ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: NI061631

MANTLIN LIMITED

AUDITED

ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2025

MANTLIN LIMITED

COMPANY INFORMATION

Directors	Mr N S Parker
	Mr P W Kent


Registered number	NI061631


Registered office	42-46 Fountain Street
	Belfast
	Northern Ireland
	BT1 5EF


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

MANTLIN LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Notes to the Financial Statements	11 - 23

MANTLIN LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The Directors present their Strategic Report for the Company for the year ended 31 December 2025.

Business review

The Company's principal activity during the year under review continued to be the operation of wind farms.

Key financial and other performance indicators during the year were as follows:

	2025	As restated 2024
	£000	£000

Turnover	20,836	18,610
Operating profit	12,618	10,312
Profit after tax	9,124	10,386
Net assets	13,355	22,148

The Company's turnover and operating profit have increased compared to the prior year due to an increase in energy production and market electricity prices. The Company's profit after tax has decreased compared to the prior year driven by changes in corporation tax payable (refer to note 10 for details). The Company's net assets have decreased due to the level of dividends declared and paid in the year.

The Directors note that the Company has generated significant profits in the year and has continued to make distributions to shareholders.

Principal risks and uncertainties

In the ordinary course of business, the Company is exposed to and manages a variety of risks in relation to its activities. The management of risk is fundamental to the Company and is closely monitored by the Board of Directors who have responsibility for the overall system of internal control and for reviewing its effectiveness.

The principal risks and uncertainties facing the Company are set out below.

Competitive risks

The Company is reliant on certain key suppliers for contracts which are subject to periodic competitive tender. Renewal of these contracts is not guaranteed and is based on financial and performance criteria.

Legislative risks

The operation of wind farms requires the Company to comply with regulatory standards. These standards are subject to continuous revision and any new Directive may impose additional compliance costs on the Company which would require it to revise its business plan.

Technical risks

The Company is exposed to the technical challenges inherent in the operation of a wind farm which, if not carefully managed, could impact electricity generation. To mitigate this technical risk the Company has employed a team of experienced contractors to monitor wind farm performance and advise on appropriate levels of essential spares.

Page 1

MANTLIN LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Revenue market risks

The Company is exposed to the unpredictable nature of wind and changing market prices which has a direct impact on the revenue generated from electricity production and hence profitability. These risks are managed by regularly updating revenue forecasts with market price and wind generation projections prepared by reputable consulting companies. The forecasts are also adjusted to reflect the terms of the underlying power purchase agreements.

This report was approved by the board and signed on its behalf.

Mr P W Kent

Director

Date: 30 June 2026

Page 2

MANTLIN LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company in the period was the operation of a wind farm.

Results and dividends

The profit for the year, after taxation, amounted to £9,114,000 (2024 - as restated £10,386,000).

Dividends were declared and paid in the year of £17,916,000 (2024 - £11,149,000).

Directors

The Directors who served during the year were:

Mr N S Parker

Mr P W Kent

Page 3

MANTLIN LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial instruments

The Company has established a risk and financial management framework to protect the Company from events that hinder the achievement of the Company's performance objectives. The objective is to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level. Steps taken by management to achieve this include reviewing asset performance against forecasts to ensure cash flow generation is in line with expectations; monitoring day to day operations to ensure cash inflows are sufficient to cover expected cash outflows; and reviewing financial information on a monthly basis to ensure appropriate financing is in place and available to be deployed as and when required.

The principal risks the Company is exposed to in relation to its financial instruments are set out below.

Credit risk

Credit risk refers to the risk of a loss arising following a customer failing to meet their contractual obligations. The Company manages credit risk by monitoring outstanding amounts due in the context of agreed credit terms.

Liquidity risk

Liquidity risk is the risk that the Company will fail to meet its financial obligations in a timely and cost effective manner due to mismatches in the maturity profile of assets and liabilities. The Company mitigates liquidity risk by managing cash flows to ensure sufficient funds are available to pay liabilities as and when they fall due.

Qualifying third party indemnity provisions

The Directors of the Company are covered by an insurance policy which insures against Directors and Officers claims.

Disclosure of information to auditors

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's auditors are 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's auditors are aware of that information.

Auditors

The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr P W Kent

Director

Date: 30 June 2026

Page 4

MANTLIN LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANTLIN LIMITED

Opinion

We have audited the financial statements of Mantlin Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 Company's affairs as at 31 December 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.

