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Registered number: 09904307 BURTON WOLD WIND FARM SOUTH LTD DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
BURTON WOLD WIND FARM SOUTH LTD COMPANY INFORMATION
Directors | A. D. K. Brierley
| P. E. Dias
| T. J. Rosser
Registered number | 09904307
Registered office | UK House, 5th Floor
| 164-182 Oxford Street
| London
| W1D 1NN
Independent auditors | Wilder Coe Ltd
| Chartered Accountants and Statutory Auditors
| 1st Floor Sackville House
| 143-149 Fenchurch Street
| London
| EC3M 6BL
BURTON WOLD WIND FARM SOUTH LTD CONTENTS
| Page
Directors' Report | 1 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 21
BURTON WOLD WIND FARM SOUTH LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the audited financial statements of Burton Wold Wind Farm South Ltd ("the Company") for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing 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 judgments 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; and ∙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 during the year has been the operation of an onshore wind farm.
Results and dividends
The profit for the year, after taxation, amounted to £777,470 (As restated: 2024: £1,607,220). The directors recommend the payment of a dividend of £1,804,985 (2024: £243,032). Page 1
BURTON WOLD WIND FARM SOUTH LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Going concern
The financial statements have been prepared on the going concern basis. The directors have prepared cash flow forecasts and reviewed capital requirements for the twelve months from the date of approving these financial statements, which indicate the business can continue to trade for at least twelve months. Factors supporting the assessment are as follows: ∙The Company owns wind plants which generate cash flows throughout the year. ∙The wind plants have Renewable Obligation Certificate (ROC) accreditation, which is a 20-year government subsidy administered by Office of Gas and Electricity Markets (OFGEM) which guarantees a stream of revenue as long as the plants are generating electricity, at a price to be determined based on demand. ∙The Company's cash flow forecasts have utilised forward pricing curves and the directors have applied sensitivities and considered debt repayments due over the next 12 months. Further, the Company's ultimate joint shareholders, Renewable Energy Income Partnership III B Holdings Limited and REIP IV Holdings Limited, will continue to support the operations of the Company for a period of 12 months from the date on which the financial statements are approved. The directors will continue to monitor the situation and take any necessary actions to minimise the possible impacts of these events.
Directors
The directors who served during the year were:
A. D. K. Brierley
P. E. Dias
T. J. Rosser
Directors' third party indemnity provision
A qualifying third-party indemnity provision as defined in section 234 of the Companies Act 2006 was in force throughout the financial year and at the date of approval of the financial statements, for the benefit of each of the directors in respect of liabilities incurred as a result of their office, to the extent permitted by law. In respect of those liabilities for which directors may not be indemnified, the parent companies maintained a directors' and officers' liability insurance policy throughout the financial year and up to the date of signing the financial statements.
Statement of 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 directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Wilder Coe Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 2
BURTON WOLD WIND FARM SOUTH LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Small companies exemption
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. The directors have also taken advantage of the small company exemptions provided by section 414B of the Companies Act 2006 and have not prepared a Strategic Report. This report was approved by the board on 30 June 2026 and signed on its behalf.
