IRIS Accounts Production v25.4.0.155 SC420122 Board of Directors 1.4.25 31.3.26 31.3.26 Medium entities 4 3 true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 0.01000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC420122 2025-03-31 SC420122 2026-03-31 SC420122 2025-04-01 2026-03-31 SC420122 2024-03-31 SC420122 2024-04-01 2025-03-31 SC420122 2025-03-31 SC420122 ns15:Scotland 2025-04-01 2026-03-31 SC420122 ns14:PoundSterling 2025-04-01 2026-03-31 SC420122 ns10:Director1 2025-04-01 2026-03-31 SC420122 ns10:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 SC420122 ns10:MediumEntities 2025-04-01 2026-03-31 SC420122 ns10:Audited 2025-04-01 2026-03-31 SC420122 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-04-01 2026-03-31 SC420122 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-04-01 2026-03-31 SC420122 ns10:FullAccounts 2025-04-01 2026-03-31 SC420122 ns10:OrdinaryShareClass1 2025-04-01 2026-03-31 SC420122 ns10:Director2 2025-04-01 2026-03-31 SC420122 ns10:Director3 2025-04-01 2026-03-31 SC420122 ns10:Director4 2025-04-01 2026-03-31 SC420122 ns10:CompanySecretary1 2025-04-01 2026-03-31 SC420122 ns10:RegisteredOffice 2025-04-01 2026-03-31 SC420122 1 2025-04-01 2026-03-31 SC420122 1 2024-04-01 2025-03-31 SC420122 ns5:CurrentFinancialInstruments 2026-03-31 SC420122 ns5:CurrentFinancialInstruments 2025-03-31 SC420122 ns5:Non-currentFinancialInstruments 2026-03-31 SC420122 ns5:Non-currentFinancialInstruments 2025-03-31 SC420122 ns5:ShareCapital 2026-03-31 SC420122 ns5:ShareCapital 2025-03-31 SC420122 ns5:FurtherSpecificReserve3ComponentTotalEquity 2026-03-31 SC420122 ns5:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 SC420122 ns5:RetainedEarningsAccumulatedLosses 2026-03-31 SC420122 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 SC420122 ns5:ShareCapital 2024-03-31 SC420122 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 SC420122 ns5:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 SC420122 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 SC420122 ns5:FurtherSpecificReserve3ComponentTotalEquity 2024-04-01 2025-03-31 SC420122 ns5:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 SC420122 ns5:FurtherSpecificReserve3ComponentTotalEquity 2025-04-01 2026-03-31 SC420122 ns5:OwnedAssets 2025-04-01 2026-03-31 SC420122 ns5:OwnedAssets 2024-04-01 2025-03-31 SC420122 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 SC420122 ns5:PlantMachinery 2025-03-31 SC420122 ns5:PlantMachinery 2025-04-01 2026-03-31 SC420122 ns5:PlantMachinery 2026-03-31 SC420122 ns5:PlantMachinery 2025-03-31 SC420122 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2026-03-31 SC420122 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 SC420122 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2026-03-31 SC420122 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2025-03-31 SC420122 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2026-03-31 SC420122 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2025-03-31 SC420122 ns5:WithinOneYear 2026-03-31 SC420122 ns5:WithinOneYear 2025-03-31 SC420122 ns5:BetweenOneFiveYears 2026-03-31 SC420122 ns5:BetweenOneFiveYears 2025-03-31 SC420122 ns5:MoreThanFiveYears 2026-03-31 SC420122 ns5:MoreThanFiveYears 2025-03-31 SC420122 ns5:AllPeriods 2026-03-31 SC420122 ns5:AllPeriods 2025-03-31 SC420122 ns5:Secured 2026-03-31 SC420122 ns5:Secured 2025-03-31 SC420122 ns5:DeferredTaxation 2025-03-31 SC420122 ns5:OtherProvisionsContingentLiabilities 2025-03-31 SC420122 ns5:DeferredTaxation 2026-03-31 SC420122 ns5:OtherProvisionsContingentLiabilities 2026-03-31 SC420122 ns10:OrdinaryShareClass1 2026-03-31 SC420122 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 SC420122 ns5:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31