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 Auditors' 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 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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Page 5

MANTLIN LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANTLIN LIMITED (CONTINUED)

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

∙the Strategic Report and the Directors' Report have 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 Strategic Report or 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.

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.

Page 6

MANTLIN LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANTLIN LIMITED (CONTINUED)

Auditors' 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 Auditors' 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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, the Renewables Obligation Order 2015 and UK company tax law are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Assessing the susceptibility of the Company’s financial statements to material misstatements by obtaining an understanding of how fraud might occur;

∙Enquiring of management and those charged with governance as to actual and potential litigation and claims;

∙Identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by identifying the laws and regulations applicable to the Company through discussions with management to ensure that no breaches have incurred that would have a reputational, operational or financial impact on the Company;

∙Performing audit work 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 performing analytical procedures to identify any significant unusual or unexpected transactions or relationships;

∙Performing audit work over the risk of timing and recognition of income, including analytical procedures to ensure completeness and substantive procedures to ensure accuracy and occurrence, based on the requirements of accounting standards;

∙Reviewing and challenging assumptions and judgement made by management in their accounting estimates for bias; and

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 7

MANTLIN LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANTLIN LIMITED (CONTINUED)

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 Auditors' 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 Auditors' 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.

Thomas Clark ACA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

30 June 2026

Page 8

MANTLIN LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2025

		As restated
	2025	2024
Note	£000	£000


Turnover	4	20,836	18,610
Cost of sales		(7,598)	(7,984)
Gross profit		13,238	10,626
Administrative expenses		(620)	(314)
Operating profit	5	12,618	10,312
Interest receivable and similar income	8	1	94
Interest payable and similar expenses	9	-	(16)
Profit before tax		12,619	10,390
Tax on profit	10	(3,505)	(4)
Profit after tax		9,114	10,386

Retained earnings	19
- as previously stated		22,435	22,911
- correction of a prior period error		(287)	-
At the beginning of the year as restated		22,148	22,911

Profit for the year		9,114	10,386
Dividends declared and paid		(17,916)	(11,149)
Retained earnings at the end of the year		13,346	22,148

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 23 form part of these financial statements.

Page 9

MANTLIN LIMITED

REGISTERED NUMBER: NI061631

BALANCE SHEET

AS AT 31 DECEMBER 2025

		As restated
	2025	2024
Note	£000	£000

Fixed assets
Tangible assets	12		7,141		10,057
Current assets
Debtors: amounts falling due within one year	13	6,002		8,078
Cash at bank and in hand	14	1,889		6,735
		7,891		14,813
Current liabilities
Creditors: amounts falling due within one year	15	(498)		(920)
Net current assets			7,393		13,893
Total assets less current liabilities			14,534		23,950
Provisions for liabilities
Deferred tax	16	(1,189)		(1,802)
			(1,189)		(1,802)
Net assets			13,345		22,148

Capital and reserves
Called up share capital	17	-	-
Profit and loss account	18	13,345	22,148
		13,345	22,148

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr P W Kent

Director

Date: 30 June 2026

The notes on pages 11 to 23 form part of these financial statements.

Page 10

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Mantlin Limited is a private company, limited by shares and incorporated in Northern Ireland, registration number NI061631. The registered office address is 42-46 Fountain Street, Belfast, Northern Ireland, BT1 5EF. The principal place of business is Slieve Rushen Phase II, Derrylin, Northern Ireland, BT92 9AU.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are rounded to the nearest £000 unless otherwise stated.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared using FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland. There were no material departures from that standard.

2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of GAHL Finco Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.

2.4

Going concern

The Company was profit making in the period and is in a net current asset and net asset position at the year end date. The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the Company’s business model and the availability of cash resources.

In preparing this assessment the Directors cite the ability of the Company to generate sufficient cash to meet its liabilities as they fall due. On this basis the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

Page 11

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.6

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.7

Operating leases: the Company as lessee

The fixed element of rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

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 12

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods as set out below.

The estimated useful lives range as follows:

Freehold land	-		Not depreciated
Short-term leasehold property	-	21	years on a straight line basis
Plant and machinery	-	5	years on a straight line basis
Wind turbines	-	20	years on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

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.

2.13

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.

2.14

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.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

Page 14

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 15

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The following are the Company's key sources of estimation uncertainty:

Decommissioning liabilities

Provision has not been recognised in respect of wind farm site restoration costs on the basis that the Directors have determined the likelihood of a liability arising is remote based on the assumptions that the scrap value of the turbines will be sufficient to cover any decommissioning costs and that there is also the potential that the wind farm will be re-energised and the related site lease renewed. If circumstances indicate otherwise, the Company will recognise an appropriate provision.

