Contents of the Financial Statements

for the Period Ended 31 March 2025

Directors' report period ended 31 March 2025

The directors present their report with the financial statements of the company for the period ended 31 March 2025

Directors

The director shown below has held office during the whole of the period from
1 April 2024 to 31 March 2025

The director shown below has held office during the period of
1 April 2024 to 23 August 2024

The director shown below has held office during the period of
29 August 2024 to 31 March 2025

The directors shown below have held office during the period of
28 August 2024 to 31 March 2025

The directors shown below have held office during the period of
23 August 2024 to 31 March 2025

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 December 2025

And signed on behalf of the board by:
Name: RG Evans
Status: Director

Profit And Loss Account

for the Period Ended 31 March 2025

Balance sheet

As at 31 March 2025

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 March 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue represents the value of consideration received for services provided in the normal course of business. Revenue is recognised when the following conditions are met: Provision of Services: Revenue is recognised by reference to the stage of completion of project and overhead activity, that is set out in the 2024-25 services order form agreed between the company and Welsh Government at the start of the financial year. The company does not receive grant funding; all income arises from commercial activities and is receivable through monthly invoicing, inclusive of VAT, to Welsh Government who is the sole funder of the company.

  Valuation information and policy

  Impairment of financial assets: At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

  Other accounting policies

  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 company’s functional and presentation currency is Sterling and all values are rounded to the nearest pound (£) except when otherwise stated. Going concern The company was formed with a remit from Welsh Government, to develop and deliver renewable energy projects, starting on the Welsh public estate, with the best possible long-term economic and social benefits for the people of Wales. The company has funding agreements in place with Welsh Government for 2025/26, 2026/27 and indicated commitment to fund further periods to achieve its business plans and therefore the directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has received a signed letter of support from the Welsh Government Energy Division confirming financial support for at least 12 months from the date of approval of the statutory financial statements for the year ended 31 March 2025. Thus, the company has applied the going concern basis of accounting in preparing the financial statements. Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds. Borrowing costs All borrowing costs are recognised in profit or loss in the year in which they are incurred. Taxation Tax is recognised in profit or loss 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. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Cash Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Financial instruments The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Notes to the Financial Statements

for the Period Ended 31 March 2025

• 2. Employees

  	2025	6 months to 31 March 2024
  Average number of employees during the period	9	5