REGISTERED NUMBER: 15000210 (England and Wales)

SCOTS WIND PROPERTY LIMITED

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company information

1

Report of the directors

2

Report of the independent auditors

4

Consolidated statement of income and retained earnings

7

Consolidated balance sheet

8

Company balance sheet

9

Notes to the consolidated financial statements

10

DIRECTORS:

S W Moore

N M P Tome

REGISTERED OFFICE:

10 Lower Thames Street

City of London

London

EC3R 6AF

REGISTERED NUMBER:

15000210 (England and Wales)

AUDITORS:

Berringers LLP

Chartered Accountants

and Statutory Auditors

Lygon House

50 London Road

Bromley

Kent

BR1 3RA

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The directors consider the turnover to be the key performance indicator of the Group. Turnover for the Group was £3,825,396 (2023: £1,699,668 restated) which was all from land rental income under the operating lease. Group's revenues from land rent are index linked and therefore protected against inflation.

The loss for the year, after taxation, amounted to £4,388,988 (2023: £3,010,507 restated). The Group was able to make a gift aid donation to the ultimate parent charity of £3,787,230 (2023: £3,753,477 restated).

The 2023 Group financial statements were restated as a result of the identification of prior period errors as detailed in note 7.

PRINCIPAL RISKS AND UNCERTAINTIES

Management frequently assesses the risks of the business and adjusts the strategy and policies accordingly. Land rental income is the Group's principal activity and technical availability of the wind turbines on the leased land to produce electricity (as turnover rent is earned) is a risk. Management considers this risk to be minimal as there is a fixed long-term leasing arrangement with turnover rent as additional revenues.

GOING CONCERN

The directors have reviewed the Group's latest forecasts, and the directors have reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. The directors have not identified any material uncertainties that could cast significant doubt about the Company's ability to adopt the going concern basis of accounting for a period of at least 12 months from the date at which the financial statement are authorised for issue. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and financial statements.

FUTURE DEVELOPMENTS

The board of directors have closely monitored the performance of the Group since incorporation and have forecasts for the life of them leasing arrangement which show strong performance. Therefore, the directors intend to continue to operate the assets within the Group for the foreseeable future.

DIRECTORS

The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

R Casuccio - resigned 1 August 2024

M Hoppstadius - resigned 1 August 2024

Thames Street Services Limited - resigned 1 August 2024

S W Moore - appointed 1 August 2024

N M P Tome - appointed 1 August 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Berringers LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S W Moore - Director

29 September 2025

Opinion

We have audited the financial statements of Scots Wind Property Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated statement of income and retained earnings, Consolidated balance sheet, Company balance sheet and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group strategic report or in preparing the Report of the directors.

Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities set out on pages two and three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we

considered the following:

- the nature of the industry, control environment and business performance;

- results of our enquiries to management about their own assessment of the risks of fraud and error;

- the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.

Our procedures to respond to risk include the following:

- reviewing the financial statement disclosures and testing to supporting documentation;

- performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material

misstatement due to fraud or error;

- addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Allan BSocSc FCA (Senior Statutory Auditor)

for and on behalf of Berringers LLP

Chartered Accountants

and Statutory Auditors

Lygon House

50 London Road

Bromley

Kent

BR1 3RA

29 September 2025

TURNOVER

3,825,396

1,699,668

Administrative expenses

2,334,938

597,345

1,490,458

1,102,323

Other operating income

9,173

-

OPERATING PROFIT

4

1,499,631

1,102,323

Exceptional items

5

3,787,230

3,753,477

(2,287,599

)

(2,651,154

)

Interest receivable and similar income

15,968

6,944

(2,271,631

)

(2,644,210

)

Interest payable and similar expenses

2,117,357

366,297

LOSS BEFORE TAXATION

(4,388,988

)

(3,010,507

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(4,388,988

)

(3,010,507

)

Retained earnings at beginning of year as previously reported

(3,008,644

)

-

Prior year adjustment - corrections of material errors

7

(1,863

)

-

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

(7,399,495

)

(3,010,507

)

Loss attributable to:

Owners of the parent

(4,388,988

)

(3,010,507

)

FIXED ASSETS

Intangible assets

8

47,900,733

50,334,930

Tangible assets

9

7,542

7,542

Investments

10

-

-

47,908,275

50,342,472

CURRENT ASSETS

Debtors

11

1,745,693

1,314,102

Cash at bank

188,139

100,000

1,933,832

1,414,102

CREDITORS

Amounts falling due within one year

12

26,169,571

23,988,216

NET CURRENT LIABILITIES

(24,235,739

)

(22,574,114

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,672,536

27,768,358

CREDITORS

Amounts falling due after more than one year

13

31,072,030

30,778,864

NET LIABILITIES

(7,399,494

)

(3,010,506

)

CAPITAL AND RESERVES

Called up share capital

15

1

1

Retained earnings

16

(7,399,495

)