P. E. Dias Director
Page 3
BURTON WOLD WIND FARM SOUTH LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURTON WOLD WIND FARM SOUTH LTD
Opinion
We have audited the financial statements of Burton Wold Wind Farm South Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 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 4
BURTON WOLD WIND FARM SOUTH LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURTON WOLD WIND FARM SOUTH LTD (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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to 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 Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 5
BURTON WOLD WIND FARM SOUTH LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURTON WOLD WIND FARM SOUTH LTD (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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Discussions with and enquiries of management and those charged with governance were held with a view to identify those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: ∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax legislation and distributable profits legislation; and ∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. Where irregularities have been found and treatments have differed from what we have expected additional procedures have been conducted to ratify the discrepancies. If the irregularity is financial in nature then samples have been extended, and the irregular items extrapolated to ensure that no material misstatement has occurred. These irregularities are also communicated to management so that they can rectify the discrepancies or provide an explanation for the difference. Where the irregularity is a difference in treatment to what we had expected this has been communicated to management and additional explanation has been added to ensure adequate disclosure where necessary. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). 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. Page 6
BURTON WOLD WIND FARM SOUTH LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURTON WOLD WIND FARM SOUTH LTD (CONTINUED)
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. Caryl King BSc ACA (Senior Statutory Auditor) for and on behalf of Wilder Coe Ltd Chartered Accountants and Statutory Auditors 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL 30 June 2026 Page 7
BURTON WOLD WIND FARM SOUTH LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
|  | As restated
| 2025 | 2024
Note | £ | £
Turnover |  | 2,059,498 | 2,725,046
Cost of sales |  | (1,105,106) | (987,856)
Gross profit |  | 954,392 | 1,737,190
Administrative expenses |  | (176,139) | (176,262)
Operating profit |  | 778,253 | 1,560,928
Interest payable and similar expenses |  | (72,258) | (100,309)
Profit before taxation |  | 705,995 | 1,460,619
Tax on profit on ordinary activities | 5 | 71,475 | 146,601
Profit for the financial year |  | 777,470 | 1,607,220
There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.
There was no other comprehensive income for 2025 (2024:£Nil).
The notes on pages 11 to 21 form part of these financial statements.
Page 8
BURTON WOLD WIND FARM SOUTH LTD REGISTERED NUMBER: 09904307 BALANCE SHEET AS AT 31 DECEMBER 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 7 |  | 6,591,203 |  | 6,885,480
Current assets |  |  |  |  |
Debtors | 8 | 906,771 |  | 1,263,552 |
Cash at bank and in hand |  | 1,095,528 |  | 628,787 |
|  | 2,002,299 |  | 1,892,339 |
Creditors: amounts falling due within one year | 9 | (138,109) |  | (155,578) |
Net current assets |  |  | 1,864,190 |  | 1,736,761
Total assets less current liabilities |  |  | 8,455,393 |  | 8,622,241
Creditors: amounts falling due after more than one year | 10 |  | (1,945,818) |  | (1,020,400)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (1,031,458) |  | (1,102,933) |
Other provisions | 12 | (176,667) |  | (169,943) |
|  |  | (1,208,125) |  | (1,272,876)
Net assets |  |  | 5,301,450 |  | 6,328,965
Capital and reserves |  |  |  |  |
Allotted, called up and fully paid share capital | 13 |  | 100 |  | 100
Profit and loss account |  |  | 5,301,350 |  | 6,328,865
Total shareholder's funds |  |  | 5,301,450 |  | 6,328,965
The Comapny'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 on. 30 June 2026.
P. E. Dias
Director
The notes on pages 11 to 21 form part of these financial statements. Page 9
BURTON WOLD WIND FARM SOUTH LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 100 | 4,964,677 | 4,964,777
Profit for the financial year (as stated) | - | 1,607,220 | 1,607,220
Dividends: Equity capital | - | (243,032) | (243,032)
At 31 December 2024 and 1 January 2025 | 100 | 6,328,865 | 6,328,965
Profit for the financial year | - | 777,470 | 777,470
Dividends: Equity capital | - | (1,804,985) | (1,804,985)
At 31 December 2025 | 100 | 5,301,350 | 5,301,450
| The notes on pages 11 to 21 form part of these financial statements.
