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JP RENEWABLE EUROPE COMPANY LIMITED
 
 
Report of the directors and financial statements
 
Registered number 11470904 (England and Wales)
 
31 December 2025
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
CONTENTS
 
Company information
1
 
 
Directors' report
2
 
 
Statement of directors's responsibilities in respect of the directors' report and the financial statements
3
 
 
Independent auditors' report to the members of JP Renewable Europe Company Limited
4
 
 
Income statement
7
 
 
Other comprehensive income
8
 
 
Balance sheet
9
 
 
Statement of changes in equity
10
 
 
Notes to the financial statements
11
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
COMPANY INFORMATINON
 
Directors
 
K Suenaga
H Yuya
 
Registered number
 
11470904 (England and Wales)
 
Registered office
 
2 Market Mews
Great George Street
Godalming
Surrey
GU7 1GN
 
Independent auditors
 
Ernst & Young LLP
The Paragon
Counterslip
Bristol
BS1 6BX
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
DIRECTORS’ REPORT
 
The directors present their directors’ report and financial statements for the year ended 31 December 2025.
 
Principal activities
 
JP Renewable Europe Company Limited (the ‘Company’) is a private company limited by shares and was incorporated on 18 July 2018. The Company’s principal activity is to hold investments.
 
Results and dividends
 
The loss for the year, after taxation, amounted to £6,786,278 
(2024 - profit £3,904,618)
.
 
The Company proposed and paid a dividend of £13,551,994 
(2024 - £41,475,554)
.
 
Directors
 
The directors who held office during the year were as follows:
 
K Suenaga
H Yuya
 
Going concern
 
The Directors have assessed the Company’s ability to continue as a going concern for a period of 12 months from the date of approval of these financial statements and have concluded the Company will be able to meet their liabilities as they fall due for the going concern review period. In coming to this conclusion, the directors have further considered the ability of the associate, Triton Knoll Offshore Windfarm Limited, to continue as a going concern through close monitoring of the operational performance and expected future distributions.
 
In the going concern period, debt obligations (inclusive of interest) fall due for repayment to the Development Bank of Japan of £6.0m in January 2027 and £6.2m in July 2027. The cash balance as at 29 July 2026 was £21.9m. Based on Triton Knoll Offshore Windfarm Limited’s latest business plan and the scheduled income of £2.0m in January 2027 and £1.9m in July 2027 to be received from Triton Knoll Offshore Windfarm Limited, the Directors assessed that the repayment of debt included within the forecasts prepared for the going concern period and shortly after is achievable and supportable.
 
The Company has also considered its obligations under its debt covenants. There have been no breaches of covenants in the year and the Company’s projections support the expectation that there will be no breach of covenants for 12 months from the date of approval of these financial statements.
 
Accordingly, the financial statements have been prepared on a going concern basis.
 
Statement as to disclosure of information to auditors
 
The directors who held office at the date of approval of this directors’ report confirm that, so far as they are each 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.
 
Auditor
 
In accordance with Section 487 of the Companies Act 2006, a resolution for the re-appointment of Ernst & Young LLP as auditor of the Company is to be proposed at the forthcoming Annual General Meeting.
 
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE DIRECTORS’ REPORT AND THE FINANCIAL STATEMENTS
 
The directors are responsible for preparing the Directors' Report and the financial statements, in accordance with applicable law.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
 
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 the financial statements, the directors are required to:
 
•
select suitable accounting policies and then apply them consistently;
 
•
make judgements and estimates that are reasonable and prudent;
 
•
state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
 
•
assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
 
•
use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
 
By order of the board.
 
 
 
H Yuya
Director
 
31 July 2026
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JP
 
RENEWABLE EUROPE COMPANY LIMITED
 
Opinion
 
We have audited the financial statements of JP Renewable Europe Company Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Other Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 19, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 101 “Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
 
In our opinion, the financial statements:
 
•
give a true and fair view of the Company’s affairs as at 31 December 2025 and of its loss 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 Auditor’s 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
12 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.
 
Other information
 
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 this 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 the 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 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.
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JP
 
RENEWABLE EUROPE COMPANY LIMITED
 
(continued)
 
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
 
•
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 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
Auditor's 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 auditor’s 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.
 
