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Registered number: 12120642 RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED COMPANY INFORMATION
Directors | T. J. Rosser
| A. D. K. Brierley
Registered number | 12120642
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
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED CONTENTS
| Page
Directors' Report | 1 - 3
Independent Auditors' Report | 4 - 7
Statement of Income and Retained Earnings | 8
Statement of Financial Position | 9
Notes to the Financial Statements | 10 - 19
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the audited financial statements of Renewable Energy Income Partnership III B Holdings Limited (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; 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 Company is a holding company for joint venture investments, of which the principal activity is the operation of renewable energy assets for the generation of power.
Results and dividends
The profit for the year, after taxation, amounted to £3,109,470 (2024 - loss £436,043). The directors do not propose the payment of a dividend (2024 - £Nil). Page 1
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED 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 cashflow 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 investments in joint ventures which generate cashflows throughout the year. All wind plants have Power and Energy Purchase Agreement (PPA) contracts which guarantee the electricity they produce a route to market for a period greater than 12 months from the date of approving these financial statements, and all solar plants have fixed pricing arrangements which, if called, provide a minimum price in that route to market for primary generation income. ∙The solar PV plants have Feed in Tariff 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 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 cashflow forecasts have utilised forward pricing curves and the directors have applied sensitivities and considered debt repayments due over the next 12 months.
Directors
The directors who served during the year were:
T. J. Rosser
A. D. K. Brierley
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 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, Wilder Coe Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 2
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. 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 26 June 2026 and signed on its behalf.
A. D. K. Brierley Director
Page 3
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED
Opinion
We have audited the financial statements of Renewable Energy Income Partnership III B Holdings Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS 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 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
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS 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. 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 identifying 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. ∙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) compromises 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; 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. 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 may be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements. 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
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED (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
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
| £ | £
| Note |  |
Administrative expenses |  | (81,948) | (25,913)
Operating loss |  | (81,948) | (25,913)
Income from fixed assets investments |  | 3,851,504 | 382,720
Interest receivable and similar income |  | 2,433,218 | 2,520,752
Interest payable and similar expenses |  | (3,093,304) | (3,313,602)
Profit/(loss) on ordinary activities before taxation |  | 3,109,470 | (436,043)
Taxation on profit/(loss) on ordinary activities | 4 | - | -
Profit/(loss) after taxation |  | 3,109,470 | (436,043)
Retained losses at the beginning of the year |  | (4,763,842) | (4,327,799)
Profit/(loss) for the year |  | 3,109,470 | (436,043)
Retained losses at the end of the year |  | (1,654,372) | (4,763,842)
The notes on pages 10 to 19 form part of these financial statements.
Page 8
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED REGISTERED NUMBER: 12120642 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments in joint ventures | 5 |  | 7,755,699 |  | 7,755,699
Loans receivables | 6 |  | 36,843,067 |  | 37,851,300
|  |  | 44,598,766 |  | 45,606,999
Current assets |  |  |  |  |
Debtors due within one year | 7 | 875,894 |  | 933,707 |
Cash at bank and in hand |  | 1,547 |  | 8,797 |
|  | 877,441 |  | 942,504 |
Creditors: amounts falling due within one year | 8 | (832,389) |  | (896,106) |
Net current assets |  |  | 45,052 |  | 46,398
Total assets less current liabilities |  |  | 44,643,818 |  | 45,653,397
Creditors: amounts falling due after more than one year | 9 |  | (46,298,189) |  | (50,417,238)
Net liabilities |  |  | (1,654,371) |  | (4,763,841)
Capital and reserves |  |  |  |  |
Allotted, called up and fully paid share capital | 10 |  | 1 |  | 1
Retained losses |  |  | (1,654,372) |  | (4,763,842)
Total shareholders' deficit |  |  | (1,654,371) |  | (4,763,841)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2026.
A. D. K. Brierley
Director
The notes on pages 10 to 19 form part of these financial statements. Page 9
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Renewable Energy Income Partnership III B Holdings Limited (the 'Company') is a private company, limited by shares, incorporated and registered in England and Wales and has a registered number of 12120642. The registered office is UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN. The Company is a holding company for joint venture investments, of which the principal activity is the operation of renewable energy assets for the generation of power. 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 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 | Exemption from preparing consolidated financial statements
The Company holds investments in joint ventures and as such is not required by the Companies Act 2006 to prepared consolidated financial statements. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
| 2.3 | 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. Page 10
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Critical accounting judgments and estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting policies. It also requires management to exercise judgment in applying the Company accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical judgments in applying the entity's accounting policies The Company has not made any critical judgments in applying the entity's accounting policies. (b) Critical accounting estimates and assumptions ROC Recycle Estimate The Company's investments establish accrued income in respect of the ROC recycle based on production for the period and apply externally available best estimates for the expected ROC recycle price for the period which is outstanding. Any difference between the estimate and the actual ROC recycle price is taken as revenue in the period in which the ROC recycle price is confirmed. Impairment of equity of investments At each reporting date equity investments are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of the asset (or asset's cash generating unit). The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and vale in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Statement of Income and Retained Earnings, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess if recognised in the Statement of Income and Retained Earnings. If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the Statement of Income and Retained Earnings. Page 11
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Going concern
The financial statements have been prepared on the going concern basis. The directors have prepared cashflow forecasts and reviewed capital requirements for the twelve months from the date of approving these financial statements, which the business can continue to trade for at least twelve months. Factors supporting the assessment are as follows: ∙The Company owns investments in joint ventures which generate cashflows throughout the year. ∙All wind plants have Power and Energy Purchase Agreement (PPA) contracts which guarantee the electricity they produce a route to market for a period greater than 12 months from the date of approving these financial statements, and all solar plants have fixed pricing arrangements which, if called, provide a minimum price in that route to market for primary generation income. ∙The solar PV plants have Feed in Tariff (FiT) 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 wind plants have Renewable Obligation Certificate (ROC) accreditation, which is 20-year government subsidy administered by Office of Gas and Electricity (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 cashflow forecasts have utilised forward pricing curves and the directors have applied sensitivities and considered debt repayments due over the next 12 months.
