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COMPANY REGISTRATION NUMBER: SC465407

Stewart Energy Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 December 2025

Stewart Energy Limited

Abridged Financial Statements

Year ended 31 December 2025

Contents | Page

Abridged statement of financial position | 1

Notes to the abridged financial statements | 3

Stewart Energy Limited

Abridged Statement of Financial Position

31 December 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 4,246,553 | 4,534,559

Current assets

Debtors | 1,512,729 |  | 1,275,589
Cash at bank and in hand | 63,775 |  | 956,049
| ------------ |  | ------------
| 1,576,504 |  | 2,231,638

Creditors: amounts falling due within one year | 886,382 |  | 3,567,895
| ------------ |  | ------------
Net current assets/(liabilities) |  | 690,122 | ( 1,336,257)
|  | ------------ | ------------
Total assets less current liabilities |  | 4,936,675 | 3,198,302

Creditors: amounts falling due after more than one year |  | 2,240,000 | 844,528

Provisions

Taxation including deferred tax |  | 893,264 | 928,306
|  | ------------ | ------------
Net assets |  | 1,803,411 | 1,425,468
|  | ------------ | ------------

Stewart Energy Limited

Abridged Statement of Financial Position (continued)

31 December 2025

| 2025 | 2024
Note | £ | £ | £

Capital and reserves

Called up share capital |  | 100 | 100
Profit and loss account |  | 1,803,311 | 1,425,368
|  | ------------ | ------------
Shareholders funds |  | 1,803,411 | 1,425,468
|  | ------------ | ------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2025 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 23 January 2026 , and are signed on behalf of the board by:

Mr A T Stewart |
Director |

Company registration number: SC465407

Stewart Energy Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Marshill Farm, Blackwood, Lanark, South Lanarkshire, ML11 9PW, Scotland.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost basis.
Borrowing costs
The company capitalised borrowing costs during the construction phase of the project. Since the turbines became operational borrowing costs have been charged to the profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue comprised the income from the generation of electricity. Revenue consists of sales of electricity, exclusive of value added tax. Electricity sales are based on meter readings measured in units and include an estimate of the fair value of the units supplied between the date of the meter reading immediately prior to the year end and the year end. Revenue from the sale of electricity is recognised when generated and there is an obligation on the buyer to pay, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 4% straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Hedge accounting
Hedge accounting is used where the hedging relationship is designated, documented and expected to be highly effective, and is only used for specific risks, as defined by FRS 102 section 12. Where the hedged risk is the variable or fixed interest rate risk of a debt instrument measured at amortised cost, the periodic net cash settlements on the interest rate swap are recognised in profit or loss in the period in which the net settlements accrue.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2024: 3 ).
No remuneration was paid to staff by the company during this or the previous year.
5. Tangible assets

| £
Cost |
At 1 January 2025 and 31 December 2025 | 7,200,167
| ------------
Depreciation |
At 1 January 2025 | 2,665,608
Charge for the year | 288,006
| ------------
At 31 December 2025 | 2,953,614
| ------------
Carrying amount |
At 31 December 2025 | 4,246,553
| ------------
At 31 December 2024 | 4,534,559
| ------------

6. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 100,000 | 100,000
Later than 1 year and not later than 5 years | 400,000 | 400,000
Later than 5 years | 757,142 | 857,142
| ------------ | ------------
| 1,257,142 | 1,357,142
| ------------ | ------------

7. Charges on assets
Creditors include bank loans which are secured of £2,800,000 (2024 - £3,802,621).
The assets of the company are subject to floating charges in favour of the finance providers and landowners.
8. Directors' advances, credits and guarantees
See note 13 for transactions with a related party controlled by a Director.
9. Related party transactions
The company was under the control of Mr Andrew Stewart throughout the current and previous year. Mr Stewart is the managing director and majority shareholder. T C Stewart & Sons owed a balance of £nil to the company at the balance sheet date (2024 - £57,000). Mr Andrew Stewart is a partner in the firm of T C Stewart & Sons. There are no set repayment or interest terms applying to this loan. The company has advanced a further loan to Southfield Homes Limited of £176,424 (2024 - £121,827). The balance due from Southfield Homes Limited at the balance sheet date is £1,156,016 (2024 £979,592). This loan is unsecured and is repayable on demand. Mr A Stewart is a director and controlling shareholder of Southfield Homes Limited. Two of the Directors are also shareholders of the company. Dividends of £179,500 in total were paid to these Directors (2024 - £98,750).