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 auditor’s 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.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud.  The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
 
Our approach was as follows:
 
•
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 101 and the Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in the United Kingdom.
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JP
 
RENEWABLE EUROPE COMPANY LIMITED
 
(continued)
 
•
We understood how JP Renewable Europe Company Limited is complying with those frameworks by making enquiries of management and those charged with governance to understand how the Company maintains and communicates its policies and procedures in these areas. We understood any controls put in place by management to reduce the opportunities for fraudulent transactions. We performed procedures, including reading minutes of the board meetings and making enquiries with the management for any correspondence of non-compliance with the tax authorities, and noted no significant issues. We performed journal entry testing to ensure
that there are no unusual legal or penalty expenses incurred during the year and to ensure that the management is in compliance with the applicable framework.
 
•
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur through internal team conversations and inquiry of management and those charged with governance. We planned our audit to identify risks of management override, we sampled from the entire population of journals, testing higher risk journal entries and identifying transactions which did not meet our expectations based on specific criteria to address the potential for management bias, particularly over areas involving significant estimation and judgment. Further, we performed overall analytical procedures to assess the fairness of the overall financial performance and the position as at and for the year ended.
 
•
Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved inquiry of management and those charged with governance, performing tests of details such as checking for unusual legal or penalty expenses, and performing journal entry testing to identify unusual transactions, with no indication of non-compliance identified.
 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
 
Use of our report
 
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s 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.
 
 
 
Sarah Pocock (Senior statutory auditor)
 
for and on behalf of Ernst & Young LLP, Statutory Auditor
Bristol
BS1 6BX
Date: 31 July 2026
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
INCOME STATEMENT
for the year ended 31 December 2025
 
 
Note
2025
2024
 
 
£
£
 
 
 
 
TURNOVER
 
-
-
 
 
 
 
Administrative expenses
 
(1,372,259)
(1,406,650)
 
 
 
 
 
 
(1,372,259)
(1,406,650)
 
 
 
 
Share or results in associate
10
14,817,750
26,374,000
Amortisation
10
(18,202,596)
(19,183,697)
 
 
 
 
 
 
(3,384,846)
7,190,303
 
 
 
 
Other income
 
386,826
298,312
Interest receivable and similar income
5
2,585,834
3,629,934
Interest payable and related expenses
6
(4,973,323)
(5,220,448)
 
 
 
 
(Loss)/profit before taxation
7
(6,757,768)
4,491,451
 
 
 
 
Tax on (loss)/profit
8
(28,510)
(586,833)
 
 
 
 
(Loss)/profit for the financial year
 
(6,786,278)
3,904,618
 
The notes form part of these financial statements
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2025
 
 
Note
2025
2024
 
 
£
£
 
 
 
 
(LOSS)/PROFIT FOR THE YEAR
 
(6,786,278)
3,904,618
 
 
 
 
OTHER COMPREHENSIVE INCOME
 
 
 
Items that will not be reclassified to profit or loss:
 
 
 
 
 
 
 
Associates comprehensive (loss)/income
 
(6,325,384)
4,051,000
 
 
 
 
OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF TAX
 
(6,325,384)
4,051,000
 
 
 
 
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR
 
(13,111,662)
7,955,618
 
The notes form part of these financial statements
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
BALANCE SHEET AS AT 31 December 2025

 
Note
2025
2024
 
 
£
£
FIXED ASSETS
 
 
 
Tangible assets
9
10,348
8,260
Investments
10
332,022,860
360,958,090
 
 
 
 
 
 
332,033,208
360,966,350
 
 
 
 
CURRENT ASSETS
 
 
 
Debtors
11
25,656,224
30,400,677
Cash at bank
 
6,587,358
6,611,320
 
 
 
 
 
 
32,243,582
37,011,997
 
 
 
 
CREDITORS
 
 
 
Amounts falling due withing one year
12
(10,051,848)
(9,711,513)
 
 
 
 
NET CURRENT ASSETS
 
22,191,734
27,300,484
 
 
 
 
TOTAL ASSETS LESS CURRENT LIABILITIES
 
354,224,942
388,266,834
 
 
 
 
CREDITORS
 
 
 
Amounts falling due after more than one year
13
(99,636,818)
(107,015,054)
 
 
 
 
NET ASSETS
 
254,588,124
281,251,780
 
 
 
 
 
 
 
 
CAPITAL AND RESERVES
 
 
 
 
 
 
 