| 2.6 | Equity investments
Equity investments in joint ventures are measured at cost less accumulated impairment losses. On disposal of equity investments, the difference between net disposal proceedings and the carrying amount of the investments is taken into the Statement of Income and Retained Earnings. Joint ventures are entities over which the Company has contractual arrangements to jointly share the control with one or more parties.
| 2.7 | Transaction costs
Costs directly attributable to an investment in joint ventures are included as part of the cost of the investment in joint ventures.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from proceeds. Page 12
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments
The Company has chosen to adopt both Section 11 and 12 of FRS 102, in full, in respect of its financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
| 2.12 | Financial assets
Basic financial assets, including trade and other receivables, 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. At the end of each reporting year 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 assets' original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Income and Retained Earnings. Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (iii) 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.
| 2.13 | Financial liabilities
Basic financial liabilities, including trade and other payables and loans from related parties, 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. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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 the liability simultaneously.
| 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. Page 13
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Finance costs
Finance costs are charged to the Statement of Income and Retained Earnings 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.
| 2.16 | Interest income
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
| 2.17 | Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in Statement of Income and Retained Earnings. Current or deferred taxation assets and liabilities are not discounted. (i) Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the period or prior periods. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. (ii) Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
3. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £Nil).
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RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits/(losses) for the year | - | -
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,109,470 | (436,043)
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 777,368 | (109,011)
| Effects of: |  |
| Dividends from UK companies | (962,877) | (95,680)
| Group relief | 185,509 | 94,056
| Depreciation for year in excess of capital allowances | - | 110,635
| Total tax credit for the year | - | -
| Factors that may affect future tax charges
There are no factors that may affect future tax charges. Page 15
RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Fixed assets
|  | Investments in associates | Loans to subsidiaries | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 7,755,699 | 37,851,300 | 45,606,999
| Disposals | - | (1,008,233) | (1,008,233)
| At 31 December 2025 | 7,755,699 | 36,843,067 | 44,598,766
| The directors believe that the carrying value of the investments. is supported by their underlying net assets. The joint ventures of the Company as at 31 December 2025 are listed below:
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RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Joint ventures
| The following were joint ventures of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Burton Wold Wind Farm South Ltd | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Wind electricity production | Ordinary shares | 50%
| Burton Wold Holdings Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Holding company | Ordinary shares | 50%
| Muirhall WF Extension 1 Limited | 4th Floor Saltire Court, 20 Castle Terrace, Edinburgh, Scotland, EH1 2EN | Wind electricity production | Ordinary shares | 50%
| Muirhall Holdings Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Holding company | Ordinary shares | 50%
| Holdings Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Holding company | Ordinary shares | 50%
| Yorkshire Windpower Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Wind electricity production | Ordinary shares | 50%
| Aspect Solar Ltd | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
| Astral Solar Ltd | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
| Applied Solar Ltd | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
| Anchor Renewables Ltd | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
| Gaia Power Systems Ltd | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
| Guardian Solar Ltd | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
| White Rose Solar Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
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RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Joint ventures (continued)
| Name | Registered office | Principal activity | Class of shares | Holding
| Sunlight Technology Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
| Sunstone Bidco Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Holding company | Ordinary shares | 50%
| Ecossol PV Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
| Solar Ecossol Limited | UK House, 5th Floor, 164-182 Oxford Street, London, United Kingdom, W1D 1NN | Solar electricity production | Ordinary shares | 50%
6. | Loan receivables
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loans to joint ventures | 36,843,067 | 37,851,300
| Loan to joint ventures bear interest of 6.5% and are repayable after more than five years.
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Prepayments and accrued income | 788,663 | 902,554
| Amounts owed by joint ventures | 87,231 | 31,153
|  | 875,894 | 933,707
| Included within prepayments and accrued income is £788,663 (2024: £902,554) relating to accrued interest on the loans to joint ventures.
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RENEWABLE ENERGY INCOME PARTNERSHIP III B HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accruals and deferred income | 768,923 | 832,639
| Other creditors | 63,466 | 63,467
|  | 832,389 | 896,106
| Included within accruals and deferred income is £757,023 (2024: £820,739) relating to interest payable on the loan notes due to parent undertakings.
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 46,298,189 | 50,417,238
| The amounts owed to parent undertakings are issued loan notes listed on The International Stock Exchange. The loan notes bear interest at 6.5% and are repayable after more than five years.
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary share capital shares of £0.01 each | 1 | 1
11. | Ultimate controlling party
The Company's immediate and ultimate controlling party is Octopus Renewable Energy Income Partnership III B LP, a limited partnership formed in Jersey.
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