Company registration number 07658036 (England and Wales)
RENPOWER INVESTMENTS UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
RENPOWER INVESTMENTS UK LTD
CONTENTS
Page
Company information
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Income statement
8
Statement of financial position
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
RENPOWER INVESTMENTS UK LTD
COMPANY INFORMATION
- 1 -
Directors
Dr. M. Haase
Mr. M Tvrznik
Ms. A Payne
Company number
07658036
Registered office
Merchant Place
16 Church Street
Cromer
Norfolk
NR27 9ES
Auditors
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Bankers
HSBC
1 Corn Market
High Wycombe
Buckinghamshire
HP11 2AY
Solicitors
Birketts
Providence House
141-145 Princes Street
Ipswich
Suffolk
IP1 1QJ
RENPOWER INVESTMENTS UK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of the management of solar energy installations.

Results and dividends

The profit for the year amounted to £1,605,409. During the year the company paid ordinary dividends totalling £1,550,000.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Dr. M. Haase
Mr. M Tvrznik
Ms. A Payne
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Market risk

The company is exposed to market risk on future lease payments and market values of investments. Leases, as shown in Note 16 to the financial statements, are subject to yearly rent reviews which are limited to the retail price index determined by government published retail price index rates. Based on this and ongoing communication with the landlord, the company believes the risk to be low and has not hedged against any rent increases.

The value of investments held at fair value through profit and loss, shown in Note 12, are dependent on the market value of various listed stocks. There is inherent uncertainty in this, however the overall risk is capped at the cost of the investment made, being £231,484 at the reporting date.

Foreign currency risk

The company is exposed to foreign currency risk on investments held at fair value that are denominated in currencies other than the functional currency of Renpower Investments UK Limited. The company does not believe that this poses a significant risk.

RENPOWER INVESTMENTS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade Receivables are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and UK-adopted international accounting standards (IAS) in conformity with the requirements of the Companies Act 2006. Under company law the directors must not approve the financial statements unless they are 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Ms. A Payne
Director
12 March 2026
RENPOWER INVESTMENTS UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RENPOWER INVESTMENTS UK LTD
- 4 -
Opinion

We have audited the financial statements of Renpower Investments UK Limited (the 'company') for the year ended 31 December 202 5 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 202 5 and of its profit for the year then ended;

- have been properly prepared in accordance with UK-adopted international accounting standards; 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 Auditor’s 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 directors’ 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

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 course of 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.

RENPOWER INVESTMENTS UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RENPOWER INVESTMENTS UK LTD
- 5 -

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 Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Directors’ Report has 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 Directors’ Report.

We have nothing to report in respect of the following matters in relation to which 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 directors’ remuneration specified by law are not made; or

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

- the directors were not entitled to take advantage of the small companies’ exemptions from the requirement to prepare a Strategic Report and in preparing the Directors’ Report.

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement set out on page 3, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

RENPOWER INVESTMENTS UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RENPOWER INVESTMENTS UK LTD
- 6 -
Auditor's 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.

Further, the company is subject to other laws and regulations where the consequences of non-compliance have a material effect on the amounts or disclosures to the financial statements, through restrictions on the company’s operations. We have identified the most significant matters here to be compliance with the Renewables Obligation Order 2015 and accreditation which is required to claim renewable energy incentives from the Renewable Obligation Certificates scheme.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

RENPOWER INVESTMENTS UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RENPOWER INVESTMENTS UK LTD
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

Andrew Watkinson FCCA (Senior Statutory Auditor)
For and on behalf of Saffery LLP
17 March 2026
Statutory Auditor
St John's Court
Easton Street
High Wycombe
HP11 1JX
RENPOWER INVESTMENTS UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Revenue
4
2,263,417
1,743,012
Cost of sales
(14,698)
(18,388)
Gross profit
2,248,719
1,724,624
Administrative expenses
(878,810)
(862,103)
Operating profit
5
1,369,909
862,521
Investment revenues
60
24
Finance costs
7
(69,845)
(63,365)
Other gains and losses
8
3,032
(21,269)
Profit before taxation
1,303,156
777,911
Income tax income
9
302,253
-
Profit for the year
1,605,409
777,911
Other comprehensive income
-
0
-
0
Profit/(loss) and total comprehensive income
1,605,409
777,911

The income statement has been prepared on the basis that all operations are continuing operations.