REGISTERED NUMBER: SC420122 (Scotland)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

LDV HARBURNHEAD LIMITED

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 March 2026

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive income | 8 |

| Statement of Financial Position | 9 |

| Statement of Changes in Equity | 10 |

| Notes to the Financial Statements | 11 |

| LDV HARBURNHEAD LIMITED |

COMPANY INFORMATION

for the year ended 31 March 2026

| DIRECTORS: | K Khevenhueller-Metsch

| G Khevenhueller-Metsch

| W Cranstone

| C A Harris

| SECRETARY: | K Khevenhuller-Metsch

| REGISTERED OFFICE: | 13 Queen's Road

| Aberdeen

| AB15 4YL

| REGISTERED NUMBER: | SC420122 (Scotland)

| AUDITORS: | Magma Audit LLP

| 16 Davy Court

| Castle Mound Way

| Rugby, CV23 0UZ

| Magma Audit LLP is part

| Of the Dains Group

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

STRATEGIC REPORT

for the year ended 31 March 2026

REVIEW OF BUSINESS

Principal activity

The principal activity of the company in the year under review was that of operation of a UK onshore wind farm for the production and sale of renewable energy.

Performance in the year

Turnover for the year has decreased from £16,865,966 to £14,901,143. Around 33% of income was received from wholesale power prices. Turnover has decreased mainly due to a substation fault on 10 January 2026 that brought the site offline through the year end until April 26th. As a result generation in the year was 33GWh less compared to the year ended 31 March 2025. The decrease in generation income and income from renewables certificates was partially offset by insurance income of £3,959,499 net of excess because of the claim we are processing related to this outage.

The company has met all banking facility covenants and has made bank facility repayments due under this facility. The company has also used excess cash to make dividend payments in the year. The company has accrued retained earnings in the year and will continue to make payments of excess cash in the form of dividends.

Position at the year-end

At the year end the company has net current assets of £13,557,963 (2025: £14,594,850) and net assets of £19,728,255 (2025: £18,898,490). The increase in the net asset position being primarily due to paydown of the debt £3,456,198 (2025: £3,822,893) offset by depreciation of the tangible assets £1,518,909 (2025: £1,518,868).

Key performance indicators

- Volume of electricity produced by the wind farm

- Price achieved for the electricity produced

PRINCIPAL RISKS AND UNCERTAINTIES

Strategic

The principal risks facing the company are the volume of electricity produced and the prices achieved when this electricity is sold on wholesale power markets. The availability of the windfarm remains in line with expectations, however generation was below average for the year with the windfarm generating 87,028 MWh of electricity in the year. This was below the budget of 130,400 MWh and caused primarily by the substation fault. Prior to the substation fault, MWh generation was 4% adverse to budget and the average price was £56.09/MWh vs. a budgeted average price of £73.89/MWh.

Financial

The company is partially exposed to movements in wholesale power prices. Due to conflicts in the middle east, energy prices at year end were experiencing higher than normal volatility which is likely to continue as long as those conflicts continue. The company continues to consider if wholesale power prices should be fixed on a periodic basis to reduce this risk. Due to commercial sensitivity, further detail is not provided in this Strategic Report.

The company continues to manage its exposure to interest rate risk in respect of its bank loan by hedging this risk with an interest rate swap, which fixes its interest rate and mitigates

the risk of changes in the interest rates.

The company applied to amend its planning consent and extend the life of the windfarm by a further 25 years. This was approved by Scottish Ministers in January 2024. The company has the option to increase the various leases in line with extended planning consent.

The company has put in place a decommissioning letter of credit with BLB for £2,413,327, to cover any future potential decommissioning liability costs. This replaces the decommissioning bond that was in place with the council.

