Company No: SC412398 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	1		1
Investments	4	5,100		5,100
		5,101		5,101
Current assets
Debtors	5	22,150		18,116
Cash at bank and in hand		903,565		463,851
		925,715		481,967
Creditors: amounts falling due within one year	6	( 38,006)		( 47,807)
Net current assets		887,709		434,160
Total assets less current liabilities		892,810		439,261
Net assets		892,810		439,261
Capital and reserves
Called-up share capital		100		100
Profit and loss account		892,710		439,161
Total shareholders' funds		892,810		439,261

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ben Dronaig Projects Limited (registered number: SC412398) were approved and authorised for issue by the Board of Directors on 30 July 2026. They were signed on its behalf by:

Lord Macpherson of Earls Court GCB Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ben Dronaig Projects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 12 Hope Street, Edinburgh, Midlothian, EH2 4DB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Ben Dronaig Projects Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover represents ground rent receivable from the Company’s investment property. Rental income is recognised in the period to which it relates, once the tenant has the right to use the property and the amount is contractually due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Investment property

Investment property consists of leases over freehold land which were purchased for £1. The directors consider that it is not possible to ascertain the market value for these leases so they have been included in the accounts at cost.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are recorded at the present value of cash payable to the bank.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	1
As at 31 December 2025	1

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	5,100
At 31 December 2025	5,100
Carrying value at 31 December 2025	5,100
Carrying value at 31 December 2024	5,100

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.12.2025
Taodail Hydro Limited	Canal Head North, Kendal, Cumbria, UK, LA9 7BZ	Production of electricity	M Ordinary	51.00%

The capital and reserves and the profit of the subsidiary undertaking was as follows:

	Capital and reserves at 2025	Profit for the year ended 2025
	£	£
Taodail Hydro Limited	3,217,503	709,610

5. Debtors

	2025		2024
	£		£
Prepayments and accrued income	18,665		18,116
Other debtors	3,485		0
	22,150		18,116

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Accruals	5,886		5,650
Taxation and social security	32,120		42,157
	38,006		47,807

7. Events after the Balance Sheet date

The company entered into an agreement with Strathcarron Housing Project LLP, an LLP registered in Scotland, subsequent to the year end on 29 January 2026. Under this agreement, the company committed to contribute capital of £645,836 into the LLP and became a member, owning a 75% share in the LLP. The other member of the LLP is a trust of which one of the directors of the company is a trustee.