All of the profit for the year is attributable to the equity holders of Renpower Investments UK Limited.
RENPOWER INVESTMENTS UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
Non-current assets
Property, plant and equipment
11
3,390,578
3,865,399
Investments
12
118,857
129,900
Deferred tax asset
17
302,253
-
0
3,811,688
3,995,299
Current assets
Trade and other receivables
14
326,849
313,218
Cash and cash equivalents
365,395
214,706
692,244
527,924
Total assets
4,503,932
4,523,223
Current liabilities
Trade and other payables
15
126,630
212,658
Lease liabilities
16
158,787
153,278
285,417
365,936
Net current assets
406,827
161,988
Non-current liabilities
Lease liabilities
16
1,810,300
1,804,481
Total liabilities
2,095,717
2,170,417
Net assets
2,408,215
2,352,806
Equity
Called up share capital
18
14,000
14,000
Retained earnings
2,394,215
2,338,806
Total equity
2,408,215
2,352,806
RENPOWER INVESTMENTS UK LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2026 and are signed on its behalf by:
Ms. A Payne
Director
Company Registration No. 07658036
RENPOWER INVESTMENTS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2024
14,000
2,943,957
2,957,957
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
777,911
777,911
Dividends
10
-
(1,383,062)
(1,383,062)
Balances at 31 December 2024
14,000
2,338,806
2,352,806
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
1,605,409
1,605,409
Dividends
10
-
(1,550,000)
(1,550,000)
Balances at 31 December 2025
14,000
2,394,215
2,408,215
The notes on pages 13 to 26 form part of these financial statements.
RENPOWER INVESTMENTS UK LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,945,937
1,554,402
Net cash inflow from operating activities
1,945,937
1,554,402
Investing activities
Proceeds from investments
18,987
33,476
Purchase of investments
(4,911)
(20,344)
Interest received
60
24
Net cash generated from investing activities
14,136
13,156
Financing activities
Payment of lease liability interest
(69,845)
(63,365)
Payment of lease liability capital
(189,539)
(137,441)
Dividends paid
(1,550,000)
(1,383,062)
Net cash used in financing activities
(1,809,384)
(1,583,868)
Net increase/(decrease) in cash and cash equivalents
150,689
(16,310)
Cash and cash equivalents at beginning of year
214,706
231,016
Cash and cash equivalents at end of year
365,395
214,706
The notes on pages 13 to 26 form part of these financial statements.
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Renpower Investments UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Merchant Place, 16 Church Street, Cromer, Norfolk, NR27 9ES. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting conventions

The company’s financial statements have been prepared in accordance with applicable law and UK-adopted international accounting standards (IAS) as they apply to the financial statements of the company for the year ended 31 December 20 25 and applied in accordance with the Companies Act 2006.

The basis of preparation and accounting policies set out in this Report and Accounts which have been prepared in accordance with the recognition and measurement criteria of UK-adopted i nternational a ccounting s tandards (IAS).

The financial statements have been prepared on the historical cost basis, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value, and on the going concern basis. The Company’s financial statements are presented in pounds sterling.

The directors feel it appropriate not to prepare consolidated financial statements on the basis that the Company’s subsidiaries are dormant.

1.2
Going concern

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

1.3
Revenue

Revenue is recognised upon delivery of electricity produced to the local operator of the electricity grid, and when applicable, when customers receive electricity from the off take point in accordance with existing contracts. Delivery is deemed complete when all the risks and rewards associated with ownership have been transferred to the buyer as contractually agreed. Revenues from the sale of electricity are recognised at the time the electricity is supplied on the basis of periodic meter readings. Revenues are recognised net of value added tax (‘VAT’) and rebates. Revenues are measured at the fair value of the consideration received or receivable, which is calculated based on the price of electricity established in the contract. Revenues obtained from solar power plants that are still within the testing period (the time interval to bring the asset to the intended use conditions) are deducted from capitalised costs.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Plant and equipment
15 years straight line
Computers
3 years straight line
Right of use asset
Over the term of the lease
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Repairs and maintenance costs are recognised as expenses as incurred. Borrowing costs are not capitalised.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Subsequently, the assets are revalued to fair value at the reporting date with any movements recognised in profit or loss. The company chooses to transfer unrealised gains on such financial instruments to a non-distributable reserve. For details of the valuation method used for such assets, refer to Note 12.

Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs, and are subsequently carried at amortised cost.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Other financial liabilities, including leases and borrowings, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Key sources of estimation

Investments, shown in Note 12, include £118,851 of financial assets classified as fair value through profit and loss. The valuation of these assets at the reporting date requires management to make judgements in respect of the methodology adopted, and there is inherent uncertainty in the inputs utilised. Materially, the valuation of the investments is based on publicly available listed stock prices, discounted as appropriate to reflect restrictions on the sale of investments. For further details of the valuation method utilised, refer to Note 12.

