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Registered number: SC699755 HFD RENEWABLES LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
HFD RENEWABLES LIMITED COMPANY INFORMATION
Directors | Mrs R Hill
| Mr W D Hill
| Mr S Lewis
| Mr G A Logie
| Mr K J Ovenden
| Mr D Quinn
| Mr S J Teape
Registered number | SC699755
Registered office | 177 Bothwell Street
| Glasgow
| G2 7ER
Independent auditor | Johnston Carmichael LLP
| 227 West George Street
| Glasgow
| G2 2ND
HFD RENEWABLES LIMITED CONTENTS
| Page
Directors' Report | 1
Directors' Responsibilities Statement | 2
Independent Auditor's Report | 3 - 6
Consolidated Profit and Loss Account | 7
Consolidated Balance Sheet | 8
Company Balance Sheet | 9
Consolidated Statement of Changes in Equity | 10
Company Statement of Changes in Equity | 11
Consolidated Statement of Cash Flows | 12
Consolidated Analysis of Net Debt | 13
Notes to the Financial Statements | 14 - 22
HFD RENEWABLES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Principal activity
The principal activity of the company and group continued to be that of the provision of renewable energy.
Directors
The directors who served during the year were:
Mrs R Hill
Mr W D Hill
Mr S Lewis
Mr G A Logie
Mr K J Ovenden
Mr D Quinn
Mr S J Teape
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Auditor
The auditor, Johnston Carmichael LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr W D Hill Director
Date: 19 March 2026
Page 1
HFD RENEWABLES LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 The directors are responsible for preparing the Directors' Report and the consolidated 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 2
HFD RENEWABLES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HFD RENEWABLES LIMITED
Opinion
We have audited the financial statements of HFD Renewables Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2025 and of the Group's loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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. Page 3
HFD RENEWABLES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HFD RENEWABLES LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
Opinion 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 Group and the parent 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Group Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 4
HFD RENEWABLES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HFD RENEWABLES LIMITED (CONTINUED)
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 Group financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Extent to which the audit was considered capable of detecting irregularities, including fraud 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available. All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and the sector in which they operate, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include: ∙Companies Act 2006; ∙Tax legislation (United Kingdom); and ∙UK Generally Accepted Accounting Practice. We gained an understanding of how the group and the parent company are complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes. We assessed the susceptibility of the group’s and parent company’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to: ∙Management override of controls ∙Revenue recognition Page 5
HFD RENEWABLES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HFD RENEWABLES LIMITED (CONTINUED) Extent to which the audit was considered capable of detecting irregularities, including fraud (continued) In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error: ∙Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud; ∙Reviewing the level of and reasoning behind the group’s and parent company’s procurement of legal and professional services ∙Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias; ∙Performing audit procedures over the risk over the revenue being recorded in the correct period. This involved obtaining agreements and ensuring the performance obligations have been satisfied in order for revenue to be recognised; ∙Completion of appropriate checklists and use of our experience to assess the group’s and parent company’s compliance with the Companies Act 2006; and ∙Agreement of the financial statement disclosures to supporting documentation. Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed 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.
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. James Hamilton (Senior Statutory Auditor) for and on behalf of Johnston Carmichael LLP 227 West George Street Glasgow G2 2ND 19 March 2026 Page 6
HFD RENEWABLES LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
| £ | £
Turnover | 2,680,548 | 2,678,023
Cost of sales | (2,528,617) | (1,453,377)
Gross profit | 151,931 | 1,224,646
Administrative expenses | (409,088) | (407,484)
Operating (loss)/profit | (257,157) | 817,162
Interest payable and similar expenses | (3,910) | -
(Loss)/profit before tax | (261,067) | 817,162
Tax on (loss)/profit | - | (306,545)
(Loss)/profit for the financial year | (261,067) | 510,617
(Loss)/profit for the year attributable to: |  |
Owners of the parent | (261,067) | 510,617
| (261,067) | 510,617
There are no items of other comprehensive income for 2025 or 2024 other than the (loss)/profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 14 to 22 form part of these financial statements.
