The directors present their report, together with the financial statements, on the company for the year ended 31 December 2025.

The principal activity of the company continues to be that of development and operation of medium scale wind turbines.

The following persons were directors of the company during the whole of the financial year and up to the date of this report, unless otherwise stated:

The company has net liabilities of £3.2m (31 December 2024: £4.0m). Included within this is an unsecured loan of £25.7m (31 December 2024: £28.2m) from UK Renewables Energy Group Limited (the “parent undertaking”).

The Directors have received confirmation through a letter of support from UK Renewables Energy Group Limited that they will not seek repayment of part or all of any intercompany debt, for at least twelve months from the date of the approval of these financial statements, where to do so would place this Company in an insolvent position. The parent undertaking has also confirmed that it will provide additional support as required by the company in order to meet its short term obligation. For this reason, they continue to adopt the going concern basis in preparing the financial statements. In making this assessment, the Directors have considered forecasts and cash flow projections for a period of at least twelve months from the date of approval of these financial statements.

The key risks arising in the Company are interest rate, credit, operational and liquidity risks which are discussed in more detail below.

Interest rate risk

The Company's principal exposure to interest rate risk comes from its loan borrowings from its parent undertaking. The loan borrowings are issued at fixed rate plus index linked which expose the Company to fair value interest rate risk.

Credit risk

The Company does not have a significant exposure to credit risk as receivables are mainly short-term trading items and related party receivables. The Company’s assets are managed by agents who have responsibility for the prompt collection of amounts due.

Operational risk

Operational risk arises as a result of inadequate or failed internal processes, people or systems; or from external events. Details of the CK William UK Holdings Group approach to operational risk are set out in the financial statements of CK William UK Holdings Limited, which manages and administers the Company's obligations as and when they fall due.

Liquidity risk

The Company does not have a significant exposure to liquidity risk. Liquidity risk is managed by ensuring that there is always sufficient headroom available on the unsecured loan agreement to meet the working capital requirements of the business. The Directors monitor the maturity of the Company's obligations as and when they fall due.

No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.

This report is made in accordance with a resolution of directors.

On behalf of the directors

The directors are responsible for preparing the directors' report 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the profit or loss of the company for that year.

In preparing these financial statements, the directors are required to:

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.

A strategic report has not been included in these financial statements as the Company qualifies for exemption as a small entity under Section 414B of the Companies Act 2006 relating to small entities.

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

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption in section 415A of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts, and confirm that the company is entitled to exemption from audit under section 476 for the financial year.

The financial statements cover Medium Scale Wind No.1 Limited as an individual entity. The financial statements are presented in Pound sterling, which is Medium Scale Wind No.1 Limited's functional and presentation currency.

Medium Scale Wind No.1 Limited is a company limited by shares, incorporated and domiciled in the United Kingdom. Its registered office and principal place of business is:

A description of the nature of the company's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 22 September 2026. The directors have the power to amend and reissue the financial statements.

Continuing Operations

All amounts reported in the Statement of Comprehensive Income for the years ended 31 December 2025 and 31 December 2024 relate to continuing operations.

Company information

Medium Scale Wind No.1 Limited is a private company limited by shares incorporated in the United Kingdom. The registered office is Newington House, 237 Southwark Bridge Road, London, England, England, SE1 6NP

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Financial Reporting Council ('FRC') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Audit exemption and parent company guarantee

The company is exempt from audit under section 479A of the Companies Act 2006, as it is a subsidiary undertaking whose liabilities are guaranteed by its ultimate parent undertaking, CK William UK Holdings Limited.

The company’s immediate parent undertaking is UK Renewables Energy Group Limited, which is wholly owned by CK William UK Holdings Limited.

CK William UK Holdings Limited is incorporated in United Kingdom and registered under company number 10004346. The company is included in the consolidated financial statements of CK William UK Holdings Limited, which are publicly available from Companies House.

The members have not required the Company to obtain an audit of its accounts for the year in accordance with section 476 of the Companies Act 2006.

The company has net liabilities of £3.2m (31 December 2024: £4.0m). Included within this is an unsecured loan of £25.7m (31 December 2024: £28.2m) from UK Renewables Energy Group Limited (the “parent undertaking”).

The Directors have received confirmation through a letter of support from UK Renewables Energy Group Limited that they will not seek repayment of part or all of any intercompany debt, for at least twelve months from the date of the approval of these financial statements, where to do so would place this Company in an insolvent position. The parent undertaking has also confirmed that it will provide additional support as required by the company in order to meet its short term obligation. For this reason, they continue to adopt the going concern basis in preparing the financial statements. In making this assessment, the Directors have considered forecasts and cash flow projections for a period of at least twelve months from the date of approval of these financial statements.