(3,010,507

)

SHAREHOLDERS' FUNDS

(7,399,494

)

(3,010,506

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

S W Moore - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

1

1

1

1

CURRENT ASSETS

Debtors

11

23,464,169

23,390,513

CREDITORS

Amounts falling due within one year

12

23,474,252

23,394,413

NET CURRENT LIABILITIES

(10,083

)

(3,900

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(10,082

)

(3,899

)

CAPITAL AND RESERVES

Called up share capital

15

1

1

Retained earnings

16

(10,083

)

(3,900

)

SHAREHOLDERS' FUNDS

(10,082

)

(3,899

)

Company's loss for the financial year

(6,183

)

(3,900

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

S W Moore - Director

1.	STATUTORY INFORMATION

Scots Wind Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources, and support from the group, to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all of its subsidiaries for the period ended 31 December 2024.

Scots Wind Property Ltd is the parent company of Sustainable Land Acquisitions Ltd, which is parent company of Stronelairg Wind Estate Ltd. The group was formed on 13 July 2023, with Stronelairg Wind Estate acquired in September 2023.

The group accounts have been prepared under the acquisition accounting method.

Significant judgements and estimates

In the application of the group'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.

Wind farm rental income is based on the level of energy generated. Previously, the final statement has not been available until after the financial statements have been approved, therefore the amount accrued has been based on an estimate. This year, the final statement and invoice have been made available and the accrual of £1.3m for the variable rent has been based on actuals. (2023: £1.3m estimate restated) The only significant estimate now relates to the ROC Recycle income of £122,281, which has been based on interim energy generation report and applying energy auction prices (www.nordpoolgroup.com).

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included above.

Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amounts paid in connection with the purchase of Stronelairg Wind Estate Ltd by Sustainable Land Acquisitions Ltd.

Goodwill is amortised evenly over the term of the lease acquired as part of the acquisition, 24 years.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation has not been provided for on Land and Buildings. This relates wholly to land, for which no depreciation is provided.

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.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Income and Retained Earnings, 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.

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The lease for the windfarm held in Stronelairg Wind Estate Ltd is treated as an operating lease. The total rental income is based on the level of energy generation. While the rate paid for generated income increases later in the lease, due to the many external factors that can impact energy generation it is not possible to accurately predict the level of income in future years. As a result this rental income is recognised in the period to which the income relate. The base rent element is allocated to the period to which it relates and then allocated to months within this period on a straight line basis.

Cash and cash equivalents

Cash is represented by deposits with financial intuitions repayable without penalty on notice of more than 24 hours, Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

Creditors

Short-term 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.

Interest on bank loans is recognised in the statements of income and retained earnings in the period in which the interest relates.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the period ended 31 December 2023.

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

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

13.7.23

Year Ended

to

31.12.24

31.12.23

as restated

£

£

Operating lease income

(3,825,396

)

(1,699,668

)

Goodwill amortisation

2,202,175

547,119

Auditors remuneration

18,322

11,700

5.	EXCEPTIONAL ITEMS

Period

13.7.23

Year Ended

to

31.12.24

31.12.23

as restated

£

£

Exceptional items

(3,787,230

)

(3,753,477

)

On the 22nd September 2023 Stronelairg Wind Estate Ltd was acquired by Sustainable Land Acquisitions Ltd. Previously known as Connell Renewables Ltd, a special resolution was passed to change the name on 19 October 2023 to Stronelairg Wind Estate Ltd.

Prior to the acquisition, all of the assets, except for the land, were hived up to its original parent, Charles Connell & Company (Holdings) Ltd via a dividend in specie of £19,312,457 so that the only remaining asset was the land.

Post acquisition, the company has been able to distribute its taxable profits, via a gift aid donation, to its ultimate parent, Human Capability Foundation (HCF). During the year, £3,787,230 (2023: £3,753,477 restated) was donated to HCF, with an additional £1,057,683 donated post year end.

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.

7.	PRIOR YEAR ADJUSTMENT

The Group financial statements have been adjusted as a result of prior period errors being identified in the subsidiary companies.

In Scots Wind Property Ltd and Sustainable Land Acquisitions Ltd, items previously classified as legal and professional expenditure in the prior year were reclassified as relating to the acquisition of the subsidiary. Therefore an adjustment for £173,215 has been made to reflect the reclassification of the expenditure to investment in subsidiaries and the transfer via intercompany balances.

In Stronelairg Wind Estate Ltd an error was identified relating to the calculation of the variable rent. As such, the income for 2023 was overstated by £1.3m and the gift aid distribution to the parent charity was overstated by the same amount.

The overall effect of these errors on the retained earnings for the Group is £nil. However, the goodwill calculation and amortisation has been restated by £1,863.

