REGISTERED NUMBER: SC277156 (Scotland)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GREEN CAT RENEWABLES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

Dr G Catto

REGISTERED OFFICE:

Stobo House

Midlothian Innovaion Centre

Roslin

Midlothian

EH25 9RE

REGISTERED NUMBER:

SC277156 (Scotland)

AUDITORS:

Leiper & Summers

Statutory Auditors

4 Charlotte Street

Fraserburgh

Aberdeenshire

AB43 9JE

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Green Cat Renewables Ltd is the principal trading company within the Green Cat Group and has earned a reputation for providing a professional and innovative approach to development support within the renewable energy and energy transition sector. This is evidenced by their strong and extensive track record of successfully delivering energy projects from site selection through to commissioning and operation.

During the year, the company continued to focus on:

- the implementation of longer-term strategies to achieve organic growth whilst facing economic challenges, both general and specific to the renewable energy sector.

- the continual development and growth of its multidisciplinary team of consultants and engineers to provide services tailored to the specific needs of a wide range of developers and service providers in the renewable energy sector.

- expanding its renewable energy portfolio through selective acquisitions and development projects.

- supporting subsidiaries in achieving operational efficiencies and optimising asset performance.

- managing exposure to volatile energy markets while ensuring stable cash generation.

- strengthening relationships with financial institutions, regulators, and local communities.

The company's turnover, operating profit, and net assets are set out in the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

The operation of the business and implementation of its strategy are subject to several risks which are accepted and managed by the director and the senior management team. The company employs an integrated management system with regular reviews of policies, procedures and internal controls to ensure compliance with all relevant legislation and regulations.

The director considers the following to be the main risks and uncertainties facing the company:

Political risks: The UK and Scottish Governments remain committed to achieving NetZero and the associated energy transition. Their support to the market mechanisms required to achieve these goals, however, is not shared by some of the opposition. The global pivot away from Climate Change mitigation may also place economic pressures on the UK Government to dilute their ambitions and fiscal support for the sector.

Market risks: Competition in the market from larger competitors and to some extent international players pivoting away from the US. The general economic background of limited funding and pressures to minimise costs to consumers.

Operational risks: Weather dependency and plant reliability affecting generation, availability of grid connections, labour and supply chain challenges.

Financial risks: Interest rate and inflationary pressures on capital costs. However, inflation improves returns from generating assets significantly mitigating that risk to the group.

Regulatory risks: Evolving government energy policy, planning regulations, and environmental standards.

Liquidity risk: The company manages working capital in order to meet their obligations to suppliers and financial institutions. The senior management team review monthly management accounts against budget, particularly focusing on monitoring sales, gross margins and EBITDA as key performance indicators to assist the forecasting of ongoing funding requirements.

Credit risk: The key credit risk relates to trade debtors. All clients are subject to credit verification procedures and balances are monitored on a regular basis with appropriate involvement of the director for new or unknown customers,

The company manages these risks by regular monitoring of market and customer intelligence to identify opportunities and threats. It diversifies its services and portfolio across technologies and geographies, whilst maintaining strong compliance and governance processes.

FUTURE DEVELOPMENTS

The company intends to:

- Strengthen its service offering by building on the current talent pool with ongoing strategic recruitment and training to be better able to service the markets of the future

- Progress its pipeline of renewable energy projects, with an emphasis on hydrogen, wind, solar, storage or hybrid projects.

- Pursue strategic partnerships to enhance financing capacity and accelerate growth.

- Continue contributing to the transition to NetZero and the UK's renewable energy targets.

ON BEHALF OF THE BOARD:

Dr G Catto - Director

26 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of specialist renewable energy consultancy services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,000 .

DIRECTOR

Dr G Catto held office during the whole of the period from 1 January 2024 to the date of this report.

DONATIONS

The company made charitable donations during the year of £2,600.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS

The auditors, Leiper & Summers, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Dr G Catto - Director

26 September 2025

Opinion

We have audited the financial statements of Green Cat Renewables Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 December 2024 and of its 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 company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page four, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates,

focusing on those laws and regulations that have a direct effect on the determination of material amounts and

disclosures in the financial statements.

The laws and regulations we considered in this context were the Companies Act 2006 and UK Taxation

legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to

be:

- Management override of controls to manipulate the company's key performance indicators to meet targets;

- Timing and completeness of revenue recognition;

- Management judgement applied in calculating provisions; and

- Compliance with relevant laws and regulations which directly impact the financial statements and those that

the company needs to comply with for the purpose of trading.

Our audit procedures to respond to these risks included:

- Testing of journal entries and other adjustments for appropriateness;

- Evaluating the business rationale of significant transactions outside the normal course of business;

- Reviewing judgements made by management in their calculation of accounting estimates for potential

management bias;

- Enquiries of management about litigation and claims and inspection of relevant correspondence; and

- Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any

non-compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including

those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk

increases the more compliance with a law or regulation is removed from the events and transactions reflected in

the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is

also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional

concealment, forgery, collusion, omission or misrepresentation.

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.

