Energiekontor UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
United Kingdom

Principal activity

The principal activity of the company is researching the UK for potential sites for wind farms, securing land rights, preparation and submission of planning applications, managing the approval process for current applications and other preparations for construction.

These financial statements were authorised for issue by the Board on 25 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a loss in the year but has positive distributable reserves and net current assets. The directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in preparing potential wind farm sites for construction.

Turnover is determined by the company achieving certain optimisation requirements of the planning process and so is variable and only recognised when the various optimisation activities have been met.

The Company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.

Energiekontor UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	20% straight line

Work in progress

Work in progress is valued at the lower of cost and estimated selling price less costs to sell. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Costs which are directly attributable to the development of potential wind farm sites, and which have a reasonable expectation of obtaining the consents required to construct a wind farm, and to the extent that those costs do not exceed expected recoverable amounts, are treated as work in progress and not written off to the profit and loss account.

General site research costs or costs relating to projects that, in the directors opinion, cannot proceed are written off to the profit or loss account when incurred. Where a loss on a wind farm site is foreseen or a project is likely to be declined/discontinued, the total costs incurred to date, to the extent that they are not recoverable, are written off and are accounted for in the profit and loss account.

Energiekontor UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

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

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.

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 of the creditor for at least twelve months after the reporting date. If there is an unconditional right 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 the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Energiekontor UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

In the Director's opinion the only significant judgement and key source of estimation uncertainty is the recoverability of work in progress in relation to project viability.

Recoverability of work in progress: Work in progress consists of £37,461,308 (2023: £28,885,691) in relation to the capitalisation of project-related costs incurred in the context of wind farm project development. Management assessed the recoverability of the capitalised costs on the balance sheet date taking into account any value reductions to the extent necessary based on the future realisation opportunities of the projects and the value of the expected future cash flows.

4	Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 25 September 2025 was Russell Joseph, who signed for and on behalf of Bourner Bullock.

5	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2023 - 29).

Energiekontor UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

6	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 January 2024	76,618	76,618
Additions	24,348	24,348
Disposals	(1,397)	(1,397)
At 31 December 2024	99,569	99,569
Depreciation
At 1 January 2024	31,530	31,530
Charge for the year	21,503	21,503
Eliminated on disposal	(1,191)	(1,191)
At 31 December 2024	51,842	51,842
Carrying amount
At 31 December 2024	47,727	47,727
At 31 December 2023	45,088	45,088

7

Stocks

	2024 £	2023 £
Work in progress	37,461,308	28,885,691

8

Debtors

Current	Note	2024 £	2023 £
Trade debtors		2,400	2,400
Amounts owed by related parties		1,938,699	1,255,863
Prepayments		30,231	13,901
Other debtors		1,366,300	6,763
Accrued income		13,593,022	13,559,922
		16,930,652	14,838,849

Energiekontor UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		620,709	1,476,078
Amounts due to related parties		47,565	1,865,579
Accruals		227,879	1,110,124
Income tax liability		-	735,298
		896,153	5,187,079

10	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	55,367,175	55,367,175	37,682,175	37,682,175

New shares allotted

During the year 17,685,000 ordinary shares having an aggregate nominal value of £17,685,000 were allotted for an aggregate consideration of £17,685,000.

11	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Not later than one year	66,885	29,864
Later than one year and not later than five years	72,749	-
	139,634	29,864

Energiekontor UK Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

12

Dividends

Final dividends paid

		2024 £		2023 £
Final dividend of £Nil per each Ordinary shares		-		-

13	Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is Energiekontor AG, a company incorporated in Germany.

The parent of the smallest and largest group in which these results are consolidated is Energiekontor AG. These financial statements are available upon request from Investor Relations, Energiekontor AG, Mary Somerville Strasse 5, 28359 Bremen, Germany.