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. In practical terms this means revenue from electricity generation is recognised in the period the electricity was generated.

Tangible fixed assets are initially measured at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery - 20 and 25 years straight line.

Useful economic lives differ between sites based on turbine model, wind conditions and contractual arrangements.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. 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 for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The Company applies the recognition and measurement provisions of Sections 11 Basic Financial Instruments and 12 Other Financial Instruments Issues of FRS 102.

The Company is a qualifying entity for the purposes of FRS 102 and has therefore taken advantage of the disclosure exemptions available under that standard in respect of financial instruments, on the basis that the equivalent disclosures are included in the publicly available consolidated financial statements of its parent undertaking.

The Company’s financial instruments comprise basic financial instruments only, including trade and other receivables, cash and cash equivalents, trade and other payables, and loans from group undertakings.

Financial assets and liabilities are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, where applicable.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The Company discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate; transactions of a similar nature are aggregated unless, in the opinion of the Directors, separate disclosure is necessary to understand the effect of the transaction on the Company's Financial Statements.

The Company has taken advantage of the exemption, under FRS 102, from disclosure of transactions with related parties who are wholly owned within the same group. The Group includes the Company, its parent undertakings and its fellow subsidiary undertakings.

Amounts in this report have been rounded off to the nearest thousand pounds, or in certain cases, the nearest million.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.

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 fractional year are outlined below.

Fixed assets and other non-financial assets are reviewed for impairment at each reporting date. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset's net selling price and value in use. For the purposes of assessing impairments, assets are grouped at the lowest levels for which there are separately identifiable cash flows.

As part of the measurement and recognition of assets and liabilities in the period, the Company has recognised a provision for decommissioning obligations associated with the wind turbines. In determining the present value of the provision, assumptions and estimates are made in relation to the value of the bond agreed with management, the expected cost to dismantle and remove the plant from the site and the expected timing of these costs, and this data is compared to industry available data. Whilst this is not the best benchmark to determine the decommissioning provision, this is deemed the best management estimate available. The carrying amount of the provision as at 31 December 2025 was £0.5m (31 December 2024: £0.5m).

The discount rate applied was 2.00%.

An analysis of the company's turnover is as follows:

Operating profit for the year is stated after charging:

The Company did not have any employees during the year (2024: Nil). Directors were employed and remunerated by another affiliated company. No recharge was made by the Parent company for their services (2024: £Nil).

The current tax charge for the year is based on taxable profits for the period, together with an adjustment in respect of prior periods following finalisation of the corporation tax position for earlier accounting periods. The difference between the statutory rate of corporation tax and the effective tax rate is primarily attributable to differences between capital allowances and depreciation, items of expenditure that are not deductible for tax purposes, interest restricted under the Corporate Interest Restriction rules, and the utilisation or surrender of group relief within the Group.

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayments and are repayable on demand.

Loans from group undertakings are unsecured.

On 2 November 2017, the Company entered into a loan facility for a total available amount of £100m with Aviva Investors Infrastructure Income No.2 Limited. Interest is charged on the loan at a rate of 3.70% per annum and interest is payable on a quarterly basis. On 26 September 2024, the Company was acquired by UK Renewables Energy Group Limited, at which point the loan principal transferred ownership.

An amount of £0.7m (2024: £0.9m) representing Retail Price Index ("RPI") adjustment on the loan was capitalised to the loan principal during the year. The loan is repayable in full on 31 December 2045. For the year ended 31 December 2025, interest expense of £1.1m (2024: £1.1m) was recognised in the Statement of Comprehensive Income.

The provision for the future costs of decommissioning the wind turbine is being discounted at a rate of 2.00% as agreed upon with management. This discount will be unwound and charged to the profit and loss account until 2036, the final estimated date of decommissioning. This is deemed the best management estimate available.

Lessee

The company has entered into lease agreements with the landowners on which its wind farm is situated to pay rent based on fixed amounts and amounts linked to turnover and production. Future minimum rentals payable under non-cancellable operations leases are as follows:

The amount of non-cancellable operating lease payments recognised as an expense during the year was £0.7m (2024: £0.7m).

No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.

The immediate parent of Medium Scale Wind No.1 Limited is UK Renewables Energy Group Limited.

The ultimate shareholders are CK Infrastructure Holdings Limited (40%), CK Assets Holdings Limited (40%) and Power Assets Holdings Limited (20%), all of whom are listed on the Hong Kong Stock Exchange. As such, the directors consider that there is no ultimate controlling party.