Company registration number 13296310 (England and Wales)
ARENA RENEWABLES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ARENA RENEWABLES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ARENA RENEWABLES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,995,628
2,111,565
Investments
5
398,786
398,786
2,394,414
2,510,351
Current assets
Debtors
6
634,829
801,580
Cash at bank and in hand
70,095
46,537
704,924
848,117
Creditors: amounts falling due within one year
7
(4,588,216)
(4,411,533)
Net current liabilities
(3,883,292)
(3,563,416)
Total assets less current liabilities
(1,488,878)
(1,053,065)
Provisions for liabilities
(174,804)
(24,183)
Net liabilities
(1,663,682)
(1,077,248)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,663,782)
(1,077,348)
Total equity
(1,663,682)
(1,077,248)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 September 2025 and are signed on its behalf by:
Mr I D Greer
Director
Company registration number 13296310 (England and Wales)
ARENA RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Arena Renewables Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14 Follifoot, Ridge Business Park, Pannal Road, Harrogate, Yorkshire, HG3 1DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.2
Going concern

These accounts have been prepared on a going concern basis. The directors believe this basis is appropriate following the consideration of cashflow forecasts which show the company is able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.

Should any unforeseen circumstances require additional funding, the company has obtained written confirmation from its parent that it would provide financial support to meet the Company's liabilities for a period of at least twelve months from the financial statements are approved.

1.3
Turnover

Turnover represents sales to external customers at invoiced amounts less VAT or local tax on sales, Turnover refers to income from electricity generation, through owning and operating ground mounted wind turbines, which provides revenue from the sale of electricity and the Feed in Tariff certificates. Turnover is recognised as electricity is generated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5% straight line from date of commissioning
Assets under construction
Not depreciated until completed

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ARENA RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period 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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

ARENA RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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.

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 paymen ts 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. A m ounts 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the 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 profit and loss account, 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.

1.11
Leases
ARENA RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

The company has entered into operating leases with variable payments linked to RPI increases. The minimum lease payments over the next few years, as disclosed, reflect the current lease payments, which have been adjusted by the RPI increases that have already occurred. Future payments are subject to further increases based on the movement of the RPI.

The company has entered into an operating lease with variable payments linked to a percentage of total FIT production. Future payments are subject to further fluctuations based on the level of production at that site.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Accrued income is calculated on the actual electricity generated which is not able to be invoiced as it is yet to be validated by external parties or for various other reasons. Estimates are sometimes made with regards to price on portions of income or other certain aspects of the accrued income based on management's best information of the price at the time such as contracted prices or recent history of transactions.

Deferred tax assets are recognised based upon the likely timing and level of future taxable profits together with an assessment of the net effect of future planning strategies.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
0
0
ARENA RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2024
2,313,702
Disposals
(254)
At 31 December 2024
2,313,448
Depreciation and impairment
At 1 January 2024
202,137
Depreciation charged in the year
115,683
At 31 December 2024
317,820
Carrying amount
At 31 December 2024
1,995,628
At 31 December 2023
2,111,565
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
398,786
398,786

Laurels Farm Renewable Power Limited

Registered office: Unit 14 Follifoot Ridge Business Park, Pannal Road, Harrogate, Yorkshire, England, HG3 1DP

Nature of business: Production of electricity

Class of shares: Ordinary

Holding: 100%

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
739
2,215
Amounts owed by group undertakings
476,644
610,627
Other debtors
157,446
188,738
634,829
801,580
ARENA RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,497
-
0
Amounts owed to group undertakings
4,549,302
4,395,375
Taxation and social security
21
-
0
Other creditors
37,396
16,158
4,588,216
4,411,533
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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.

Senior Statutory Auditor:
Alastair Jeffcott BA FCA
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
18 September 2025
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
295,709
287,260

In addition, the future lease payments are subject to further adjustments based on movements in the Retail Price Index (RPI). The total payments above reflect the current agreed rent, including adjustments for RPI increases up to balance sheet date. F uture increases in the RPI will be reflected in future rental payments as per the terms of the lease.

In the year ending 31 December 2024, the lease at Keyethern Farm was payable at 5% of projected FIT income. Future changes in FIT production will be reflected in future rental payments as per the terms of the lease.

ARENA RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Related party transactions

The Company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with the entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available.

11
Ultimate controlling party

The Company's ultimate controlling party is Arena Capital Partners Limited, a company registered at 107 Dublin Airport Business Park, Swords Road, Santry, Dublin 9, Dublin, Ireland.

12
Deferred tax

At the balance sheet date, the company had tax losses carried forward of £1,048,547, which are available to offset against future taxable profits. A potential deferred tax asset of £141,933 arises in respect of these losses. In accordance with FRS 102 Section 29, the deferred tax asset has not been recognised in the financial statements.

13
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Creditors due within one year
Other creditors
(19,755)
(4,391,778)
(4,411,533)
Creditors due after one year
Loans and overdrafts
(4,391,778)
4,391,778
-
0
Provisions for liabilities
Deferred tax
(128,082)
103,899
(24,183)
Net assets
(1,181,147)
103,899
(1,077,248)
Capital and reserves
Profit and loss reserves
(1,181,247)
103,899
(1,077,348)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Taxation
(89,812)
103,899
14,087
Loss for the financial period
(638,070)
103,899
(534,171)
ARENA RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Deferred taxation
-
103,899
Equity as previously reported
(543,077)
(1,181,147)
Equity as adjusted
(543,077)
(1,077,248)
Analysis of the effect upon equity
Profit and loss reserves
-
103,899
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Deferred taxation
103,899
Loss as previously reported
(638,070)
Loss as adjusted
(534,171)
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