The company is exposed to financing risk through our debt and our need to make principal and interest payments as planned. We are comfortably meeting all cover ratios and revenue would need to fall considerably and stay at those levels before it becomes a problem.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

STRATEGIC REPORT

for the year ended 31 March 2026

Operational

The volume of electricity produced is dependent on wind speeds and the availability of turbines. The turbine manufacturer is now much more appropriately resourced and is responding to faults and ongoing maintenance in a timely manner as is demonstrated with availability for the year of 98% up to the January 10th substation fault (2025: 98%).

The substation fault was fixed on April 20, 2026, and the turbines entered a phased reactivation over the following month.

ON BEHALF OF THE BOARD:

W Cranstone - Director

30 June 2026

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

REPORT OF THE DIRECTORS

for the year ended 31 March 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of operation of a UK onshore wind farm for the production and sale of renewable energy.

DIVIDENDS

The total dividends paid in the year ended 31 March 2026 are £3,800,000 (2025: £5,650,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

K Khevenhueller-Metsch

G Khevenhueller-Metsch

W Cranstone

C A Harris

FINANCIAL INSTRUMENTS

The principal financial instruments of the company comprise bank balances and borrowings, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customer and regular monitoring of amounts outstanding for both time and credit limits.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's Strategic Report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 Schedule 7 to be contained in the directors' report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

REPORT OF THE DIRECTORS

for the year ended 31 March 2026

AUDITORS

The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W Cranstone - Director

30 June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LDV HARBURNHEAD LIMITED

Opinion

We have audited the financial statements of LDV Harburnhead Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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 March 2026 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LDV HARBURNHEAD LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors 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.

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

Based on our understanding of the company and the industry, we have identified the principal risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- |  | Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations, and fraud; |

- |  | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting revenue, journal entries crediting cash and entries with unusual descriptions; and |

- |  | Challenging assumptions made by management in their significant accounting estimates, such as those in relation to the fair value of derivatives, impairment of tangible fixed assets, deferred tax, accrued income and decommissioning provision. |

There are inherent limitations in the audit procedures described above and the further removed non-compliance with

laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting in error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Ryan Parkin (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

15 July 2026

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

STATEMENT OF COMPREHENSIVE

INCOME

for the year ended 31 March 2026

| 2026 |  | 2025

| Notes | £ | £ |

TURNOVER | 3 | 14,901,143 |  | 16,865,966 |  |

Administrative expenses | (6,571,982 | ) | (6,529,431 | ) |

OPERATING PROFIT | 5 | 8,329,161 |  | 10,336,535 |  |

Interest receivable and similar income | 6 | 201,119 |  | 254,375 |  |

8,530,280 |  | 10,590,910 |  |

Interest payable and similar expenses | 7 | (1,416,804 | ) | (1,516,229 | ) |

PROFIT BEFORE TAXATION | 7,113,476 |  | 9,074,681 |  |

Tax on profit | 8 | (1,896,851 | ) | (2,385,344 | ) |

PROFIT FOR THE FINANCIAL YEAR | 5,216,625 |  | 6,689,337 |  |

OTHER COMPREHENSIVE INCOME |

Change in value of hedging instrument | (782,480 | ) | (60,741 | ) |

Income tax relating to other comprehensive income | 195,620 |  | 15,185 |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (586,860 | ) | (45,556 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,629,765 |  | 6,643,781 |  |

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

STATEMENT OF FINANCIAL POSITION

31 March 2026

| 2026 |  | 2025

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 60,324,423 |  | 61,804,168 |  |

CURRENT ASSETS

Debtors: amounts falling due within one year | 11 | 12,499,569 |  | 14,499,905 |  |

Cash at bank | 6,841,741 |  | 5,746,653 |  |

19,341,310 |  | 20,246,558 |  |

CREDITORS

Amounts falling due within one year | 12 | (5,783,347 | ) | (5,651,708 | ) |

NET CURRENT ASSETS | 13,557,963 |  | 14,594,850 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 73,882,386 |  | 76,399,018 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (39,087,230 | ) | (42,540,182 | ) |

