REGISTERED NUMBER: SC432839 (Scotland)

Audited Financial Statements For The Year Ended 31 December 2024

for

Edintore Wind Farm Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

N F L Christoph

F Lendowski

REGISTERED OFFICE:

c/o Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

REGISTERED NUMBER:

SC432839 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

11,719,436

12,691,657

CURRENT ASSETS

Debtors

5

2,834,426

2,914,890

Cash at bank

3,933,817

3,664,670

6,768,243

6,579,560

CREDITORS

Amounts falling due within one year

6

2,768,252

2,376,322

NET CURRENT ASSETS

3,999,991

4,203,238

TOTAL ASSETS LESS CURRENT LIABILITIES

15,719,427

16,894,895

CREDITORS

Amounts falling due after more than one year

7

(5,927,632

)

(7,851,052

)

PROVISIONS FOR LIABILITIES

12

(2,381,322

)

(2,453,938

)

NET ASSETS

7,410,473

6,589,905

CAPITAL AND RESERVES

Called up share capital

13

2,534,710

2,534,710

Retained earnings

4,875,763

4,055,195

SHAREHOLDERS' FUNDS

7,410,473

6,589,905

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

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

N F L Christoph - Director

1.	STATUTORY INFORMATION

Edintore Wind Farm Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:

- The amount of the revenue can be reliably measured;

- It is probable that future economic benefits will flow to the entity;

- Specific criteria have been met for each of the company's activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixed plant and equipment

-

5% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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. All exchange differences are included in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provison for impairment. A provision for the impairment of the trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using effective interest method.

Borrowings

Interest-bearing borrowing are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar changes. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. I payment is deferred at the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixed

plant and

equipment

£

COST

At 1 January 2024

19,554,004

Additions

5,768

At 31 December 2024

19,559,772

DEPRECIATION

At 1 January 2024

6,862,347

Charge for year

977,989

At 31 December 2024

7,840,336

NET BOOK VALUE

At 31 December 2024

11,719,436

At 31 December 2023

12,691,657

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

298,918

-

Sundry debtors

1,356,180

1,417,648

Prepayments

231,016

207,694

1,886,114

1,625,342

Amounts falling due after more than one year:

Currency swap

868,858

1,196,587

Interest rate swap

79,454

92,961

948,312

1,289,548

Aggregate amounts

2,834,426

2,914,890

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 8)

1,660,163

1,610,231

Trade creditors

101,192

7,851

Tax

691,868

455,601

VAT

254,075

226,839

Other creditors

10,948

29,388

Accrued expenses

50,006

46,412

2,768,252

2,376,322

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 8)

5,927,632

7,851,052

Amounts falling due in more than five years:

Repayable by instalments

KfW term loan > 5 years

-

1,202,897

8.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

KfW term loan < 1 year

1,150,255

1,202,907

Nord LB term loan < 1 year

509,908

407,324

1,660,163

1,610,231

Amounts falling due between two and five years:

KfW term loan 1- 5 years

4,601,013

4,811,628

Nord LB term loan 1 - 5 years

1,326,619

1,836,527

5,927,632

6,648,155

Amounts falling due in more than five years:

Repayable by instalments

KfW term loan > 5 years

-

1,202,897

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

3,500

3,500

Between one and five years

20,250

15,250

In more than five years

66,000

74,500

89,750

93,250

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

7,587,795

9,461,283

Nord LB act as security trustee for Kreditandtalt fur Wiederaufbau (KfW).

Norddeutsche Landesbank Girozentrale (Nord LB) holds a standard security over the tenants interest in the lease of the land at Edintore Wind Farm Limited, Keith, Morayshire, and over the benefit of any insurance claim.

Nord LB also hold a bond and floating charge over the company assets which includes all rights, title, interest and benefit under the contracts and agreements in place for the supply, construction, maintenance and insurance of the turbines and supply of electricity therefrom, a standard security over bank balances held with Nord LB and a cash collateral account security over bank balances held with RBS.

11.	FINANCIAL INSTRUMENTS

Forward contracts and foreign exchange rate swaps

In 2015, the company entered into currency swaps to manage its currency risks. At inception, the contract in place required the exchange of €17,000,000 for £12,340,300 on a quarterly basis ending 31 December 2029. The quarterly sum exchanged reduces in line with the repayments being made on Euro bank loans. At 31 December 2024, the financial asset recognised at fair value in respect of the derivatives was £868,858 (2023: £1,196,587).

Forward contracts and interest rate swaps

In 2015, the company had entered into interest rate swaps to manage its risk. The company is contracted to pay fixed interest rate 2.318% instead of variable interest rate (2 + 6 month Libor GBP) every six months, ending 31/12/2029. At 31 December 2024, the financial asset recognised at fair value in respect of the derivatives was £79,454 (2023: £92,961).

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

2,173,129

2,251,514

Other provisions

208,193

202,424

2,381,322

2,453,938

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2024

2,251,514

202,424

Provided during year

(78,385

)

-

Balance at 31 December 2024

2,173,129

202,424

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2,534,710

Ordinary

£1

2,534,710

2,534,710

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Janice Alexander (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

15.	ULTIMATE CONTROLLING PARTY

The company's immediate parent is Koehler Renewable Energy GmbH, incorporated in Germany. The ultimate parent undertaking in which the results of the company are consolidated is Koehler Holding SE & Co. KG, Hauptstrasse 2, Oberkirch,77704, Germany. A copy of the accounts are available upon request on handelregister.de.