Company No: SC376132 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2025		31.07.2024
		£		£
Fixed assets
Tangible assets	3	0		14,148
		0		14,148
Current assets
Stocks		0		77,011
Debtors	4	835		86,835
Cash at bank and in hand		62,328		207,482
		63,163		371,328
Creditors: amounts falling due within one year	5	( 49,315)		( 301,527)
Net current assets		13,848		69,801
Total assets less current liabilities		13,848		83,949
Creditors: amounts falling due after more than one year	6	0		( 52,696)
Net assets		13,848		31,253
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		13,748		31,153
Total shareholder's funds		13,848		31,253

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

Directors' responsibilities:

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

The financial statements of Black Isle Renewables Limited (registered number: SC376132) were approved and authorised for issue by the Board of Directors on 15 September 2026. They were signed on its behalf by:

Mrs L Davidson Director

1. Accounting policies

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

General information and basis of accounting

Black Isle Renewables Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Aes Building, Lea Road, Forres, IV36 1AU, Scotland, United Kingdom.

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

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The company period end has been changed to the 31 December from 31 July, and therefore this period represents an extended period of 17 months to 31 December 2025. This change was made to align the company period-end with that of its parent company.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

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

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	5 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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. 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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Hive up of assets

During the year the trade, assets, and liabilities of Black Isle Renewables Limited was hived up into AES Limited. This was completed via merger accounting.

2. Employees

	Period from 01.08.2024 to 31.12.2025		Year ended 31.07.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	8		17

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 August 2024	29,620		12,201		16,593		3,899		62,313
Additions	0		2,463		0		866		3,329
Disposals	( 29,620)		( 14,664)		( 16,593)		( 4,765)		( 65,642)
At 31 December 2025	0		0		0		0		0
Accumulated depreciation
At 01 August 2024	28,409		9,583		7,797		2,376		48,165
Charge for the financial period	243		888		778		478		2,387
Disposals	( 28,652)		( 10,471)		( 8,575)		( 2,854)		( 50,552)
At 31 December 2025	0		0		0		0		0
Net book value
At 31 December 2025	0		0		0		0		0
At 31 July 2024	1,211		2,618		8,796		1,523		14,148

4. Debtors

	31.12.2025		31.07.2024
	£		£
Trade debtors	835		63,246
Other debtors	0		23,589
	835		86,835

5. Creditors: amounts falling due within one year

	31.12.2025		31.07.2024
	£		£
Bank loans	0		30,000
Trade creditors	( 111)		140,062
Amounts owed to Group undertakings	43,788		0
Taxation and social security	1,863		11,776
Obligations under finance leases and hire purchase contracts	0		3,669
Other creditors	3,775		116,020
	49,315		301,527

The bank loans include £nil (2024 - £10,000) of a bounce back loan which is guaranteed by the UK government and another loan of £nil (2024 - £20,000) which is unsecured.

The obligations under hire purchase contracts totalling £nil (2024 - £3,669) are secured over the assets which the agreements relate to.

6. Creditors: amounts falling due after more than one year

	31.12.2025		31.07.2024
	£		£
Bank loans	0		51,473
Obligations under finance leases and hire purchase contracts	0		1,223
	0		52,696

The bank loans include a bounce back loan of £nil (2024 - £9,922) which is guaranteed by the UK government and another loan of £nil (2023 - £41,551) which is unsecured.

The obligations under hire purchase contracts totalling £nil (2023 - £1,223) are secured over the assets which the agreements relate to.

7. Called-up share capital

	31.12.2025		31.07.2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Financial commitments

Other financial commitments

	31.12.2025		31.07.2024
	£		£
Non-cancellable operating leases	0		121,677

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	31.12.2025		31.07.2024
	£		£
Amount owed to parent company	(43,788)		0

At 1 April 2025 the trade, assets, and liabilities from Black Isle Renewables Limited were hived up into AES Limited. This has resulted into a balance of £43,788 being owed from Black Isle Renewables Limited to AES Limited. This balance is interest free, unsecured, and has no fixed terms of repayment.

Transactions with entities in which the entity itself has a participating interest

	31.12.2025		31.07.2024
	£		£
Sales	3,600		5,760
Purchases	5,208		5,770

10. Ultimate controlling party

Parent Company:

AES Limited

AES Building Lea Road Forres Morayshire IV36 1AU

The ultimate controlling party of the parent company is AES Group (Scotland) Limited.