REGISTERED NUMBER: SC510251 (Scotland)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MELROSE WIND LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

N J Wood

REGISTERED OFFICE:

13 Queens Road

Aberdeen

AB15 4YL

REGISTERED NUMBER:

SC510251 (Scotland)

INDEPENDENT AUDITORS:

KPMG Channel Islands Limited

Glategny Court

Glategny Esplande

St Peter Port

Guernsey

GY1 1WR

ACCOUNTANTS:

Thomas Barrie & Co. LLP

Atlantic House

1A Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

Tangible assets

6

763,228

829,118

CURRENT ASSETS

Debtors

7

219,384

189,418

Cash at bank

292,749

53,129

512,133

242,547

CREDITORS

Amounts falling due within one year

8

(152,921

)

(176,387

)

NET CURRENT ASSETS

359,212

66,160

TOTAL ASSETS LESS CURRENT LIABILITIES

1,122,440

895,278

PROVISIONS FOR LIABILITIES

10

(132,113

)

(135,701

)

NET ASSETS

990,327

759,577

CAPITAL AND RESERVES

Called up share capital

200

200

Capital redemption reserve

11

175,295

175,295

Retained earnings

11

814,832

584,082

SHAREHOLDERS' FUNDS

990,327

759,577

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 24 September 2025 and were signed by:

N J Wood - Director

1.	STATUTORY INFORMATION

Melrose Wind Limited (the "Company") is a private company, limited by shares, registered in Scotland, registration number SC510251. The registered office is 13 Queens Road, Aberdeen, AB15 4YL.

The principal activity of the company is generation and sale of renewable energy.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by revaluation of certain financial assets.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going concern

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

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets.

Decommissioning provision

Where a material liability for the removal of a wind installation assets and site restoration at the end of the useful life exists, the directors recognise a decommissioning provision. The amount recognised is the present value of estimated future net expenditure determined in accordance with contractual, and/or the local conditions and requirements. The unwinding of the discount on the decommissioning liability is included as accretion of the decommissioning provision. The cost of the relevant asset is increased with an amount equal to the liability and depreciated in line with the corresponding wind installation assets.

The directors have determined the decommissioning provision to be nil, as the scrap value of the assets at end of life to exceed decommissioning costs.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Production of electricity

Income is recognised in the period in which the electricity has been generated.

Expenses

Expenses are accounted for on an accruals basis and are recognised in the period in which they are incurred.

Operating leases

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

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.

Plant and machinery etc

-

5% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprises cash balances.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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 statement of financial position date.

Deferred tax

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.

4.	EMPLOYEES AND DIRECTORS

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

5.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

8,360

8,360

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

1,317,803

DEPRECIATION

At 1 January 2024

488,685

Charge for year

65,890

At 31 December 2024

554,575

NET BOOK VALUE

At 31 December 2024

763,228

At 31 December 2023

829,118

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Tax

137,318

-

Accrued income and other

receivables

82,066

189,418

219,384

189,418

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

46,678

6,919

Taxation and social security

95,823

154,340

Other creditors

10,420

15,128

152,921

176,387

9.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

14,669

14,064

Between one and five years

58,675

56,254

In more than five years

165,254

172,500

238,598

242,818

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

132,113

135,701

Deferred

tax

£

Balance at 1 January 2024

135,701

Provided / (reversed)

(3,588

)

Balance at 31 December 2024

132,113

11.

RESERVES

Capital Redemption Reserve

This reserve was created on redemption of preference shares in the year ended 31st December 2017 and is therefore non-distributable.

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

The Report of the Auditors was unqualified.

Rachid Frihmat (Senior Statutory Auditor)

for and on behalf of KPMG Channel Islands Limited

13.	RELATED PARTY DISCLOSURES

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.

The company is a wholly owned subsidiary of Resonance Melrose Wind Limited (a company registered in the UK). The ultimate controlling party is Resonance British Wind Energy Income II Limited, registered office First Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE.

14.	POST BALANCE SHEET EVENTS

There are no material post balance sheet events to note.