PROVISIONS FOR LIABILITIES | 18 | (15,066,901 | ) | (14,960,346 | ) |

NET ASSETS | 19,728,255 |  | 18,898,490 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1 |  | 1 |  |

Cash flow hedge reserve | 20 | 5,709,369 |  | 6,296,229 |  |

Retained earnings | 20 | 14,018,885 |  | 12,602,260 |  |

SHAREHOLDERS' FUNDS | 19,728,255 |  | 18,898,490 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

W Cranstone - Director

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2026

| Called up |  | Cash flow |

| share |  | Retained |  | hedge |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 April 2024 | 1 |  | 11,562,923 |  | 6,341,785 |  | 17,904,709 |  |

Changes in equity

Dividends | - |  | (5,650,000 | ) | - |  | (5,650,000 | ) |

Total comprehensive income | - |  | 6,689,337 |  | (45,556 | ) | 6,643,781 |  |

Balance at 31 March 2025 | 1 |  | 12,602,260 |  | 6,296,229 |  | 18,898,490 |  |

Changes in equity

Dividends | - |  | (3,800,000 | ) | - |  | (3,800,000 | ) |

Total comprehensive income | - |  | 5,216,625 |  | (586,860 | ) | 4,629,765 |  |

Balance at 31 March 2026 | 1 |  | 14,018,885 |  | 5,709,369 |  | 19,728,255 |  |

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2026

1. | STATUTORY INFORMATION

| LDV Harburnhead Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC420122 and its registered office is 13 Queen's Road, Aberdeen, AB15 4YL.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

| The financial statements are presented in Sterling (£). The financial statements have been rounded to the nearest £1.

| Summary of significant accounting policies

| The principal accounting policies applied in the preparation of these financial statements are set out below.

| The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the notes to the financial statements.

| 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d).

| Critical accounting estimates and assumptions

| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. 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 lives 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 annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| (ii) Fair value of derivatives

| The directors measure derivatives at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumption used in valuing the swaps at 31 March 2026 is the 6 month SONIA rate (2025: 6 month SONIA rate).

| (iii) Provisions

| Provision is made for asset decommissioning obligations, dilapidations and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows and the discount rates used to establish net present value of the obligations require management's judgement.

| (iv) Accrued income

| Accrued income is estimated based on the value of unbilled wind revenue at the reporting date. Management estimate accrued income based on output of the wind farms multiplied by the average for the period.

| Accrued income includes an insurance claim relating to a business interruption claim, which has been recognised based on management's estimate of losses using on site wind data provided by a third party. This involves significant judgement, particularly in respect of the timing and amount of receivable income.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2026

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents the fair value of the consideration received or receivable for goods rendered during the period, exclusive of Value Added Tax, derived from the generation of electricity.

| In the case of 'Brown' energy, revenue on Renewable Obligation Certificates (ROCs), Renewable Energy Guarantees of Origin (REGOs) and Renewable Obligation Certificates Recycle (ROCs Recycle), revenue is recognised in the month that it is generated.

| Insurance income

| Insurance income arising from business interruption claims is recognised when it is probable that the economic benefits will be received and the amount can be measured reliably in accordance with FRS 102.

| Income is measured based on management's best estimate of the recoverable amount, taking into account the terms of the insurance policy, available supporting evidence, and correspondence with insurers. Where estimation uncertainty exists, only the portion of the claim that is considered highly probable of recovery is recognised.

| Insurance income is recognised within turnover where it relates to compensation for lost revenue arising from the company's principal activities.

| Tangible fixed assets

| Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. Expenditure on construction of tangible fixed assets is included in assets under construction within the Balance Sheet, at cost, until the asset is brought into use at which point it is transferred to the appropriate fixed asset category. Such costs include all costs directly attributable to bringing the tangible fixed asset into working condition for the intended use.