Called up share capital
15
278,484,001
278,484,001
Other reserves
16
56,711,999
63,037,383
Retained earnings
16
(80,607,876)
(60,269,604)
 
 
 
 
SHAREHOLDERS FUNDS
 
254,588,124
281,251,780
 
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
 
The financial statements on pages 7 to 19 were approved and authorised for issue by the board of directors on 31 July 2026 and were signed on its behalf by
 
 
 
H Yuya
Director
 
Company registered number: 11470904
 
The notes form part of these financial statements
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2025
 
 
 
Called up
Retained
Other
Total
 
Note
Share capital
Earnings
Reserves
Equity
 
 
£
£
£
£
 
 
 
 
 
 
BALANCE AT 01 January 2024
 
 278,484,001
(22,698,668)
58,986,383
314,771,716
 
 
 
 
 
 
Changes in equity
 
 
 
 
 
Total comprehensive income
 
-
3,904,618
-
3,904,618
Repayment of dividend
 
-
(41,475,554)
-
(41,475,554)
Share of comprehensive income of an associate
 
-
-
4,051,000
4,051,000
 
 
 
 
 
 
BALANCE AT 31 December 2024
 
278,484,001
(60,269,604)
63,037,383
281,251,780
 
 
 
 
 
 
Balance at 1 January 2025
 
278,484,001
(60,269,604)
63,037,383
281,251,780
 
 
 
 
 
 
Changes in equity
 
 
 
 
 
Total comprehensive loss
16
-
(6,786,278)
-
(6,786,278)
Repayment of dividend
16
-
(13,551,994)
-
(13,551,994)
Share of comprehensive loss of an associate
16
-
-
(6,325,384)
(6,325,384)
 
 
 
 
 
 
Balance at 31 December 2025
 
278,484,001
(80,607,876)
56,711,999
254,588,124
 
The notes form part of these financial statements
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
1.
Statutory information
 
JP Renewable Europe Company Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
 
The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements are rounded to the nearest pound (£).
 
2.
Accounting policies
 
2.1.
Basis of preparation
 
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The financial statements have been prepared on a going concern basis.
 
The immediate parent consolidates the accounts and these can be obtained from Electric Power Development Co., Ltd. Corporate Planning & Administration Department, Corporate Planning Office, 15-1, Ginza 6-chome, Chuo-ku, Tokyo 104-8165, Japan.
 
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":
 
•
the requirements of IFRS 7 Financial Instruments: Disclosures
•
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:
paragraphs 53(a), (h) and (j) of IFRS 16
•
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;
•
the requirements of
paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7
•
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
•
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
•
the requirements of paragraph 74(b) of IAS 16;
•
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
•
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group
•
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.
 
2.2.
Going concern
 
The Directors have assessed the Company’s ability to continue as a going concern for a period of 12 months from the date of approval of these financial statements and have concluded the Company will be able to meet their liabilities as they fall due for the going concern review period. In coming to this conclusion, the directors have further considered the ability of the associate, Triton Knoll Offshore Windfarm Limited, to continue as a going concern through close monitoring of the operational performance and expected future distributions.
 
In the going concern period, debt obligations (inclusive of interest) fall due for repayment to the Development Bank of Japan of £6.0m in January 2027 and £6.2m in July 2027. The cash balance as at 29 July 2026 was £21.9m. Based on Triton Knoll Offshore Windfarm Limited’s latest business plan and the scheduled income of £2.0m in January 2027 and £1.9m in July 2027 to be received from Triton Knoll Offshore Windfarm Limited, the Directors assessed that the repayment of debt included within the forecasts prepared for the going concern period and shortly after is achievable and supportable.
 
The Company has also considered its obligations under its debt covenants. There have been no breaches of covenants in the year and the Company’s projections support the expectation that there will be no breach of covenants for 12 months from the date of approval of these financial statements.
 
Accordingly, the financial statements have been prepared on a going concern basis.
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
2.
Accounting policies
 
(continued)
 
2.3.
Tangible fixed assets
 
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
 
Computer equipment
33.33% on straight line basis
 
2.4.
Financial instruments
 
The Company has elected to apply the provisions of IFRS9 'Financial Instruments' to all of its financial instruments.
 
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
 
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
 
Classification of financial liabilities
 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
 
Basic financial liabilities
 
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.
 
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.
 
2.5.
Investment in associates
 
An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Investments in associates are accounted for at cost less, where appropriate, allowances for impairment.
 
Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Company's share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately.
 
The statement of profit or loss reflects the Company's share of the results of operations of the associate. Any change in OCI of those investees is presented as part of the Company's OCI. In addition, when there has been a change recognised directly in the equity of the associate, the Company recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associate.
 
The aggregate of the Company's share of profit or loss of an associate and a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture.
 
The financial statements of the associate are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company.
 
After application of the equity method, the Company determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Company determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognises the loss within 'Share of profit of an associate' in the statement of profit or loss.
 
Upon loss of significant influence over the associate, the Company measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
2.
Accounting policies
(continued)
 
2.6.
Taxation
 
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.
 
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
 
2.7.
Foreign currencies
 
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
 
3.
Accounting estimates and judgements
 
Preparation of financial statements
 
In the application of the Company’s accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
 
Investments
 
The Company assessed its investments in associates for indicators of impairment as at the reporting date and no such indicators were identified. The carrying amount of investments in associates at the balance sheet date was £332,022,860 
(2024: £360,958,090).
 
During the year, the Company received £26.8m
(2024: £55.4m)
in distribution from Triton Knoll Offshore Windfarm Limited, comprising Dividends, Shareholder Loan Repayments and interest income.
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
4.
Employees and directors
 
The following is an analysis of the Company's revenue for the year from continuing operations:
 
 
2025
2024
 
£
£
 
 
 
Wages and salaries
408,278
445,519
Social security costs
256,584
241,155
 
 
 
 
664,862
686,674
 
The average number of employees during the year was as follows
 
 
2025
2024
 
£
£
 
 
 
Directors
2
2
Administration
3
3
 
 
 
 
5
5
 
Amounts paid to directors during the year total to £207,968 
(2024: £225,385).
The highest paid director during the year total to £204,210 
(2024: £136,156)
.
 
5.
Interest receivable and similar income
 
 
2025
2024
 
£
£
 
 
 
Interest on corporation tax receivable
2,677
6,044
Interest income
2,583,157
3,623,890
 
 
 
 
2,585,834
3,629,934
 
6.
Interest payable and related expense
 
 
2025
2024
 
£
£
 
 
 
Preference share interest
4,809,559
5,053,630
Other interest
-
100
Interest on corporation tax
-
2,504
Arrangement fee amortisation
163,764
164,214
 
 
 
 
4,973,323
5,220,448
 
7.
(Loss)/profit before taxation
 
The (loss)/profit before taxation is stated after charging:
 
 
2025
2024
 
£
£
 
 
 
Fees payable to the Company’s auditors for audit of the Company’s financial statements
110,520
94,900
Depreciation charged for the year
5,688
4,044
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
8.
Taxation
 
Analysis of tax expense
 
 
2025
2024
Current tax
£
£
 
 
 
Current tax on profits/(losses) for the year
361,543
593,004
Adjustment in respect of prior years
(333,033)
(6,171)
 
 
 
Total tax in income statement
28,510
586,833
 
Factors affecting the tax expense
 
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows
 
 
2025
2024
 
£
£
 
 
 
(Loss)/profit for the year
(6,757,768)
4,491,451
Income tax expense(credit) (including income tax on associate, joint venture and discontinued operations)
-
-
 
 
 
(Loss)/profit before income taxes
(6,757,768)
4,491,451
 
 
 
Tax using the Company’s domestic tax rate of 25.00%
(2024:25%)
(1,689,442)
1,122,863
Capital allowances for the year in excess of depreciation
(522)
-
Permanent differences
1,279,360
1,268,270
Non-deductible expenses (income)
772,147
(1,797,929)
Prior year under/(over) provision
(333,033)
(6,371)
 
 
 
 
28,510
586,833
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
9.
Tangible fixed assets
 
 
Computer
Cost
equipment
 
£
 
 
As at 31 December 2024
14,376
Additions
7,776
 
 
As at 31 December 2025
22,152
 
Accumulated depreciation
 
 
£
 
 
As at 31 December 2024
6,116
Depreciation charged for year
5,688
 
 
As at 31 December 2025
11,804
 
 
Net book value
 
 
 
As at 31 December 2024
8,260
 
 
As at 31 December 2025
10,348
 
10.
Investments
 
 
Shares
in group
undertaking
Cost
 
 
£
 
 
As at 1 January 2025
414,789,786
Dividend income received
(19,225,000)
Share of profit
14,817,750
Share of comprehensive (loss)
(6,325,384)
 
