REGISTERED NUMBER: NI633751 (Northern Ireland)

Audited Financial Statements for the Year Ended 31 December 2025

for

Castlegore Wind Farm Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E Martin

A Martin

T Fraser

B Martin

REGISTERED OFFICE:

141 Camlough Road

Carrickmore

Co. Tyrone

BT79 9BS

REGISTERED NUMBER:

NI633751 (Northern Ireland)

INDEPENDENT AUDITORS:

Tyrone Accountancy Services

8-10 Church Street

Omagh

Co. Tyrone

BT78 1DG

FIXED ASSETS

Tangible assets

4

3,767,336

3,552,576

CURRENT ASSETS

Debtors

5

9,225

103,774

Cash and cash equivalents

60,257

-

69,482

103,774

CREDITORS

Amounts falling due within one year

6

3,437,539

3,250,718

NET CURRENT LIABILITIES

(3,368,057

)

(3,146,944

)

TOTAL ASSETS LESS CURRENT LIABILITIES

399,279

405,632

PROVISIONS FOR LIABILITIES

7

160,104

161,311

NET ASSETS

239,175

244,321

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

239,174

244,320

239,175

244,321

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 5 June 2026 and were signed on its behalf by:

A Martin - Director

E Martin - Director

1.	STATUTORY INFORMATION

Castlegore Wind Farm Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Significant judgements and estimates

The preparation of the financial statements requires the use of judgements, estimates and assumptions in determining the value of assets and liabilities and income and expenses recorded for the year. Actual results in future financial statements may differ from current estimates due to changes in these assumptions or economic conditions.

The principal estimates and judgements are described below. Given their importance in the company's financial statements, the impact of any change in assumption in these areas could be significant. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which these estimates are revised and in any future periods affected.

Impairment of non-current assets:

The company test annually whether non-current assets have suffered any impairment. The recoverable amounts of cash-generating unit have been determined based on value in use calculations. These calculations require the use of estimates, which includes the following: generation outputs, pricing and operating costs.

Property, plant and equipment

Plant, property and equipment are measured at historical cost less accumulated depreciation and accumulated impairment losses thereon. Cost includes direct costs (including direct labour), overheads, decommissioning or restoration costs and interest incurred in the financing of the construction asset. The charge for depreciation is calculated to write down the cost of the tangible assets, less estimated residual value, over their expected useful lives. Depreciation is provided on a straight-line basis over the estimated useful lives. Major asset classifications and their estimated useful lives are:

Assets under construction - Not depreciated until operational

Subsequent expenditure, for example. the cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits associated with the item will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is recognised. The costs of the day-to-day servicing of the property, plant and equipment are recognised in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met.

Financial instruments

The company has applied the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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 and 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.

Basic financial assets

Financial assets including trade debtors arising from goods sold to customers on short-term credit are initially measured at the undiscounted amount of cash receivable from that debtor, which is normally the transaction price, and subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction. If payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate, this constitutes a financing transaction and is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, held the impairment not previously been recognised.

The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirely to an unrelated third party.

Classification of financial liabilities

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.

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 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. 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 profit or loss in the finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the costs of the asset. All other borrowing costs are expensed in the year in which they occur.

Borrowing costs consist of interest and other costs that the company incurs in connection with the borrowing of funds.

Impairment of non-financial assets

The company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Impairment losses of continuing operations are recognised in the Income Statement in expense categories consistent with the function of the impaired asset.

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the asset's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Income Statement unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.

Going concern

At 31 December 2025 the company had a net asset surplus of £239,175 (2024 - £244,321) and has returned a net loss before tax £6,353 (2024 - profit before tax of £1,474,274) .The prior year included an exceptional item in relation to the forgiveness of an intercompany liability to the immediate parent company prior to the disposal of the company shares. This amounted to £1,475,176, and without this the company would have returned a loss of £902.

It is noted that the company is in the early stages of the development of a wind farm and is several years away from the commencement of trade. As such, trading profits are not expected in the current period or the immediate future.

The company has a net current asset deficit of £3,368,057 (2024 - £3,146,944). While these balances are repayable upon demand, there is no repayment schedule and they are not expected to be paid in the immediate future.

The company is financed through its immediate parent company by a combination of working capital and external finance. There are appropriate financing arrangements and contingency plans in place to facilitate the development of the assets.

The directors are confident the company has sufficient capacity to continue in operational existence, being the long-term development of assets, for the foreseeable future by continuing to meet its liabilities as they fall due for payment. As such, the financial statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Assets

under

construction

£

COST

At 1 January 2025

3,552,576

Additions

214,760

At 31 December 2025

3,767,336

NET BOOK VALUE

At 31 December 2025

3,767,336

At 31 December 2024

3,552,576

Interest capitalised during the year amounted to £nil (2024: £234,350). The cost of the wind farm will be depreciated once construction is complete and available for use.

During the year ended 31 December 2023 an impairment on the carrying value of the asset under construction amounting to £962,360 was recognised and charged to the Income Statement during that year. No reversals have been recognised and as such the impairment charge continues to be carried against the cost of the asset at the balance sheet date.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Other debtors

9,225

103,774

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

17,603

-

Amounts owed to group undertakings

3,415,490

3,049,228

Taxation and social security

-

300

Other creditors

4,446

201,190

3,437,539

3,250,718

7.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Deferred tax

160,104

161,311

Deferred

tax

£

Balance at 1 January 2025

161,311

Provided during year

(1,207

)

Balance at 31 December 2025

160,104

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

The Report of the Auditors was unqualified.

Ruairi Dundas (Senior Statutory Auditor)

for and on behalf of Tyrone Accountancy Services

9.	POST BALANCE SHEET EVENTS

There have been no significant events effecting the company since the financial year end.

10.	ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party is MPG Castlegore Limited, a company registered in Northern Ireland.