REGISTERED NUMBER: SC441557 (Scotland)

Audited Financial Statements for the Year Ended 31 December 2024

for

Locogen Yieldco Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Investments

4

641

2,908

CURRENT ASSETS

Debtors

5

1,748,756

2,311,811

Cash at bank

12,660

125,584

1,761,416

2,437,395

CREDITORS

Amounts falling due within one year

6

(1,498,451

)

(656,652

)

NET CURRENT ASSETS

262,965

1,780,743

TOTAL ASSETS LESS CURRENT LIABILITIES

263,606

1,783,651

CREDITORS

Amounts falling due after more than one year

7

(158,625

)

(761,273

)

NET ASSETS

104,981

1,022,378

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

74,247

321,903

Retained earnings

29,734

699,475

104,981

1,022,378

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2025 and were signed by:

Mr A W Lyle - Director

1.	STATUTORY INFORMATION

Locogen Yieldco Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC441557. The registered office is 4 West Silvermills Lane, Stockbridge, Edinburgh, Scotland, EH3 5BD.

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.

Preparation of consolidated financial statements

The financial statements contain information about Locogen Yieldco Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Investments in subsidiaries and associates

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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 January 2024

146

2,762

2,908

Additions

454

-

454

Impairments

-

(2,721

)

(2,721

)

At 31 December 2024

600

41

641

NET BOOK VALUE

At 31 December 2024

600

41

641

At 31 December 2023

146

2,762

2,908

5.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Trade debtors

-

8,792

Amounts owed by group undertakings

272,651

283,607

Amounts owed by related parties

393,981

361,103

Other debtors

39,865

137,050

706,497

790,552

31.12.24

31.12.23

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

812,768

911,712

Amounts owed by related parties

229,491

609,547

1,042,259

1,521,259

Aggregate amounts

1,748,756

2,311,811

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to group undertakings

1,491,502

515,604

Amounts owed to related parties

-

7,378

Other creditors

6,949

133,670

1,498,451

656,652

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to group undertakings

158,625

761,273

8.	SECURED DEBTS

The company has granted to Close Leasing Limited a shares pledge in respect of its holding in shares

in the subsidiary company Ben Mor Hydro Limited as security for debts due by Ben Mor Hydro Limited to Close Leasing Limited.

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

The Report of the Auditors was unqualified.

Craig Clinton (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

10.	ULTIMATE PARENT ENTITY

Locogen Limited is registered in Scotland under registration number SC370060. The registered office is 4 West Silvermills Lane, Edinburgh, Scotland, EH3 5BD.