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REGISTERED NUMBER: SC482442 (Scotland)

Financial Statements for the Year Ended 31 March 2025

for

Greenmyres Renewable Energy Ltd

Greenmyres Renewable Energy Ltd (Registered number: SC482442)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

Greenmyres Renewable Energy Ltd

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | L H Allan

| M M Scott

| J Wilkinson

| B A Murray

| SECRETARY: | D M G Boyd

| REGISTERED OFFICE: | Brander Building

| The Square

| Huntly

| AB54 8BR

| REGISTERED NUMBER: | SC482442 (Scotland)

| AUDITORS: | The Grant Considine Partnership

| Statutory Auditors & Chartered Accountants

| 46 High Street

| Banchory

| Aberdeenshire

| AB31 5SR

Greenmyres Renewable Energy Ltd (Registered number: SC482442)

Statement of Financial Position

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 6 | 1,162,618 |  | 1,232,434 |  |

CURRENT ASSETS

Debtors | 7 | 156,383 |  | 165,448 |  |

Cash at bank | 181,749 |  | 191,319 |  |

338,132 |  | 356,767 |  |

CREDITORS

Amounts falling due within one year | 8 | 168,089 |  | 188,100 |  |

NET CURRENT ASSETS | 170,043 |  | 168,667 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,332,661 |  | 1,401,101 |  |

CREDITORS

Amounts falling due after more than one year | 9 | 1,188,040 |  | 1,287,657 |  |

NET ASSETS | 144,621 |  | 113,444 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 144,521 |  | 113,344 |  |

144,621 |  | 113,444 |  |

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2025 and were signed on its behalf by:

B A Murray - Director

Greenmyres Renewable Energy Ltd (Registered number: SC482442)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Greenmyres Renewable Energy Ltd 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" 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.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Useful economic life of the tangible asset

| The annual depreciation charge for the tangible asset is sensitive to changes in the estimated useful economic life and residual value of the asset. The useful economic life and residual value is re-assessed annually. It is amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the asset.

| Turnover

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

| Turnover is recognised to the extent that the prescribed recognition criteria has been met by the company and the turnover can be reliably measured.

| Tangible fixed assets

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

| Wind Turbine & Associated Infrastructure | - | 4% on cost

| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses

| Taxation

| Corporation tax is not chargeable on profits made by the company that are distributed to the parent charity so long as such distribution is made within 9 months of the year end. It is the intention of the company to make such distributions within the time frame and therefore no taxation has been accrued within the financial statements.

| Consolidation

| The company is a wholly owned subsidiary of Huntly Development Trust Limited. It is included in the consolidated financial statements of Huntly Development Trust Limited.

Greenmyres Renewable Energy Ltd (Registered number: SC482442)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | EMPLOYEES AND DIRECTORS

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

5. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 3,500 |  | 1,100 |  |

| Auditors' remuneration for non audit work | 4,061 |  | 2,978 |  |

6. | TANGIBLE FIXED ASSETS

| Wind

| Turbine &

| Associated

| Infrastructure

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 1,745,388 |  |

| DEPRECIATION

| At 1 April 2024 | 512,954 |  |

| Charge for year | 69,816 |  |

| At 31 March 2025 | 582,770 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,162,618 |  |

| At 31 March 2024 | 1,232,434 |  |

| Included within the cost of fixed assets are financing costs amounting to £177,315 which were incurred prior to the date of commissioning of the turbine.

7. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 32,561 |  | 33,483 |  |

| Other debtors | 23,822 |  | 31,965 |  |

56,383 |  | 65,448 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 100,000 |  | 100,000 |  |

| Aggregate amounts | 156,383 |  | 165,448 |  |

Greenmyres Renewable Energy Ltd (Registered number: SC482442)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 78,903 |  | 82,407 |  |

| Trade creditors | 175 |  | 141 |  |

| Amounts owed to group undertakings | 80,027 |  | 56,016 |  |

| Taxation and social security | 3,817 |  | 6,172 |  |

| Other creditors | 5,167 |  | 43,364 |  |

168,089 |  | 188,100 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 910,993 |  | 989,895 |  |

| Amounts owed to group undertakings | 277,047 |  | 297,762 |  |

1,188,040 |  | 1,287,657 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 533,091 |  | 637,478 |  |

| Amounts owed to group undertakings at the year end includes instalments due after more than five years of £184,064.

10. | SECURED DEBTS

| The bank loans are secured by a bond and floating charge and standard security over the assets of the company including the turbine, the turbine supply agreement, the bank accounts, the insurance policies and their tenant's interest in the lease of the land.

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Louise A Considine (Senior Statutory Auditor)

| for and on behalf of The Grant Considine Partnership

Greenmyres Renewable Energy Ltd (Registered number: SC482442)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

12. | RELATED PARTY DISCLOSURES

| There is a lease agreement in place between the company and Huntly Development Trust Limited, the owner of the land on which the company wind turbine is situated. This agreement states that, provided that there is no change to the operation and ownership of the company, no rent will be payable until the review date of 28 June 2026. Following that date there is an option for Huntly Development Trust Limited to charge a rent calculated at 5% of the gross annual turbine income

| A loan of £450,000 was advanced to the company by Huntly Development Trust Limited at an interest rate of 7% per annum during 2016. This loan was initially repayable in quarterly instalments of £11,683 over 13 years commencing 30th September 2017. The payments reduced to £8,515 over 11 years commencing 31st December 2020. The balance outstanding on the loan as at 31 March 2025 is £297,761 (2024, £317,549). Interest payable on this loan during the year amounted to £14,271 (2024, £15,194).

| Included within creditors at the year end is a balance of £59,313 (2024, £36,228) payable to Huntly Development Trust Limited from the company. This amount relates to various other transactions between the two companies during the year.

| Included within debtors at the year end is a balance of £100,000 (2024, £100,000) payable by Huntly Development Trust Limited. The amount relates to a long term loan granted by the company during 2020. This loan is due to be repaid in full on 30 September 2029 with interest chargeable at 4% annually commencing in October 2020.

| Management charges of £9,600 (2024, £9,600) were payable to Huntly Development Trust Limited in the year by the company.

| Gift Aid Distributions of £212,261 (2024, £119,500) were made to Huntly Development Trust Limited during the year.

13. | ULTIMATE CONTROLLING PARTY

| Huntly Development Trust Limited, a charitable company limited by guarantee incorporated in Scotland, owns 100% of the share capital of Greenmyres Renewable Energy Ltd. The registered office of the parent company is Brander Building, The Square, Huntly, AB54 8BR.