 
As at 31 December 2025
404,057,152
 
 
Provisions
 
 
 
As at 1 January 2025
53,831,696
Depreciation charged for year
18,202,596
 
 
As at 31 December 2025
72,034,292
 
 
Net book value
 
 
 
As at 31 December 2024
360,958,090
 
 
As at 31 December 2025
332,022,860
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
10.
Investments
(continued)
 
The Company's investments at the Balance sheet date in the share capital of companies comprises the following:
 
Associated company
 
The Company has a 25% interest in Triton Knoll HoldCo Limited, which is the holding company for Triton Knoll Offshore Wind Farm Limited. Triton Knoll HoldCo Limited is a private entity that is not listed on any public exchange. The Company's interest in Triton Knoll HoldCo Limited is accounted for using the equity method in the financial statements. The following table illustrates the summarised financial information of the Company's investment in Triton Knoll HoldCo Limited:
 
 
2025
2024
 
£
£
 
 
 
Current assets
169,412,000
182,067,000
Non-current assets
1,456,607,000
1,544,843,000
Current liabilities
(102,424,000)
(90,132,000)
Non-current liabilities
(1,385,545,000)
(1,455,798,000)
 
 
 
Equity
138,050,000
180,980,000
 
 
 
Company’s share
30,598,750
45,245,000
 
 
 
Goodwill
31,384,665
31,384,665
Other intangible assets identified on acquisition, net of deferred tax liabilities
351,242,593
337,497,435
Adjustments in respect of prior year - Triton Knoll signed accounts
(9,168,856)
662,686
Amortisation
(72,034,292)
(53,831,696)
 
 
 
 
332,022,860
360,958,090
 
Triton Knoll HoldCo Limited results to 31 December 2025
 
 
2025
2024
 
£
£
 
 
 
Revenue
285,122,000
320,802,000
Cost of sales
(160,441,000)
(157,832,000)
Administrative expenses
(6,931,000)
(9,061,000)
Other operating income/(expenses)
14,483,000
26,002,000
Finance income/(expenses)
(50,648,000)
(54,426,000)
Exceptional item
-
17,505,000
 
 
 
Profit before tax
81,585,000
142,990,000
Income tax
(22,314,000)
(37,494,000)
 
 
 
Profit for the year (continuing operations)
59,271,000
105,496,000
 
 
 
Company’s share of profit 25%
14,817,750
26,374,000
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
11.
Debtors
 
 
2025
2024
 
£
£
Amounts falling due within one year
 
 
 
 
 
Other debtors
240,795
173,940
Corporation tax receivable
465,965
248,070
 
 
 
 
706,760
422,010
 
 
 
Amounts falling due after more than one year
 
 
Long term loan receivable
23,908,413
28,730,537
Loan interest receivable
1,041,051
1,248,130
 
 
 
Total non-current trade and other receivables
24,949,464
29,978,667
 
 
 
Aggregated amounts
25,656,224
30,400,677
 
Amounts totalling £24,949,464 
(2024: £29,978,667)
included as debtors due more than one year are owing from Triton Knoll Offshore Windfarm. The loan is repayable by 2042, and interest is charged at 10% per annum.
 
12.
Creditors: amounts falling due within one year
 
 
2025
2024
 
£
£
 
 
 
Preference shares less than one year
7,378,236
7,032,236
Trade creditors
-
136
Accruals and deferred income
2,458,225
2,482,062
Accrued salaries
34,121
34,422
Other accrued expenses
181,266
162,657
 
 
 
Total current portion
10,051,848
9,711,513
 
£7,378,236 
(2024: £7,032,236)
principal and £2,458,225
(2024: £2,482,062)
accrued interest are due within a year as per the agreement with Development Bank of Japan.
 
13.
Creditors: amounts falling due after more than one year
 
 
2025
2024
 
£
£
 
 
 
Preference shares 2 - 10 years (refer note 14)
99,636,818
107,015,054
 
Amounts included as other loans represent redeemable preference shares of £107,015,054 
(2024: £114,047,290)
were issued to Development Bank of Japan Inc on 5 September 2018 at an issue price of £1 per share. The shares carry 4.35% interest.
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
14.
Financial liabilities - borrowings
 
 
2025
2024
 
£
£
 
 
 
Preference shares
107,015,054
114,047,290
 
Amounts included as other loans represent redeemable preference shares of £107,015,054 
(2024: £114,047,290)
were issued to Development Bank of Japan Inc on 5 September 2018 at an issue price of £1 per share. The shares carry 4.35% interest.
 