| Finance costs are included in the cost of tangible assets when they are directly attributable to the construction of tangible fixed assets. Following the completion of the asset, depreciation is provided to write off the asset over the life of the lease from the date it is brought into use.

| Depreciation is provided at the following annual rates in order to write off each asset, net of anticipated disposal proceeds, over its estimated useful economic life. Depreciation is charged at the following rates:

| Plant and machinery - over the expected term of the lease.

| Decommissioning costs - over remaining expected lease term.

| 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.

| Impairment of non-financial assets

| At each Statement of Financial Position date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication, the recoverable amount of the asset is compared to the carrying amount of the asset.

| The recoverable amount of the asset is the higher of the fair value less costs to sell and value 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’s) 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 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 Comprehensive Income, 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 is recognised in the Statement of Comprehensive Income.

| If an impairment loss is subsequently reversed, the carrying amount of the asset 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 Comprehensive Income.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2026

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other debtors 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.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other creditors and bank loans 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 payments discounted at a market rate of interest.

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

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Non-basic financial liabilities, including derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the Statement of Comprehensive Income in finance costs or finance income as appropriate.

| iii) Hedging arrangements

| The company applies hedge accounting for transactions entered into to manage the cash flow exposures of borrowings. Interest rate swaps are held to manage the interest rate exposures and are designated as cash flow hedges of floating rate borrowings.

| Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in equity. Any ineffectiveness in the hedging relationship (being the excess of the cumulative change in fair value of the hedging instrument since inception of the hedge over the cumulative change in the fair value of the hedged item since inception of the hedge) is recognised in the Statement of Comprehensive Income.

| The gain or loss recognised in other comprehensive income is reclassified to the Statement of Comprehensive Income when the hedge relationship ends. Hedge accounting is discontinued when the hedging instrument expires, no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised or the hedging instrument is terminated.

| Taxation

| The tax expense for the year comprises current and deferred tax.

| Tax is recognised in the profit and loss account 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.

| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position 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.

| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2026

2. | ACCOUNTING POLICIES - continued

| Operating leasing commitments

| 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.

| Decommissioning provision

| Provision is made for the net present value of the estimated future decommissioning costs at the end of the operating life of the wind farm. This provision is made when construction of the wind farm has reached a stage when decommissioning of the constructed plant would incur material costs. The provision is calculated using estimated costs of decommissioning, and these estimates have been arrived at by consideration of the expected costs of contracts to remove the installed plant. The estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money. A corresponding asset is recognised and included within the wind farm assets and is depreciated over the life of the wind farm. The estimated future cost of decommissioning obligations are regularly reviewed and adjusted as appropriate for new circumstances or changes in law or technology.

| Share capital

| Ordinary shares are classified as equity.

| Cash and cash equivalents

| Cash and cash equivalents includes deposits held at call with banks and other short-term highly liquid investments with maturities of three months or less.

3. | TURNOVER

| The company's turnover is derived from the company's principal activity of production and sale of renewable energy and related business interruption insurance income, wholly undertaken in the United Kingdom.

| An analysis of the company's revenue is as follows:

|  | 2026 |  |  | 2025 |

|  | £ |  |  | £ |

| Income from power generation |  | 10,941,579 |  |  | 16,640,671 |

| Insurance income |  | 3,959,499 |  |  | 225,113 |

| Other revenue |  | 65 |  |  | 182 |

|  | 14,901,143 |  |  | 16,865,966 |

4. | EMPLOYEES AND DIRECTORS

| There were no staff costs for the year ended 31 March 2026 nor for the year ended 31 March 2025.

| The average number of employees, including directors, in the year was 4 (2025: 3).

|  | 2026 |  |  | 2025 |

|  | £ |  |  | £ |

| Directors' remuneration |  | - |  |  | - |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2026 |  | 2025