Susan Hepburn (Senior Statutory Auditor)

for and on behalf of Leiper & Summers

Statutory Auditors

4 Charlotte Street

Fraserburgh

Aberdeenshire

AB43 9JE

26 September 2025

TURNOVER

4

8,130,515

6,153,197

Cost of sales

5,432,160

4,047,082

GROSS PROFIT

2,698,355

2,106,115

Administrative expenses

2,660,011

1,976,978

38,344

129,137

Other operating income

75,095

62,767

OPERATING PROFIT

6

113,439

191,904

Interest receivable and similar income

16,040

15,171

129,479

207,075

Interest payable and similar expenses

7

106,870

79,427

PROFIT BEFORE TAXATION

22,609

127,648

Tax on profit

8

46,270

16,001

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(23,661

)

111,647

(LOSS)/PROFIT FOR THE YEAR

(23,661

)

111,647

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(23,661

)

111,647

FIXED ASSETS

Intangible assets

10

98,000

-

Tangible assets

11

2,269,139

2,139,140

Investments

12

-

1,000

2,367,139

2,140,140

CURRENT ASSETS

Debtors

13

3,127,452

3,213,320

Cash at bank and in hand

531,042

380,103

3,658,494

3,593,423

CREDITORS

Amounts falling due within one year

14

1,976,456

1,883,459

NET CURRENT ASSETS

1,682,038

1,709,964

TOTAL ASSETS LESS CURRENT LIABILITIES

4,049,177

3,850,104

CREDITORS

Amounts falling due after more than one year

15

(1,186,654

)

(1,009,190

)

PROVISIONS FOR LIABILITIES

19

(356,875

)

(310,605

)

NET ASSETS

2,505,648

2,530,309

CAPITAL AND RESERVES

Called up share capital

20

1,001

1,001

Revaluation reserve

506,997

506,997

Retained earnings

1,997,650

2,022,311

SHAREHOLDERS' FUNDS

2,505,648

2,530,309

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

Dr G Catto - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

1,001

1,910,664

506,997

2,418,662

Changes in equity

Total comprehensive income

-

111,647

-

111,647

Balance at 31 December 2023

1,001

2,022,311

506,997

2,530,309

Changes in equity

Dividends

-

(1,000

)

-

(1,000

)

Total comprehensive income

-

(23,661

)

-

(23,661

)

Balance at 31 December 2024

1,001

1,997,650

506,997

2,505,648

Cash flows from operating activities

Cash generated from operations

1

461,781

483,830

Interest paid

(71,204

)

(61,179

)

Interest element of hire purchase payments paid

(35,666

)

(18,248

)

Tax paid

11,077

13,715

Net cash from operating activities

365,988

418,118

Cash flows from investing activities

Purchase of intangible fixed assets

(98,000

)

-

Purchase of tangible fixed assets

(319,815

)

(527,234

)

Sale of tangible fixed assets

-

13,050

Sale of fixed asset investments

1,000

-

Interest received

16,040

15,171

Net cash from investing activities

(400,775

)

(499,013

)

Cash flows from financing activities

New loans and hire purchase in year

507,939

466,672

Loan repayments in year

(37,358

)

(9,852

)

Capital repayments in year

(231,448

)

(125,322

)

Amount withdrawn by directors

(52,407

)

-

Equity dividends paid

(1,000

)

-

Net cash from financing activities

185,726

331,498

Increase in cash and cash equivalents

150,939

250,603

Cash and cash equivalents at beginning of year

2

380,103

129,500

Cash and cash equivalents at end of year

2

531,042

380,103

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

22,609

127,648

Depreciation charges

189,816

142,968

Loss on disposal of fixed assets

-

6,120

Finance costs

106,870

79,427

Finance income

(16,040

)

(15,171

)

303,255

340,992

Decrease/(increase) in trade and other debtors

85,868

(371,974

)

Increase in trade and other creditors

72,658

514,812

Cash generated from operations

461,781

483,830

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

531,042

380,103

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

380,103

129,500

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

380,103

150,939

531,042

380,103

150,939

531,042

Debt

Finance leases

(453,402

)

73,509

(379,893

)

Debts falling due within 1 year

(9,684

)

(112,226

)

(121,910

)

Debts falling due after 1 year

(737,379

)

(200,416

)

(937,795

)

(1,200,465

)

(239,133

)

(1,439,598

)

Total

(820,362

)

(88,194

)

(908,556

)

1.	STATUTORY INFORMATION

Green Cat Renewables 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.

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" 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 the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company'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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful lives and deprecation of fixed assets

Depreciation rates are based on the estimated useful lives of assets, which is judgement exercised by management taking into account actual experience.

Turnover

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

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Consultancy services

7,545,091

5,498,402

Management services

585,424

654,795

8,130,515

6,153,197

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,130,515

6,153,197

8,130,515

6,153,197

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

4,004,051

3,464,221

Social security costs

439,769

59,404

Other pension costs

190,987

120,405

4,634,807

3,644,030

The average number of employees during the year was as follows:

2024

2023

Directors

1

1

Staff

96

80

97

81

2024

2023

£

£

Director's remuneration

75,000

75,000

Director's pension contributions to money purchase schemes

9,000

-

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

351,528

206,419

Other operating leases

82,556

61,518

Depreciation - owned assets

102,651

91,043

Depreciation - assets on hire purchase contracts

87,165

51,925

Loss on disposal of fixed assets

-

6,120

Auditors' remuneration

14,000

49,350

Foreign exchange differences

48,227

25,809

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loan interest

71,204

61,179

Hire purchase

35,666

18,248

106,870

79,427