Page 7
HFD RENEWABLES LIMITED REGISTERED NUMBER: SC699755 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 6,800 |  | 6,800
Current assets |  |  |  |  |
Stocks |  | 956,645 |  | 483,221 |
Debtors: amounts falling due within one year | 8 | 3,722,053 |  | 3,027,093 |
Cash at bank and in hand | 9 | 7,122 |  | 3,169 |
|  | 4,685,820 |  | 3,513,483 |
Creditors: amounts falling due within one year | 10 | (4,749,398) |  | (3,315,994) |
Net current (liabilities)/assets |  |  | (63,578) |  | 197,489
Net (liabilities)/assets |  |  | (56,778) |  | 204,289
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 10,000 |  | 10,000
Profit and loss account | 12 |  | (66,778) |  | 194,289
|  |  | (56,778) |  | 204,289
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 were approved and authorised for issue by the board and were signed on its behalf by:
Mr W D Hill
Director
Date: 19 March 2026
The notes on pages 14 to 22 form part of these financial statements. Page 8
HFD RENEWABLES LIMITED REGISTERED NUMBER: SC699755 COMPANY BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 6,800 |  | 6,800
Investments | 6 |  | 600 |  | 500
|  |  | 7,400 |  | 7,300
Current assets |  |  |  |  |
Stocks |  | 923,323 |  | 483,221 |
Debtors: amounts falling due within one year | 8 | 58,047 |  | 58,601 |
Cash at bank and in hand | 9 | 600 |  | 2,865 |
|  | 981,970 |  | 544,687 |
Creditors: amounts falling due within one year | 10 | (1,995,481) |  | (1,193,154) |
Net current liabilities |  |  | (1,013,511) |  | (648,467)
Net liabilities |  |  | (1,006,111) |  | (641,167)
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 10,000 |  | 10,000
Profit and loss account | 12 |  | (1,016,111) |  | (651,167)
|  |  | (1,006,111) |  | (641,167)
The Company's financial statements have been prepared in accordance with the 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:
Mr W D Hill
Director
Date: 19 March 2026
The notes on pages 14 to 22 form part of these financial statements. Page 9
HFD RENEWABLES LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2024 | 10,000 | 194,289 | 204,289
Comprehensive loss for the year |  |  |
Loss for the year | - | (261,067) | (261,067)
Total comprehensive loss for the year | - | (261,067) | (261,067)
At 30 June 2025 | 10,000 | (66,778) | (56,778)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2023 | 10,000 | (316,328) | (306,328)
Comprehensive income for the year |  |  |
Profit for the year | - | 510,617 | 510,617
Total comprehensive income for the year | - | 510,617 | 510,617
At 30 June 2024 | 10,000 | 194,289 | 204,289
| The notes on pages 14 to 22 form part of these financial statements.
Page 10
HFD RENEWABLES LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2024 | 10,000 | (651,167) | (641,167)
Comprehensive loss for the year |  |  |
Loss for the year | - | (364,944) | (364,944)
Total comprehensive loss for the year | - | (364,944) | (364,944)
At 30 June 2025 | 10,000 | (1,016,111) | (1,006,111)
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2023 | 10,000 | (282,902) | (272,902)
Comprehensive loss for the year |  |  |
Loss for the year | - | (368,265) | (368,265)
Total comprehensive loss for the year | - | (368,265) | (368,265)
At 30 June 2024 | 10,000 | (651,167) | (641,167)
| The notes on pages 14 to 22 form part of these financial statements.
Page 11
HFD RENEWABLES LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (261,067) | 510,617
Adjustments for: |  |
Taxation charge | - | 306,545
(Increase) in stocks | (473,424) | (384,765)
(Increase) in debtors | (577,028) | (3,017,138)
Increase in creditors | 1,433,404 | 2,889,491
Corporation tax (paid) | (121,842) | (306,545)
Net cash generated from operating activities | 43 | (1,795)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | - | (6,800)
Net cash from investing activities | - | (6,800)
Cash flows from financing activities |  |
Issue of ordinary shares | - | 9,899
Interest paid | 3,910 | -
Net cash used in financing activities | 3,910 | 9,899
Net increase in cash and cash equivalents | 3,953 | 1,304
Cash and cash equivalents at beginning of year | 3,169 | 1,865
Cash and cash equivalents at the end of year | 7,122 | 3,169
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 7,122 | 3,169
| 7,122 | 3,169
The notes on pages 14 to 22 form part of these financial statements.