Critical judgements
Impairment of non-financial assets

When the recoverable amount of an asset, being the higher of its net selling price and its value in use, is less than its carrying amount, then the carrying amount is reduced to its recoverable value. This reduction is reported in the income statement as an impairment loss. Value in use is calculated using estimated cash flows, generally over a five-year period. These are discounted using an appropriate long-term pre-tax interest rate. When impairment arises, the useful life of the asset in question is reviewed and, if necessary, the future depreciation/amortisation charge is accelerated.

Discount rates

On transition to IFRS 16 the company has assessed the present value of the commitments payable under its lease agreements, using the companies incremental borrowing rate. The directors have assessed the companies incremental borrowing rate to be 2.75% when discounting the cash flows associated with the lease agreements.

RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
3
Adoption of new and revised standards and changes in accounting policies

During the financial year, the Company has adopted the following new IFRSs (including amendments thereto) and IFRIC interpretations, that became effective for the first time.

Lack of exchangeability (Amendments to IAS 21)
1 January 2025
Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following standards and interpretations relevant to Company and which have not been applied in these financial statements, were in issue but were not yet effective.

Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)
1 January 2026
Annual Improvements to IFRS Accounting Standards - Volume 11
1 January 2026
Contracts Referencing Nature-dependent Electricity (Amenedments to IFRS 9 and IFRS 7)
1 January 2026
IFRS 18 - Presentation and Disclosure in Financial Statements
1 January 2027

The directors are evaluating the impact that these standards will have on the financial statements of the Company.

At the date of authorisation of these financial statements, the following standards and interpretations relevant to the Company and which have not been applied in these financial statements, have not been endorsed for use in the UK and will not be adopted until such time as endorsement is confirmed.

Translating financial information into hyperinflationary currencies (Amendments to IAS 21)
IFRS 19 - Subsidiaries without Public Accountability: Disclosures
The directors are evaluating the impact that these standards will have on the financial statements of Company.
4
Revenue

An analysis of the company's revenue is as follows:

2025
2024
£
£
Revenue analysed by destination
United Kingdom
2,263,417
1,743,012
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Revenue
(Continued)
- 18 -
All revenues arises from continuing operations in the years ended 31st December 2025 and 31st December 2024. All revenues arise from the one operation of the company, electricity generation.
5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
158
(88)
Fair value (gains)/losses on investments
3,032
(21,269)
Fees payable to the company's auditor for the audit of the company's financial statements
16,300
15,000
Depreciation of property, plant and equipment
675,687
663,510
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
3
3
No remuneration was paid to the directors in respect of the years ended 31st December 2025 and 31st December 2024.
7
Finance costs
2025
2024
£
£
Interest on lease liabilities
69,845
63,365
8
Other gains and (losses)
2025
2024
£
£
Other gains and (losses)
3,032
(21,269)
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
9
Income tax expense
2025
2024
Deferred tax
Fixed asset timing differences
(231,679)
-
0
Tax losses carried forward
(55,825)
-
(302,253)
-
0
Total tax (credit)
(302,253)
-

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£
£
Profit before taxation
1,303,156
777,911
Expected tax charge based on a corporation tax rate of 25% (2024: 25.00%)
327,885
194,478
Gains not taxable
1,430
8,903
Unutilised tax losses carried forward
(394,473)
(169,888)
Permanent capital allowances in excess of depreciation
(7,604)
(37,079)
Taxable capital gains
2,188
3,586
Fixed asset timing differences
(231,679)
-
0
Taxation credit for the year
(302,253)
-
10
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary
Interim dividend paid
221,428.57
197,580.29
1,550,000
1,383,062
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
11
Property, plant and equipment
Plant and equipment
Computers
Right of use asset
Total
£
£
£
£
Cost
At 1 January 2024
13,788,615
4,222
2,598,080
16,390,917
Additions
-
0
-
0
73,133
73,133
At 31 December 2024
13,788,615
4,222
2,671,213
16,464,050
Additions
-
0
-
0
200,866
200,866
At 31 December 2025
13,788,615
4,222
2,872,079
16,664,916
Accumulated depreciation and impairment
At 1 January 2024
11,255,283
4,222
675,636
11,935,141
Charge for the year
506,666
-
0
156,844
663,510
At 31 December 2024
11,761,949
4,222
832,480
12,598,651
Charge for the year
506,667
-
0
169,020
675,687
At 31 December 2025
12,268,616
4,222
1,001,500
13,274,338
Carrying amount
At 31 December 2025
1,519,999
-
1,870,579
3,390,578
At 31 December 2024
2,026,666
-
1,838,733
3,865,399
At 31 December 2023
2,533,332
-
1,922,443
4,455,775

12
Investments
Non-current
2025
2024
£
£
Trading Investments at fair value
118,855
129,898
Investments in subsidiaries
2
2
118,857
129,900
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Investments
(Continued)
- 21 -
Movements in non-current investments
Investments in subsidiaries
Trading Investments at fair value
£
£
Cost or valuation
At 1 January 2025
2
129,898
Additions
-
4,911
Valuation changes
-
(8,384)
Disposals
-
(7,574)
At 31 December 2025
2
118,851

Trading investments at fair value above represent the company's share in an investment fund comprising of listed and unlisted equity investments. Fair value is estimated based on the observable trading price of listed investments, with the fair value of cash and unlisted investments made near the year end taken at historical cost. This estimate is considered to be level 2 on the fair value hierarchy, being materially derived from observable inputs.

