Company registration number SC477293 (Scotland)
SRONDOIRE WIND FARMERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
SRONDOIRE WIND FARMERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
SRONDOIRE WIND FARMERS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,551,802
4,972,935
Current assets
Debtors
4
1,136,287
1,205,566
Cash at bank and in hand
872,760
2,077,219
2,009,047
3,282,785
Creditors: amounts falling due within one year
5
(555,188)
(1,234,856)
Net current assets
1,453,859
2,047,929
Total assets less current liabilities
6,005,661
7,020,864
Creditors: amounts falling due after more than one year
6
(4,421,001)
(5,119,702)
Provisions for liabilities
(751,083)
(808,253)
Net assets
833,577
1,092,909
Capital and reserves
Called up share capital
477,150
477,150
Profit and loss reserves
356,427
615,759
Total equity
833,577
1,092,909

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 March 2026 and are signed on its behalf by:
J F Lithgow
Director
Company registration number SC477293 (Scotland)
SRONDOIRE WIND FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -
1
Accounting policies
Company information

Srondoire Wind Farmers Limited is a private company limited by shares incorporated in Scotland. The registered office is Ormsary Estate Office, Ormsary, Lochgilphead, Argyll, United Kingdom, PA31 8PE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the 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
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from electricity generated and services provided within the UK.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SRONDOIRE WIND FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5% on cost
Fixtures and fittings
5% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

SRONDOIRE WIND FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

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

1.9
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 profit and loss account 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.

SRONDOIRE WIND FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.

2
Employees

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

2025
2024
Number
Number
Total
0
0
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2024
8,644,925
Additions
42,458
Disposals
(69,264)
At 31 August 2025
8,618,119
Depreciation and impairment
At 1 September 2024
3,671,990
Depreciation charged in the year
432,423
Eliminated in respect of disposals
(38,096)
At 31 August 2025
4,066,317
Carrying amount
At 31 August 2025
4,551,802
At 31 August 2024
4,972,935
SRONDOIRE WIND FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
87,447
-
0
Amounts owed by group undertakings
645,522
671,975
Other debtors
403,318
533,591
1,136,287
1,205,566
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
-
0
148,898
Trade creditors
38,925
147
Amounts owed to group undertakings
81,905
108,199
Corporation tax
298,064
528,893
Other taxation and social security
46,888
97,358
Other creditors
89,406
351,361
555,188
1,234,856
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
4,421,001
5,119,702
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit 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.

Senior Statutory Auditor:
Kirsty Mackie BAcc CA
Statutory Auditor:
Azets Audit Services
Date of audit report:
11 March 2026
SRONDOIRE WIND FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
8
Related party transactions
Transactions with related parties

The company paid in the year the following sums to related parties, all of which have been charged within the profit and loss account in the relevant year.

The company has received interest of £38,413 in the year (2024: £40,776) from Srondoire Renewables Limited in respect of the loan provided.

| 2025 | 2024
| £ | £
A lease charge to Kenneths of Stronachullin LLP | 27,206 | 60,255
A sub-lease charge to SWF Energy LLP | 108,647 | 108,768
A charge for the provision of grid connection a |  |
infrastructure services to Srondoire Renewables Limited | 105,246 | 105,246
An administration management fee to Lithgows Limited | 75,934 | 73,504
A technical management fee to Ormsary Farmers | 34,777 | 38,524
| 2025 | 2024
| £ | £
Subordinated Loan interest charged by: |  |
Inver Renewables Limited | 117 | 4,782
Ormsary Renewables Limited | 96 | 3,918
Stronachullin Renewables Limited | 97 | 3,994
Tarbert & Skipness Renewables Limited | 36 | 1,412
ATarbert & Skipness Renewables Limited | 36 | 1,412

SRONDOIRE WIND FARMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
8
Related party transactions
(Continued)
- 8 -

| 2025 | 2024
S ubordinated loans due to shareholders : | £ | £
Due to Inver Renewables Limited | - | (45,527)
Due to Inver Ormsary Renewables Limited | - | (37,309)
Due to Stronachullin Renewables Limited | - | (38,027)
Due to Tarbert & Skipness Renewables Limited | - | (14,018)
Due to Tighnabruaich District Community Renewables Limited | - | (14,018)
Trade creditor balances: |  |
Due to Ormsary Farmers | (706) | (1,083)
Due to Srondoire Renewables | (24,263) | (885)
Due to SWF Energy | (13560) | -
Accruals balances: |  |
Due to Srondoire Renewables | (364) | -
Due to Ormsary Farmers | (1,801) | (1,801)
Due to SWF Energy LLP | (30,907) | (90,302)
Due to Kenneths of Stronachullin LLP | (10,302) | (30,101)
Prepayments balances: |  |
Due from Srondoire Renewables | 13,374 | 13,374
Due from Lithgows Ltd | 2,105 | 2,348
Due from Ormsary Farmers | 1,996 | 1,996
Due from SWF Energy LLP | 13,560 | 13,090
Loan balance : |  |
Amount due by Srondoire Renewables Limited | 614,485 | 655,368

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