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REGISTERED NUMBER: SC612208 (Scotland)

| Unaudited Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Glen Creran Hydro Limited |

Glen Creran Hydro Limited (Registered number: SC612208)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Glen Creran Hydro Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | R G S Sadler

| W D Stewart

| REGISTERED OFFICE: | Coldoch

| Blair Drummond

| Stirling

| FK9 4XD

| REGISTERED NUMBER: | SC612208 (Scotland)

| ACCOUNTANTS: | Nichols & Co ( Accountancy ) Limited

| Chartered Accountants

| Unit 7

| Mulberry Place

| Pinnell Road

| Eltham

| London

| SE9 6AR

Glen Creran Hydro Limited (Registered number: SC612208)

Balance Sheet

31 March 2025

31.3.25 | 31.3.24 |

| Notes | £ | £

FIXED ASSETS

Tangible assets | 4 | 2,446,713 |  | 2,479,267 |  |

CURRENT ASSETS

Debtors | 5 | 47,390 |  | 20,966 |  |

Cash at bank | 384,985 |  | 662,385 |  |

432,375 |  | 683,351 |  |

CREDITORS

Amounts falling due within one year | 6 | (480,734 | ) | (420,248 | ) |

NET CURRENT (LIABILITIES)/ASSETS | (48,359 | ) | 263,103 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,398,354 |  | 2,742,370 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (2,330,000 | ) | (2,730,000 | ) |

NET ASSETS | 68,354 |  | 12,370 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 2 |  | 2 |  |

Retained earnings | 68,352 |  | 12,368 |  |

SHAREHOLDERS' FUNDS | 68,354 |  | 12,370 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Glen Creran Hydro Limited (Registered number: SC612208)

Balance Sheet - continued

31 March 2025

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

R G S Sadler - Director

Glen Creran Hydro Limited (Registered number: SC612208)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Glen Creran Hydro 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. | 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.

| TURNOVER

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

| TANGIBLE FIXED ASSETS

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Hydro power installations over 20 years (once power generation commences)

| Dam extension over 20 years (once dam is operational)

| HIRE PURCHASE AND LEASING COMMITMENTS

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 2 ) .

4. | TANGIBLE FIXED ASSETS

Plant and | Dam |

machinery | extension | Totals |

| £ | £ | £

| COST

| At 1 April 2024 | 2,793,609 |  | 69,779 |  | 2,863,388 |  |

| Additions | - |  | 107,127 |  | 107,127 |  |

| At 31 March 2025 | 2,793,609 |  | 176,906 |  | 2,970,515 |  |

| DEPRECIATION

| At 1 April 2024 | 384,121 |  | - |  | 384,121 |  |

| Charge for year | 139,681 |  | - |  | 139,681 |  |

| At 31 March 2025 | 523,802 |  | - |  | 523,802 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,269,807 |  | 176,906 |  | 2,446,713 |  |

| At 31 March 2024 | 2,409,488 |  | 69,779 |  | 2,479,267 |  |

Glen Creran Hydro Limited (Registered number: SC612208)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

31.3.25 | 31.3.24 |

| £ | £

| Trade debtors | 9,182 |  | - |  |

| Directors' current accounts | - |  | 966 |  |

| Prepayments and accrued income | 38,208 |  | 20,000 |  |

47,390 |  | 20,966 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

31.3.25 | 31.3.24 |

| £ | £

| Trade creditors | 14,073 |  | - |  |

| Corporation tax | 2,860 |  | 998 |  |

| VAT | 3,916 |  | 38,029 |  |

| Other creditors | 1,750 |  | - |  |

| Directors' current accounts | 250,006 |  | 211,467 |  |

| Accruals and deferred income | 3,019 |  | 2,880 |  |

| Accrued interest on loan | 205,110 |  | 166,874 |  |

480,734 |  | 420,248 |  |

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

31.3.25 | 31.3.24 |

| £ | £

| Other loans - 2-5 years | 1,180,000 |  | - |  |

| Other loans due after 5yrs | - |  | 1,380,000 |  |

| Directors' loan accounts | 1,150,000 |  | 1,350,000 |  |

2,330,000 |  | 2,730,000 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Other loans due after 5yrs | - |  | 1,380,000 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 | 31.3.24 |

value: |  | £ | £

| 2 | Ordinary | £1 | 2 |  | 2 |  |

Glen Creran Hydro Limited (Registered number: SC612208)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

9. | RELATED PARTY DISCLOSURES

| Included in creditors falling due after one year are loans advanced to the company by director, Mr R G S Sadler, amounting to £1,150,000 (2024: £1,350,000) and £1,180,000 (2024: £1,380,000) from a third party. The loans are due for repayment on 14 April 2029 and interest of 2.91% is due on the outstanding balance.

| Included in creditors falling due within one year are additional funds of £249,850 (2024: £211,468) advanced to the company by Mr R G S Sadler. There are no fixed repayment terms and no interest is charged on the outstanding balance.

| The loans were advanced in order to fund the costs of constructing the hydroelectric project.

| Creditors include £156 due to director, Mr W D Stewart (2024: £966 debtor).

10. | ULTIMATE CONTROLLING PARTY

| There is no ultimate controlling party.