£ | £ |

| Other operating leases | 1,184,999 |  | 1,308,144 |  |

| Depreciation - owned assets | 1,518,909 |  | 1,518,868 |  |

| Auditors' remuneration | 13,800 |  | 13,120 |  |

| Taxation compliance services | 2,475 |  | 2,360 |  |

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2026

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2026 |  | 2025

£ | £ |

| Deposit account interest | 201,119 |  | 254,375 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2026 |  | 2025

£ | £ |

| Bank interest | 1,416,804 |  | 1,516,229 |  |

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2026 |  | 2025

£ | £ |

| Current tax:

| UK corporation tax | 1,704,547 |  | 2,097,635 |  |

| Deferred tax | 192,304 |  | 287,709 |  |

| Tax on profit | 1,896,851 |  | 2,385,344 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2026 |  | 2025

£ | £ |

| Profit before tax | 7,113,476 |  | 9,074,681 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%) | 1,778,369 |  | 2,268,670 |  |

| Effects of:

| Expenses not deductible for tax purposes | 53,104 |  | 51,296 |  |

| Income not taxable for tax purposes | 65,378 |  | 65,378 |  |

| Total tax charge | 1,896,851 |  | 2,385,344 |  |

| Tax effects relating to effects of other comprehensive income |

| 2026 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Change in value of hedging instrument | (782,480 | ) | 195,620 |  | (586,860 | ) |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Change in value of hedging instrument | (60,741 | ) | 15,185 |  | (45,556 | ) |

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2026

9. | DIVIDENDS

| 2026 |  | 2025

£ | £ |

| Ordinary shares of £0.01 each

| Interim | 3,800,000 |  | 5,650,000 |  |

10. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

£ |

| COST

| At 1 April 2025 | 74,147,974 |  |

| Additions | 39,164 |  |

| At 31 March 2026 | 74,187,138 |  |

| DEPRECIATION

| At 1 April 2025 | 12,343,806 |  |

| Charge for year | 1,518,909 |  |

| At 31 March 2026 | 13,862,715 |  |

| NET BOOK VALUE

| At 31 March 2026 | 60,324,423 |  |

| At 31 March 2025 | 61,804,168 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Trade debtors | - |  | 242 |  |

| Fair value of swap | 7,612,491 |  | 8,394,971 |  |

| VAT | 73,618 |  | 21,355 |  |

| Prepayments and accrued income | 4,813,460 |  | 6,083,337 |  |

12,499,569 |  | 14,499,905 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 3,452,951 |  | 3,384,661 |  |

| Trade creditors | 1,145,777 |  | 714,198 |  |

| Tax | 599,509 |  | 1,038,344 |  |

| Accruals and deferred income | 585,110 |  | 514,505 |  |

5,783,347 |  | 5,651,708 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2026 | 2025 |

£ | £ |

| Bank loans (see note 14) | 39,087,230 |  | 42,540,182 |  |

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2026

14. | LOANS

| An analysis of the maturity of loans is given below:

2026 | 2025 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 3,452,951 |  | 3,384,661 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 3,438,226 |  | 3,452,953 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 10,236,622 |  | 10,357,647 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans due in more than

| five years | 25,412,382 |  | 28,729,582 |  |

25,412,382 |  | 28,729,582 |  |

| The Company's bank loan accrues interest on a 6 monthly basis at the 6 month SONIA rate. The loan is repayable in 6 monthly instalments and are due to be fully repaid by 2038.

| The Company has entered into an interest rate swap to mitigate the interest rate risk of its bank loan.

| As at 31 March 2026, the interest swap fixed the interest at 0.977% and is due for settlement by September 2038, payable by instalments.

| The interest rate swap is measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the interest rate swap at 31 March 2026 are the 6 month SONIA rates (2025: 6 month SONIA rates).

15. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2026 | 2025 |

£ | £ |

| Within one year | 637,142 |  | 609,685 |  |

| Between one and five years | 2,548,566 |  | 2,438,741 |  |

| In more than five years | 8,400,663 |  | 8,648,340 |  |

11,586,371 |  | 11,696,766 |  |

| The operating leases are in respect of the land upon which the windfarm is sited.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2026

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2026 | 2025 |

£ | £ |

| Bank loans | 42,540,181 |  | 45,924,843 |  |

| The bank loan is secured by fixed and floating charges over the assets, licences, agreements and undertakings of the company, including pledged bank accounts and cash deposits. The charges prohibit or restrict the company from creating further security that will rank equally with or ahead of the charges.

| The shares in LDV Harburnhead Limited are held by Bayerische Landesbank as Security Trustee in connection with the financing arrangements.

17. | FINANCIAL INSTRUMENTS

|  | 2026 |  |  | 2025 |

|  | £ |  |  | £ |

| Financial assets at fair value through profit and loss |  |

| Derivative financial instruments |  | 7,612,491 |  |  | 8,394,971 |

| Cash flows on both the loan and the interest rate swaps are paid on 31 March and 30 September until 2038. During 2026, a hedging loss of £782,480 (2025: £60,741) was recognised in other comprehensive income in respect of changes in the fair value of the interest rate swaps. The related deferred tax credit was £195,620 (2025: £15,185).

18. | PROVISIONS FOR LIABILITIES

2026 | 2025 |

£ | £ |

| Deferred tax | 11,027,320 |  | 11,030,636 |  |

| Other provisions | 4,039,581 |  | 3,929,710 |  |

15,066,901 |  | 14,960,346 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 April 2025 | 11,030,636 |  | 3,929,710 |  |

| Movement during year | (3,316 | ) | 109,871 |  |

| Balance at 31 March 2026 | 11,027,320 |  | 4,039,581 |  |

| Other provisions relate to the net present value of the estimated future decommissioning costs of the wind farm, which is required at the end of the operating lease. The provision is calculated using estimated costs of decommissioning and an average inflation rate of 3%. This has been discounted at the company's weighted average cost of capital.

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2025 |

| value: | £ | £ |

| 100 | Ordinary | £0.01 | 1 |  | 1 |  |

| Ordinary shares have full voting, dividend and capital distribution rights.

LDV HARBURNHEAD LIMITED (REGISTERED NUMBER: SC420122) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2026

20. | RESERVES

| Cash flow |

| Retained |  | hedge |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2025 | 12,602,260 |  | 6,296,229 |  | 18,898,489 |  |

| Profit for the year | 5,216,625 |  | - |  | 5,216,625 |  |

| Dividends | (3,800,000 | ) | - |  | (3,800,000 | ) |

| Other comprehensive income | - |  | (586,860 | ) | (586,860 | ) |

| At 31 March 2026 | 14,018,885 |  | 5,709,369 |  | 19,728,254 |  |

21. | FINANCIAL COMMITMENTS

| As at 31 March 2026, the company has a contractual obligation to provide cash collateral of £89,382 every six months in relation to the decommissioning bond with Bayern LB. A total of 27 payments are due up to 31 March 2037, totalling £2,413,327 in letter of credit reserves.

22. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| During the year, administration fees of £229,027 (2025: £221,900) were paid by the company to Gresham House Asset Management Limited, being the investment manager of Gresham House Wind Energy LP, which holds an indirect ownership interest in the company. At the year end, a balance of £68,708 (2025: £55,475) was due to Gresham House Asset Management Limited. This was included within trade and other creditors.

| During the year, the company incurred costs of £8,370 (2025: £13,515) payable to Gresham House Holdings Limited in respect of various recharges based on the company’s share of the portfolio. At the year end, a balance of £3,262 (2025: £nil) was due to Gresham House Holdings Limited and was included within trade creditors.

23. | ULTIMATE CONTROLLING PARTY

| The group for which consolidated financial statements are prepared, which include the results of this company, is that headed by LDV Harburnhead Holdings Limited, whose registered office is 13 Queen's Road, Aberdeen, United Kingdom, AB15 4YL.

| There was no ultimate controlling party as no individual shareholder had a controlling holding during the current year or the preceding year.