Preference shares - terms and debt repayment schedule
 
 
£
 
 
Non-current due within 2 - 5 years
99,636,818
 
There are no voting rights attached to the preference shares and the holders rank in priority for any dividend distributed. The redemption for the preference share will start from the 5th semi-annual accounting period following full commercial operation of the offshore windfarm with the final redemption date being 30 June 2029. Details are presented below:
 
Allotted, issued and fully paid
 
 
2025
2025
2024
2024
Class
Number
£
Number
£
 
 
 
 
 
Redeemable £1.00 preference shares
118,000,000
107,015,054
118,000,000
114,047,290
 
15.
Share capital
 
Allotted, issued and fully paid
 
 
2025
2025
2024
2024
Class
Number
£
Number
£
 
 
 
 
 
Ordinary £1.00 shares
278,484,001
278,484,001
278,484,001
278,484,001
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
16.
Reserves
 
 
Retained
Other
 
 
earnings
reserves
Total
 
£
£
£
 
 
 
 
At 1 January 2025
(60,269,604)
63,037,383
2,767,779
Loss for the year
(6,786,278)
-
(6,786,278)
Repayment of dividend
(13,551,994)
-
(13,551,994)
Income of an associate
-
(6,325,384)
(6,325,384)
 
 
 
 
At 31 December 2025
(80,607,876)
56,711,999
(23,895,877)
 
Called up share capital
 
The Company has one class of ordinary shares which carries no right to fixed income. Additionally, the Company has authorised, issued and fully paid 118 million redeemable cumulative preference shares of £1 each classified as liabilities. These shares do not carry voting rights. Further details are provided in note 15.
 
Other reserves
 
This represents the Company's share in Triton Knoll Holdco Limited comprehensive income. Capital reductions totalling £40,000,000 in 2022 and 2023 were recorded in Other reserves instead of Retained Earnings.
 
Retained earnings
 
The balance of accumulated losses should be £40,607,876 including the capital reductions recorded in other reserves in 2022 and 2023.
 
The total distributable reserves amount to £11,542,124 taking into account the capital reductions and the dividend income of £19,225,000 converted to cash received in 2025.
 
17.
Ultimate parent company
 
Electric Power Development Co Ltd (incorporated in Japan) is regarded by the directors as being the Company's ultimate parent company.
 
Consolidated accounts can be obtained from Electric Power Development Co., Ltd. Corporate Planning & Administration Department, Corporate Planning Office, 15-1, Ginza 6-chome, Chuo-ku, Tokyo 104-8165, Japan.
 
Electric Power Development Co,. Ltd is the immediate and ultimate parent company.
 
18.
Related party disclosures
 
As a wholly-owned subsidiary of Electric Power Development Co Ltd, the Company has taken advantage under FRS 101 of the exemption from the requirements to disclose related party transactions within the group. The following transactions relate to Triton Knoll Offshore Windfarm Limited:-
 
Loans receivable: £23,908,413 
(2024: £28,730,537)
as Shareholder Loan Principal for Triton Knoll Offshore Windfarm Limited.
 
Interest receivable: £1,041,051 
(2024: £1,248,130
) as Interest on Shareholder Loan for Triton Knoll Offshore Windfarm Limited.
 
Interest income: £2,583,157 
(2024: £3,623,890)
for Triton Knoll Offshore Windfarm Limited.
JP RENEWABLE EUROPE COMPANY LIMITED
Report of the directors and financial statements
31 December 2025
 
Notes to the financial statements
 
(continued)
 
19.
Deferred tax
 
The following are the major deferred tax liabilities and assets recognised and unrecognised by the company and movements thereon during the current and prior reporting period.
 
 
Capital
Financial
 
 
allowances
instruments
Total
 
£
£
£
 
 
 
 
As at 1 January 2025
2,065
-
2,065
Charge to income statement
522
-
522
 
 
 
 
At 31 December 2025
2,587
-
2,587
 
Deferred tax assets and liabilities are offset where the Company has a legally enforceable right to do so.