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Registered number: 05539653 CRAIG WIND FARM LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CRAIG WIND FARM LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 14
CRAIG WIND FARM LIMITED COMPANY INFORMATION
Directors | S L G Watson
| N Y Toor
Company secretary | No company secretary
Registered number | 05539653
Registered office | C/O Temporis Capital Limited
| 7th Floor Wellington House
| 125-130 Strand
| London
| WC2R 0AP
Independent auditors | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:05539653
CRAIG WIND FARM LIMITED BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 6,983,177 |  | 7,897,071
Current assets |  |  |  |  |
Debtors | 6 | 2,474,532 |  | 2,891,433 |
Cash at bank and in hand |  | 1,719,569 |  | 2,930,734 |
|  | 4,194,101 |  | 5,822,167 |
Creditors: amounts falling due within one year | 7 | (2,115,350) |  | (3,362,571) |
Net current assets |  |  | 2,078,751 |  | 2,459,596
Total assets less current liabilities |  |  | 9,061,928 |  | 10,356,667
Creditors: amounts falling due after more than one year | 8 |  | (5,766,206) |  | (7,145,133)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (1,105,832) |  | (1,247,529) |
Decommissioning provision | 10 | (748,716) |  | (701,045) |
|  |  | (1,854,548) |  | (1,948,574)
Net assets |  |  | 1,441,174 |  | 1,262,960
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 400 |  | 400
Profit and loss account |  |  | 1,440,774 |  | 1,262,560
|  |  | 1,441,174 |  | 1,262,960
Page 2
|  | REGISTERED NUMBER:05539653
CRAIG WIND FARM LIMITED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S L G Watson
Director
Date: 29 September 2025
The notes on pages 4 to 14 form part of these financial statements. Page 3
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Craig Wind Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Temporis Capital Limited 7th Floor, Wellington House, 125 - 130 Strand, London, England, WC2R 0AP. These financial statements have been presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Revenue
Revenue represents amounts receivable from the generation and sale of electricity and associated benefits net of VAT and is recognised on an accruals basis according to the quantity of electricity generated, once this can be measured reliably and it is probable that the economic benefits associated with the transactions will flow to the entity. Page 4
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is Sterling (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 5
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Wind farm development | - | straight-line over 20 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 6
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Borrowing costs
Borrowing costs during the capital expenditure phase, including interest, have been capitalised in accordance with paragraph 25.2 of FRS 102. These costs are all directly attributable to the construction, as well as the financing of progress payments in respect of the construction of the wind farm and are therefore capitalised as part of its cost. All borrowing costs incurred after completion of the capital expenditure phase are expensed to the profit and loss account in the year in which they are incurred. Page 7
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors and bank and other loans, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Page 8
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Impairment of financial assets Financial assets 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 the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities 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.
| 2.12 | Cash at bank
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.13 | Share capital
Ordinary shares are classified as equity. Page 9
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.16 | Hedge accounting
The company uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its assets. These derivatives are measured at fair value at each balance sheet date. To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year. Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
As presented in note 6 within accrued income there is an amount accrued in relation to Renewable Obligation Certificates (ROCs - recycling). Income is recognised based on £GBP per megawatt hour basis and this value is not determined until November after the reporting period ends. The price used for the period is an estimate based on the prior year's price set by Ofgem. The value of ROC recycling is dependent on the total number of ROC's presented, obligation levels and the buy-out fund. A price is then set for the distribution to suppliers. The residual or scrap value of the Wind Power Asset has been estimated by reference to a third party report which sets out the current estimated scrap value of the turbines. The decommissioning liability to be incurred at the end of the initial lease term has also been estimated with reference to this report which sets out the current estimated cost of decommissioning the wind turbines and restoring the site to its previous use.
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024: £Nil).
Page 10
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Wind farm development
|  | £
| Cost |
| At 1 April 2024 | 19,139,408
| At 31 March 2025 | 19,139,408
| Depreciation |
| At 1 April 2024 | 11,242,337
| Charge for the year | 913,894
| At 31 March 2025 | 12,156,231
| Net book value |
| At 31 March 2025 | 6,983,177
| At 31 March 2024 | 7,897,071
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Financial instruments | 68,422 | 207,904
|  | 68,422 | 207,904
| Due within one year |  |
| Trade debtors | 124,933 | 36,038
| Amounts owed by group undertakings | 905,006 | 873,256
| Other debtors | 286 | 217,388
| Prepayments and accrued income | 1,375,885 | 1,556,847
|  | 2,474,532 | 2,891,433
| Amounts owed by group undertakings incur interest at 4% per annum and are repayable on demand.
Page 11
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 920,000 | 1,444,059
| Other loans | 997,743 | 1,403,923
| Trade creditors | (99,702) | 9,945
| Corporation tax | 123,827 | 255,084
| Other taxation and social security | 86,660 | 137,748
| Accruals and deferred income | 86,822 | 111,812
|  | 2,115,350 | 3,362,571
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 852,161 | 1,772,161
| Other loans | 4,914,045 | 5,372,972
|  | 5,766,206 | 7,145,133
Page 12
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 920,000 | 1,444,059
| Other loans | 997,743 | 1,403,923
|  | 1,917,743 | 2,847,982
| Amounts falling due 1-5 years |  |
| Bank loans | 852,161 | 1,772,161
| Other loans | 3,423,781 | 5,372,972
|  | 4,275,942 | 7,145,133
| Amounts falling due after more than 5 years |  |
| Other loans | 1,490,264 | -
|  | 1,490,264 | -
|  | 7,683,949 | 9,993,115
| The bank loan is repayable by 2027. This loan is secured by way of a debenture, a legal charge over the company's shares and a first charge over the company's assets. Other loans comprises a loan from the company's parent undertaking which is repayable by 2031. The loan is unsecured and interest bearing at a rate of 12.5% per annum.
10. | Provisions
|  | Decommissioning provision
|  | £
| At 1 April 2024 | 701,045
| Charged to profit or loss | 47,671
| At 31 March 2025 | 748,716
| The provision is expected to be utilised on 31 August 2033 for the original site and on 16 May 2042 for the extension site, coinciding with the expiry of the site lease.
Page 13
CRAIG WIND FARM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 200 (2024 - 200) Ordinary 'A' shares of £1.00 each | 200 | 200
|  | 200 (2024 - 200) Ordinary 'B' shares of £1.00 each | 200 | 200
|  |  | 400 | 400
| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. A Shares and B Shares rank pari passu in all respects.
12. | Commitments under operating leases
| At 31 March 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Less than 1 year | 381,831 | 161,706
| Later than 1 year and not later than 5 years | 930,062 | 646,825
| Later than 5 years | 747,469 | 856,702
|  | 2,059,362 | 1,665,233
13. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
14. | Parent undertaking
The immediate parent undertaking is Temporis Renewable Energy LP, a partnership registered in England and Wales which holds 100% of the issued share capital. The registered office is 1F Landmark Square, 64 Earth Close, West Bay Road, P.O.Box 30100 KY1-1201, Grand Cayman, Cayman Islands.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 30 September 2025 by Krishan Sivathondan BSc (Hons) FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 14