760

These loan balances are unsecured, interest free and have no fixed terms of repayment