Page 10
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The principal activities of the Company during the year continued to be the ownership, maintenance and operation of wind turbine systems to benefit from continued renewable energy and the sale of associated electrical generation under power purchase agreements. The Company is a private company limited by shares and is incorporated and registered in the United Kingdom. The address of its registered office is UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN. The principal place of business is Buccleuch Farm, Burton Latimer, Kettering, NN15 5PH. 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 requirements and 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 financial statements are prepared in Sterling which is the functional currency of all entities in the group and are rounded to the nearest £. All amount in the income statement relate to continuing operations. The following principal accounting policies have been applied:
| 2.2 | Statement of cash flows
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 7.1B from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis. The directors have prepared cash flow forecasts and reviewed capital requirements for the twelve months from the date of approving these financial statements, which indicate the business can continue to trade for at least twelve months. Factors supporting the assessment are as follows: ∙The Company owns wind plants which generate cash flows throughout the year. ∙The wind plants have Renewable Obligation Certificate (ROC) accreditation, which is a 20-year government subsidy administered by Office of Gas and Electricity Markets (OFGEM) which guarantees a stream of revenue as long as the plants are generating electricity, at a price to be determined based on demand. ∙The Company's cash flow forecasts have utilised forward pricing curves and the directors have applied sensitivities and considered debt repayments due over the next 12 months. Further, the Company's ultimate joint shareholders, Renewable Energy Income Partnership III B Holdings Limited and REIP IV Holdings Limited, will continue to support the operations of the Company for a period of 12 months from the date on which the financial statements are approved. The directors will continue to monitor the situation and take any necessary actions to minimise the possible impacts of these events. Page 11
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Amounts disclosed as turnover are net of trade allowances, duties and taxes paid. Turnover generated from wind operations is recognised where there is a signed unconditional contract of sale and as electricity is generated at the contracted rate on the date of generation, except where that rate cannot be determined with reasonable accuracy in which case it is recognised when the rate can be determined with reasonable certainty.
| 2.5 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Plant and machinery - 25 years Restoration asset - 25 years 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 the Statement of Comprehensive Income.
| 2.6 | Restoration provision
Provision for decommissioning is recognised at the commencement of production. The amount recognised in the value of the future expenditure is determined in accordance with local conditions and requirements. Any movement in the provision is recognised in the Statement of Comprehensive Income in the year. Any change in the value of the estimated expenditure is reflected in an adjustment to the provision. The directors annually review their decommissioning assessment to confirm that there are no material changes to the net liabilities or contingencies arising from the ongoing commitment to decommission the wind farm.
| 2.7 | 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. Page 12
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 corporation 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 revenue. 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 that 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 the 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.
| 2.9 | Leases
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement and whether the lease should be classified as either a finance lease or an operating lease. Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. Finance leases are capitalised at the commencement of the lease at the fair value of the leased asset and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the period of the lease. Page 13
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities Basic financial liabilities, including trade and other payables and loans from shareholder companies 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an 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 to liability simultaneously.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable. Page 14
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. a) Critical judgements in applying the company's accounting policies The directors consider that there are no critical judgements in the application of the Company's accounting policies which would have a material impact on the financial statements. b) Key accounting estimates and assumptions The resulting accounting estimates will, by definition, seldom equal the related actual costs. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. i) Useful economic life of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re- assessed periodically. ii) Decommissioning The decommissioning provision assessment is reviewed annually to confirm that there have not been any material changes to the net liabilities or contingencies arising from the ongoing commitment to decommission the wind farms. iii) ROC Recycle income ROC recycle revenue from the sale of ROCs (Renewables Obligation Certificates) is recognised at the point of sale of the associated electricity. Where these amounts are unknown, they are accrued at the most reliable value that can be determined based on generated electricity. As the final value of certificates will not be known until after the approval of these financial statements, the value of recognised ROC recycle revenue may require adjustment in future periods, resulting in a corresponding charge or credit to the Statement of Comprehensive Income.
4. | Employee information
The Company has no employees other than directors, who did not receive or waive any remuneration (2024: £Nil). Page 15
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deferred tax |  |
| Origination and reversal of timing differences | (71,475) | (146,601)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 705,995 | 1,460,619
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 176,499 | 365,155
| Effects of: |  |
| Group relief claimed | (160,645) | (362,903)
| Capital allowances for year (in excess of)/ less than depreciation | (17,535) | 105,656
| Decommissioning liability provisions adjustments | - | (107,880)
| Fixed asset profit on disposals | - | (1,754)
| Deferred tax movements | (71,475) | (146,601)
| Expenses not deductible for tax purposes | 1,681 | 1,726
| Total tax charge for the year | (71,475) | (146,601)
| Factors that may affect future tax charges
There are no factors that may affect future tax charges.
6. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 1,804,985 | 243,032
Page 16
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost or valuation |
| At 1 January 2025 | 10,469,900
| Additions | 128,874
| At 31 December 2025 | 10,598,774
| Accumulated Depreciation |
| At 1 January 2025 | 3,584,420
| Charge for the year | 423,151
| At 31 December 2025 | 4,007,571
| Net book value |
| At 31 December 2025 | 6,591,203
| At 31 December 2024 | 6,885,480
8. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | - | 13,444
| Other debtors | 96,105 | -
| Prepayments and accrued income | 810,666 | 1,250,108
|  | 906,771 | 1,263,552
Page 17
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 14,103 | 21,098
| Other creditors | 31,988 | 55,977
| Accruals and deferred income | 92,018 | 78,503
|  | 138,109 | 155,578
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 1,945,818 | 1,020,400
| Included within amounts owed to group undertakings are unsecured loans with year end balances totalling £1,945,818 (2024: £1,020,400). The loans bear interest at 6.5% (2024: 6.5%) and are repayable after more than five years.
11. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (1,102,933)
| Charged to profit or loss | 71,475
| At end of year | (1,031,458)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,031,458) | (1,102,933)
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BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Provisions
|  | Restoration provision
|  | £
| At 1 January 2025 | 169,943
| Charged to profit or loss | 6,724
| At 31 December 2025 | 176,667
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2024 - 100,000) Ordinary shares of £0.001 each | 100 | 100
There is a single class of Ordinary shares. There are no restrictions on dividends and the repayment of capital. Page 19
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Financial commitments
| At 31 December 2025 and 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 102,000 | 102,000
| Due in 2-5 years | 408,000 | 408,000
| Due in greater than 5 years | 1,246,915 | 1,348,915
|  | 1,756,915 | 1,858,915
| There is an operating lease in connection with the rental of the land. These are represented by an annual base rent £102,000 which is indexed based on retail price index. This lease is due to expire in 2043.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due in one year | 41,250 | 41,250
| Due in 2-5 years | 165,000 | 165,000
| Due in greater than 5 years | 504,267 | 545,517
|  | 710,517 | 751,767
| There is a community benefit agreement in place where a balance is paid annually dependent upon the generation capacity of the scheme.
15. | Prior year adjustment
During the year ended 31 December 2025, it has been identified that there was an error in the application of the cut-off in relation to turnover in the prior year accounts. The directors consider it necessary to make a prior period adjustment in order to accurately reflect the true financial position of the Company as at 31 December 2024. The prior year adjustment has resulted in a restatement of turnover, increasing it from £2,658,593 to £2,725,046. The turnover increased by £66,453 and the net effect on retained earnings is an increase of £66,453.
16. | Related party transactions
| The Company has identified the following transactions which are to be disclosed under the terms of FRS 102 "Related party transactions". Burton Wold Holdings Limited The Company has received an intercompany loan from Burton Wold Holdings Limited, the Company's immediate parent. During the year the Company was charged interest of £72,153 (2024: £99,998). At the year end, a balance of £1,984,828 (2024: £1,036,773) was included in creditors.
Page 20
BURTON WOLD WIND FARM SOUTH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Ultimate parent undertaking and controlling party
The Company's immediate parent undertaking was Burton Wold Holdings Limited, a company registered in England and Wales. Ultimately, the Company is jointly owned by Renewable Energy Income Partnership III B Holdings Limited and REIP IV Holdings Limited, with both companies incorporated in the UK. In the directors' opinion there is no ultimate controlling party.
Page 21