Page 12
HFD RENEWABLES LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 JUNE 2025
|  | At 1 July 2024 | Cash flows | At 30 June 2025
|  | £ | £ | £
Cash at bank and in hand | 3,169 | 3,953 | 7,122
| 3,169 | 3,953 | 7,122
The notes on pages 14 to 22 form part of these financial statements.
Page 13
HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
HFD Renewables Limited (Company number: SC699755) is a private limited company domiciled and incorporated in Scotland. The registered office is 177 Bothwell Street, Glasgow, G2 7ER. The group consists of HFD Renewables Limited and all of its subsidiaries. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The consolidated 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements for the current period cover the period from 1 July 2024 to 30 June 2025 utilising the 7 day variation to statutory year end for administrative purposes. The prior period accounts are drawn up for the period from 1 June 2023 to 30 June 2024. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 14
HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. In forming this conclusion, the directors considered the financial position and future funding requirements of the company and its subsidiaries (“the Group”). Management has not prepared a separate standalone going concern assessment for the Group; however, the directors continue to believe that the Group is a going concern for a period of at least 12 months from the date of approval of these financial statements. The Group incurred a net loss of £261,067 (2024: Profit £510,617) during the period and, at the reporting date, was in a net liabilities position of £56,788 (2024: asset £204,289). In light of this position, the directors acknowledge that the Group is dependent on continued financial support from its parent company, HFD Group Limited. The directors have obtained a formal letter of support from HFD Group Limited confirming that it will continue to provide financial assistance to the Group, including the company, for a period of at least 12 months from the date of approval of these financial statements. This support is intended to enable the Group and company to meet their liabilities as they fall due. On the basis of this support, together with the directors’ expectation that the parent company will continue to have access to adequate financial resources, the directors consider it appropriate to prepare the financial statements on a going concern basis.
| 2.4 | Revenue
Revenue from the sale of rights to future energy generation and associated land rights is recognised when control of the rights transfers to the purchaser and the risks and rewards of ownership have passed. This occurs when all performance obligations have been satisfied, including the transfer of energy generation rights and land rights, and when the relevant infrastructure is in place to enable additional power generation. Revenue is recognised in full at this point. Any obligation to rectify defects is accounted for separately, with revenue recognised only once such obligations are satisfied. Revenue from electricity sales, including the associated management fee, is recognised on a gross basis, reflecting the Group’s role as principal in the arrangement. Revenue is recognised when control of the electricity has passed to the end customer, the Group’s right to consideration has been established, and it is probable that economic benefits will flow to the Group. Revenue is measured at the fair value of the total consideration receivable under the relevant agreement, comprising both the electricity supply and the management fee, and is stated net of value added tax and other sales taxes.
| 2.5 | 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 15
HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.7 | 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 balance sheet date in the countries where the Company and the Group operate and generate income.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Software | - | 10% |
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.10 | Stocks
Stocks comprise project development costs and are stated at the lower of cost and net realisable value, costs include all direct costs. At each reporting date, stocks are assessed for impairment. If stock is impaired the loss is recognised immediately in the profit and loss. Page 16
HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of small company, or a public benefit entity concessionary loan. Financial assets that are 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 Consolidated Profit and Loss Account. Page 17
HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the group’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. WIP Valuation The directors recognise development expenditure as stock where it is judged that projects are commercially viable. As is standard in the renewable industry, planning success is important to a project's ultimate viability. Should projects not achieve planning permission, this may also result in a significant write-off from the carrying value. This requires the exercise of management judgment relating to the nature, viability, and probability of the projects becoming successful. Typically, the Group's and Company’s balance sheet includes these projects as part of stock.