Turnover

The whole of the turnover is attributable to the Company's principal activity.

All turnover arose within the United Kingdom.

Page 16

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Exchange differences	4	-
	Other operating lease rentals	155	155

Audit of the Company's financial statements


	The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the parent company.

Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2024 - £NIL).

8.	Interest receivable
		2025	2024
		£000	£000

Other interest receivable

9.	Interest payable and similar expenses
		2025	2024
		£000	£000

Other interest payable

Page 17

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	3,775	2,669
Adjustments in respect of previous periods	344	(2,076)
	4,119	593

Total current tax	4,119	593

Deferred tax
Origination and reversal of timing differences	(614)	(589)
Total deferred tax	(614)	(589)


	Tax on profit	3,505	4

Profit on ordinary activities before tax

12,619

10,390

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25 %)	3,155	2,598
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	610	-
Capital allowances for year in excess of depreciation	(604)	(589)
Impact of prior year adjustment	-	71
Adjustments to tax charge in respect of prior periods	344	(2,076)
Total tax charge for the year	3,505	4

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Dividends
		2025	2024
		£000	£000

Equity dividends on ordinary shares paid

17,916

11,149

12.	Tangible fixed assets

	Freehold property	Short-term leasehold property	Plant and machinery	Other fixed assets	Total
	£000	£000	£000	£000	£000
Cost or valuation
At 1 January 2025	575	2,980	42	47,962	51,559
At 31 December 2025	575	2,980	42	47,962	51,559
Depreciation
At 1 January 2025	-	1,810	41	39,651	41,502
Charge for the year on owned assets	-	142	1	2,773	2,916
At 31 December 2025	-	1,952	42	42,424	44,418
Net book value
At 31 December 2025	575	1,028	-	5,538	7,141
At 31 December 2024	575	1,170	1	8,311	10,057

Freehold property comprises freehold land which is not depreciated.

The third party borrowings of the Company's parent, GAHL Finco Limited, are secured by a legal charge over all assets of the Company, present and future.

Page 19

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.

Debtors

					2025	2024
					£000	£000


Trade debtors	500	906
Other debtors	571	2,085
Prepayments and accrued income	4,931	5,087
	6,002	8,078

14.	Cash and cash equivalents
		2025	2024
		£000	£000

	Cash at bank and in hand	1,889	6,735

Trade creditors	301	127
Accruals and deferred income	197	793
	498	920

Page 20

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Deferred taxation

	2025	2024
	£000	£000

At beginning of year	(1,803)	(2,392)
Charged to profit or loss	614	590
At end of year	(1,189)	(1,802)

The provision for deferred taxation is made up as follows:
	2025	2024
	£000	£000

Deferred tax

(1,189)

(1,803)

17.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 (2024 - 1) Ordinary share of £1.00	1	1

18.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

19.	Prior year adjustment

In the prior year an accrual of £287,000 was omitted from the financial statements. An adjustment has been recorded to the prior year financial statements to increase accruals and administrative expenses in respect of this. The impact on the prior year profit was a decrease of £287,000.

Page 21

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	89	89
Later than 1 year and not later than 5 years	384	375
Later than 5 years	197	295
	670	759

21.Financial commitments

At 31 December 2025, the Company had entered into the following financial commitments. The commitments have been calculated based on the non-cancellable period set out in the underlying contracts. The amounts stated represent the base charges. Actual payments will be adjusted for inflation indexation and are therefore greater than the amounts stated below.

					Total commitment
					£000


	Management Service Agreement	67
	Turbine Servicing Agreement	621
	Other Agreements	115
	Operations and Maintenance Agreement	60
		863

22.	Related party transactions
	The Company is exempt under the terms of Financial Reporting Standard 102 (FRS102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.

Page 22

MANTLIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Controlling party

The Company's immediate parent company is GAHL Finco Limited, a company incorporated in England and Wales.

The ultimate parent and controlling party is Gravis Asset Holdings Limited, a company incorporated in England and Wales.

The smallest group of undertakings into which the results of the Company are consolidated is headed by GAHL Finco Limited. The largest group of undertakings into which the results of the Company are consolidated is headed by Gravis Asset Holdings Limited.

The registered office address for both GAHL Finco Limited and Gravis Asset Holdings Limited is 24 Savile Row, London, W1S 2ES. The consolidated financial statements are available from the registered office address and Companies House.

Page 23