REGISTERED NUMBER: SC504911 (Scotland)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

CULVIE WIND LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

N J Wood

I Ostropicki

REGISTERED OFFICE:

13 Queens Road

Aberdeen

AB15 4YL

REGISTERED NUMBER:

SC504911 (Scotland)

INDEPENDENT AUDITORS:

KPMG Audit Limited

(formerly 'KPMG Channel Islands Limited')

Glategny Court

Glategny Esplande

St Peter Port

Guernsey

GY1 1WR

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

Tangible assets

6

645,133

711,300

CURRENT ASSETS

Debtors

7

60,036

201,376

Cash at bank

169,548

223,443

229,584

424,819

CREDITORS

Amounts falling due within one year

8

(73,233

)

(113,438

)

NET CURRENT ASSETS

156,351

311,381

TOTAL ASSETS LESS CURRENT LIABILITIES

801,484

1,022,681

PROVISIONS FOR LIABILITIES

10

(125,689

)

(134,417

)

NET ASSETS

675,795

888,264

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Capital redemption reserve

12

184,000

184,000

Retained earnings

12

490,795

703,264

SHAREHOLDERS' FUNDS

675,795

888,264

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2026 and were signed on its behalf by:

N J Wood - Director

1.	STATUTORY INFORMATION

Culvie Wind Limited (the "Company") is a private company, limited by shares, registered in Scotland, registration number SC504911. The registered office is 13 Queens Road, Aberdeen, Scotland, AB15 4YL.

The principal activity of the company is generation and sale of renewable energy.

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by revaluation of certain financial assets.

The presentational and functional currency of the financial statements is Pound Sterling (£).

Going concern

After reviewing the company's forecasts and projections, together with receiving the continued support from shareholders and investors, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined later in these notes.

Decommissioning provision

Where a material liability for the removal of a wind installation assets and site restoration at the end of the useful life exists, the directors recognise a decommissioning provision. The amount recognised is the present value of estimated future net expenditure determined in accordance with contractual, and/or the local conditions and requirements. The unwinding of the discount on the decommissioning liability is included as accretion of the decommissioning provision. The cost of the relevant asset is increased with an amount equal to the liability and depreciated in line with the corresponding wind installation assets.

The directors have determined the decommissioning provision to be nil, as the scrap value of the assets at end of life is expected to exceed decommissioning costs.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Production of electricity

Income is recognised in the period in which the electricity has been generated.

Expenses

Expenses are accounted for on an accruals basis and are recognised in the period in which they are incurred.

Operating leases

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

5% on cost

The carrying value of tangible fixed assets is reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. No impairment has been recognised for the current year and/or prior year.

Financial instruments

The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

5.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

8,884

7,772

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

and 31 December 2025

1,323,349

DEPRECIATION

At 1 January 2025

612,049

Charge for year

66,167

At 31 December 2025

678,216

NET BOOK VALUE

At 31 December 2025

645,133

At 31 December 2024

711,300

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

77

13,244

Tax

-

126,171

Accrued income and other

receivables

59,959

61,961

60,036

201,376

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

12,073

5,028

Taxation and social security

46,236

87,125

Other creditors

14,924

21,285

73,233

113,438

9.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

31,248

29,919

Between one and five years

124,990

119,676

In more than five years

298,693

315,911

454,931

465,506

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

125,689

134,417

Deferred

tax

£

Balance at 1 January 2025

134,417

Provided / (reversed)

(8,728

)

Balance at 31 December 2025

125,689

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

9,000

A Ordinary

£0.10

900

900

1,000

B Ordinary

£0.10

100

100

1,000

1,000

12.

RESERVES

Capital Redemption Reserve

This reserve was created on redemption of preference shares in the year ended 31st December 2017, and is therefore non-distributable.

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rachid Frihmat (Senior Statutory Auditor)

for and on behalf of KPMG Audit Limited

14.	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.

There were no transactions with directors and non-wholly owned subsidiaries within the group.

The company is a wholly owned subsidiary of Culvie Wind (Holdings) Limited (a company registered in the UK). The ultimate controlling party is Resonance British Wind Energy Income II Limited, registered office First Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE.

15.	POST BALANCE SHEET EVENTS

Dividends to the value of £302,000 were paid to the parent company on 12th June 2026.