4. | Employees
| Contractually all employees of HFD Renewables Limited sit within HFD Payroll Limited. However an average of 1 employees were dedicated to providing services on behalf of HFD Renewables Limited during the year ended 30 June 2025 (2024: 1 employee). Remuneration costs were borne by HFD Payroll Limited and recharged to HFD Renewables Limited.
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HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Intangible assets
| Group and Company
|  | Computer software
|  | £
| Cost |
| At 1 July 2024 | 6,800
| At 30 June 2025 | 6,800
| Net book value |
| At 30 June 2025 | 6,800
| At 30 June 2024 | 6,800
6. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 500
| Additions | 100
| At 30 June 2025 | 600
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HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| HFD Renewables SL Limited | 1 | Ordinary | 100%
| HFD Renewables Gainerhill Limited | 1 | Ordinary | 100%
| HFD Renewables NL Limited | 1 | Ordinary | 100%
| HFD Renewables EP Limited | 1 | Ordinary | 100%
| HFD Renewables EI Limited | 1 | Ordinary | 100%
| HFD Renewables EV-PV Limited | 1 | Ordinary | 100%
| 1) 177 Bothwell Street, Glasgow, G2 7ER
| HFD Renewables SL Limited, HFD Renewables Gainerhill Limited, HFD Renewables EP Limited, HFD Renewables NL Limited, HFD Renewables EI Limited and HFD Renewables EV-PV Limited have taken the exemption from the requirement to have their individual financial statements audited. The exemption is available under section 479A of the Companies Act 2006.
7. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Work in progress | 956,645 | 483,221 | 923,323 | 483,221
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
8. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts owed by group undertakings | 90,757 | - | 38,424 | -
| Amounts owed by related parties | 10,073 | - | - | -
| Other debtors | 140,728 | 331,871 | 17,348 | 41,402
| Prepayments and accrued income | 3,480,495 | 2,695,222 | 2,275 | 17,199
|  | 3,722,053 | 3,027,093 | 58,047 | 58,601
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HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 7,122 | 3,169 | 600 | 2,865
10. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 68,966 | 129,291 | 44,965 | 125,930
| Amounts owed to group undertakings | 3,540,161 | 2,922,443 | 1,557,610 | 805,684
| Other taxation and social security | 589 | - | - | -
| Other creditors | - | 100 | 300 | 200
| Accruals and deferred income | 1,139,682 | 264,160 | 392,606 | 261,340
|  | 4,749,398 | 3,315,994 | 1,995,481 | 1,193,154
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 7,500 (2024 - 7,500) Ordinary shares of £1.00 each | 7,500 | 7,500
|  | 2,500 (2024 - 2,500) Ordinary 'A'' class shares of £1.00 each | 2,500 | 2,500
|  |  | 10,000 | 10,000
12. | Reserves
Profit and loss account The profit and loss reserves represents cumulative profits and losses, less any dividends paid.
13. | Pension commitments
A defined contribution pension scheme is operated for all qualifying employees through HFD Payroll Limited. The assets of the scheme are held separately from those of the group in an independently administered fund. Page 21
HFD RENEWABLES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Related party transactions
| During the year, the group and company entered into transactions with related parties in the normal course of business. These transactions included: Group Sales to related parties: £36,253 (2024: £Nil) Purchases from related parties: £2,575 (2024: £2,340) Amounts receivable from related parties < 1 year: £10,073 (2024: £Nil) Company Purchases from related parties: £2,575 (2024: £2,340) All transactions were conducted on an arm’s length basis and on normal commercial terms. No guarantees were given or received in respect of related party balances, and no provisions have been made for doubtful debts in respect of amounts owed by related parties. The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the immediate parent or any wholly owned subsidiary undertaking of the group.
15. | Controlling party
The controlling party and ultimate parent at the reporting date is HFD Holdco Limited which is the largest group of companies for which group financial statements are prepared. Copies of group financial statements are available to the public from Companies House. HFD Renewables Limited is the smallest group for which group financial statements are prepared. The Hill 2011 Trust and Alexander Trust and their members are considered to be the ultimate controlling party due to their majority shareholding in HFD Holdco Limited.
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