8.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 January 2024

50,882,049

VAT reclaimed

(232,022

)

At 31 December 2024

50,650,027

AMORTISATION

At 1 January 2024

547,119

Charge for year

2,202,175

At 31 December 2024

2,749,294

NET BOOK VALUE

At 31 December 2024

47,900,733

At 31 December 2023

50,334,930

The goodwill relates to the acquisition of Stronelairg Wind estate Ltd on 22nd September 2023. The company, previously known as Connell Renewables Ltd, was acquired for £53,672,731 (restated). At the date of acquisition the net assets of the company were £3,022,705, resulting in goodwill of £50,650,026. The addition this year relates to the VAT on the acquisition costs.

The goodwill relates to the value of a lease that was acquired as part of the purchase of the company. The company owns land, subject to a lease relating to a windfarm, which is treated in the individual accounts as an operating lease. The goodwill represents the value of the lease over the remaining term of 24 years, and as such, the goodwill has been amortised on this basis.

9.	TANGIBLE FIXED ASSETS

Group

Freehold

property

£

COST

At 1 January 2024

and 31 December 2024

7,542

NET BOOK VALUE

At 31 December 2024

7,542

At 31 December 2023

7,542

10.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

1

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

1

The group or the company's investments at the Balance sheet date in the share capital of companies include the following:

Subsidiaries

Sustainable Land Acquisitions Ltd

Registered office: 10 Lower Thames Street, City of London, London EC3R 6AF

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

£

Aggregate capital and reserves

(1,812,409

)

(401,777

)

Loss for the year/period

(1,410,632

)

(401,778

)

Sustainable Land Acquisitions Ltd was incorporated in July 2023, and is 100% owned by Scots Wind Property Ltd.

Stronelairg Wind Estate Ltd

Registered office: 3rd Floor, Mclellen Works, 274 Sauchiehall Street, Glasgow G2 3EH

Nature of business: Investment company

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

£

Aggregate capital and reserves

194,996

964,996

Loss for the year/period

-

(2,804

)

Stronelairg Wind Estate Ltd was acquired by Sustainable Land Acquisitions Ltd on 22nd September 2023. The company was purchased for £53,672,731. At the acquisition date the net assets were £3,022,705. The goodwill arising on acquisition is calculated below, and detailed in note 7.

£

£

Consideration

53,672,731

Less net assets at acquisition:

- Share capital

1

- Retained earnings

3,022,704

(3,022,705

)

50,650,026

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2024

2023

2024

2023

as restated

as restated

£

£

£

£

Amounts owed by group undertakings

-

-

23,412,634

23,390,513

Other debtors

1,745,693

1,314,102

51,535

-

1,745,693

1,314,102

23,464,169

23,390,513

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2024

2023

2024

2023

as restated

as restated

£

£

£

£

Bank loans and overdrafts

1,137,721

-

-

-

Amounts owed to group undertakings

23,433,067

23,390,519

23,419,943

23,390,513

Other creditors

1,598,783

597,697

54,309

3,900

26,169,571

23,988,216

23,474,252

23,394,413

Balances with group undertakings are repayable on demand and no interest is payable on outstanding balances.

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

2024

2023

as restated

£

£

Bank loans

31,072,030

30,778,864

Amounts falling due in more than five years:

Group

2024

2023

as restated

£

£

Repayable by instalments

Bank loans more 5 yr by instal

27,211,096

26,714,797

14.	SECURED DEBTS

The following secured debts are included within creditors:

Group

2024

2023

as restated

£

£

Bank loans

32,209,751

30,778,864

The bank loan relates to a facility from Scottish Widows Limited, with Lloyds Bank Plc as Security Trustee. The loan is an index linked term loan of £30,843,640 repayable over the period until 30 April 2042. The balance outstanding at the 31 December 2024 is £32,262,446 (2023: £30,986,137). The amount shown in creditors is net of the arrangement fee of £195,038 (2023: £207,273).

The interest rate on the loan in real terms is 2.64%. We note that the calculation is made up of a margin of 1.9% in addition to a compounded reference gilt rate (variable). The bank loan all-in rate is indexed linked.

The loan is subject to securities and guarantees in the form of a debenture, share pledge and assignation of receivables.

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

£

1

Ordinary

£1

1

1

16.

RESERVES

Group

Retained

earnings

£

At 1 January 2024

(3,008,644

)

Prior year adjustment

(1,863

)

(3,010,507

)

Deficit for the year

(4,388,988

)

At 31 December 2024

(7,399,495

)

Company

Retained

earnings

£

At 1 January 2024

(3,900

)

Deficit for the year

(6,183

)

At 31 December 2024

(10,083

)

17.	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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

18.	ULTIMATE CONTROLLING PARTY

The Company is a subsidiary of a larger group. The Company's ultimate controlling party is Human Capability Foundation, a company incorporated in England and Wales. The financial statements of Human Capability Foundation can be obtained from the Company's registered office: Natco Cash & Carry, Silverdale Industrial Estate, Silverdale Road, Hayes, London, United Kingdom, UB3 3BL.