There is a high level of estimation uncertainty and risk associated with this valuation. The directors believe that the level of estimation uncertainty is around £11k (2024 - £1 0k), largely arising from uncertainty in the unlisted elements of the portfolio. Natural market risk could lead to a variance of around £19k or 16% (2024 - £21k or 16%), based on movements in the Nasdaq Composite index for the year. Further details on the company's approach to risk are set out in the directors' report.

13
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Country of incorporation
Ownership interest (%)
Voting power held (%)
Nature of business
Renpower Investments UK PV 01 Ltd
England and Wales
100.00
100.00
Dormant company
Renpower Investments UK PV 02 Ltd
England and Wales
100.00
100.00
Dormant company
Aggregate capital and reserves
2025
2024
£
£
Renpower Investments UK PV 01 Ltd
2
2
Renpower Investments UK PV 02 Ltd
2
2
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Subsidiaries
(Continued)
- 22 -
Profit and (loss) for the year
2025
2024
£
£
Renpower Investments UK PV 01 Ltd
-
-
Renpower Investments UK PV 02 Ltd
-
-
14
Trade and other receivables
2025
2024
£
£
Trade receivables
-
0
96,193
Other debtors
326,849
217,025
326,849
313,218

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are carried at amortised cost using the effective interest method, less any impairment.

15
Trade and other payables
2025
2024
£
£
Trade payables
11,059
15,195
Other payables
115,571
197,463
126,630
212,658
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
16
Lease liabilities
2025
2024
Maturity analysis
£
£
Within one year
222,558
201,865
In two to five years
890,234
807,459
In over five years
1,223,743
1,313,418
Total undiscounted liabilities
2,336,535
2,322,742
Future finance charges and other adjustments
(367,448)
(364,983)
Lease liabilities in the financial statements
1,969,087
1,957,759

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
158,787
153,278
Non-current liabilities
1,810,300
1,804,481
1,969,087
1,957,759
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
69,845
63,365
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Lease liabilities
(Continued)
- 24 -

The company leases two plots of land. The average remaining lease term is 10.5 years.

During the period the lease payments were increased due to changes in RPI and the consequence of this was an increase in the right of use asset and lease liability of £200,866.

The company re-measures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is re-measured by discounting the revised lease payments using a revised discount rate.

The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is re-measured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is re-measured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

17
Deferred taxation
Assets
2025
2024
£
£
Deferred tax balances
302,253
-
0
Deferred tax assets are expected to be recovered after more than one year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
Tax losses
Total
£
£
£
Liability at 1 January 2024 and 1 January 2025
-
0
-
0
-
0
Deferred tax movements in current year
Credit/(charge) to profit or loss
231,679
70,574
302,253
Asset at 31 December 2025
231,679
70,574
302,253
RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Deferred taxation
(Continued)
- 25 -

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

18
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
7 Ordinary of £2,000 each
14,000
14,000
14,000
14,000

The ordinary shares carry full voting rights.

19
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

Other information

Renpower Investments UK Ltd is a wholly owned subsidiary of Renpower Investments a.s, a company incorporated in the Czech Republic. During the year the company paid dividends totalling £1,550,000 (2024 - £1,383,062) to Renpower Investments a.s.

During the year the company paid fees to the directors totalling £54,000 (2024 - £54,000).

20
Controlling party

The immediate holding company is Renpower Investments a.s, a company incorporated in the Czech Republic. The ultimate controlling parties are Nelson Anstalt and Petronia Anstalt.

RENPOWER INVESTMENTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
21
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
1,605,409
777,911
Adjustments for:
Taxation credited
(302,253)
-
Finance costs
69,845
63,365
Investment income
(60)
(24)
Depreciation and impairment of property, plant and equipment
675,687
663,511
Fair value (gains)/losses in investments
(3,032)
21,269
Movements in working capital:
Increase in trade and other receivables
(13,631)
(46,837)
(Decrease)/increase in trade and other payables
(86,028)
75,207
Cash generated from operations
1,945,937
1,554,402
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