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Registered number: 04447046 GARVES WIND LIMITED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
GARVES WIND LIMITED COMPANY INFORMATION
Directors | Mrs C Marlow
| Ms A L Bath (resigned 31 December 2025)
| Mr P A White
| Mr M Quatraro
| Ms L C Woodhead (appointed 31 December 2025)
Registered number | 04447046
Registered office | 24 Savile Row
| London
| United Kingdom
| W1S 2ES
Independent auditors | Wellden Turnbull Limited
| Chartered Accountants & Statutory Auditors
| Albany House
| Claremont Lane
| Esher
| Surrey
| KT10 9FQ
GARVES WIND LIMITED CONTENTS
| Page
Balance Sheet | 1
Notes to the Financial Statements | 2 - 9
GARVES WIND LIMITED REGISTERED NUMBER: 04447046 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 2,577 |  | 3,391
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,006 |  | 1,489 |
Cash at bank and in hand | 7 | 985 |  | 820 |
|  | 1,991 |  | 2,309 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 8 | (257) |  | (106) |
Net current assets |  |  | 1,734 |  | 2,203
Total assets less current liabilities |  |  | 4,311 |  | 5,594
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (234) |  | (374) |
|  |  | (234) |  | (374)
Net assets |  |  | 4,077 |  | 5,220
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 223 |  | 223
Profit and loss account | 11 |  | 3,854 |  | 4,997
|  |  | 4,077 |  | 5,220
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Ms L C Woodhead
Director
Date: 30 June 2026
The notes on pages 2 to 9 form part of these financial statements. Page 1
GARVES WIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Garves Wind Limited is a private company, limited by shares and incorporated in England and Wales, registration number 04447046. The registered office is 24 Savile Row, London, United Kingdom, W1S 2ES. The principal place of business is Garves Wind farm, Kilconway, County Antrim, Dunloy, BT44 9EB. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). These financial statements are presented in Sterling, which is the functional currency of the Company and rounded to the nearest £'000 unless otherwise stated. The following principal accounting policies have been applied:
| 2.2 | Compliance with accounting standards
The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.
| 2.3 | Going concern
The Company was profit making in the period and is in a net current asset and net asset position at the year end date. The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the Company’s business model and the availability of cash resources. In preparing this assessment the Directors cite the ability of the Company to generate sufficient cash to meet its liabilities as they fall due. On this basis the Directors consider it is appropriate to prepare the financial statements on a going concern basis.
| 2.4 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.5 | Operating leases: the Company as lessee
The fixed element of rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Page 2
GARVES WIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Wind turbines | - | 20 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 3
GARVES WIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term 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.
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 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. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Page 4
GARVES WIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 5
GARVES WIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. The following are the Company's key sources of estimation uncertainty: Decommissioning liabilities Provision has not been recognised in respect of wind farm site restoration costs on the basis that the Directors have determined the likelihood of a liability arising is remote based on the assumptions that the scrap value of the turbines will be sufficient to cover any decommissioning costs and that there is also the potential that the wind farm will be re-energised and the related site lease renewed. If circumstances indicate otherwise, the Company will recognise an appropriate provision.
4. | Employees
| The Company has no employees other than the Directors, who did not receive any remuneration (2024 - £NIL).
5. | Tangible fixed assets
|  | Wind turbines
|  | £000
| Cost or valuation |
| At 1 January 2025 | 16,050
| At 31 December 2025 | 16,050
| Depreciation |
| At 1 January 2025 | 12,659
| Charge for the year on owned assets | 814
| At 31 December 2025 | 13,473
| Net book value |
| At 31 December 2025 | 2,577
| At 31 December 2024 | 3,391
| The third party borrowings of the Company's parent, GAHL Finco Limited, are secured by a legal charge over all assets of the Company, present and future.
Page 6
GARVES WIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 194 | 76
| Other debtors | 60 | 60
| Prepayments and accrued income | 752 | 1,353
|  | 1,006 | 1,489
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 985 | 820
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 174 | 15
| Accruals and deferred income | 83 | 91
|  | 257 | 106
9. | Deferred taxation
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | (373) | (499)
| Charged to profit or loss | 138 | 125
| At end of year | (235) | (374)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | (235) | (373)
Page 7
GARVES WIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 222,562 (2024 - 222,562) Ordinary shares of £1.00 each | 222,562 | 222,562
11. | Reserves
Profit and loss account The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
12. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 45 | 45
| Later than 1 year and not later than 5 years | 180 | 180
| Later than 5 years | 90 | 135
|  | 315 | 360
| The amounts stated above represent the base charges payable under the Company's operating leases. Actual payments will be adjusted for inflation indexation in accordance with the terms of the lease and will therefore be greater than the amounts stated above.
13.Financial commitments At 31 December 2025, the Company had entered into the following financial commitments. The commitments have been calculated based on the non-cancellable period set out in the underlying contracts. The amounts stated represent the base charges. Actual payments will be adjusted for inflation indexation and are therefore greater than the amounts stated below.
|  |  |  |  | 2025
|  |  |  |  | £000
| Management Service Agreement | 24
| Operations and Maintenance Agreement | 4
| Turbine Servicing Agreement | 223
|  | 251
Page 8
GARVES WIND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Related party transactions
| The Company is exempt under the terms of Financial Reporting Standard 102 (FRS102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.
15. | Controlling party
The Company's immediate parent company is GAHL Finco Limited, a company incorporated in England and Wales. The ultimate parent and controlling party is Gravis Asset Holdings Limited, a company incorporated in England and Wales. The smallest group of undertakings into which the results of the Company are consolidated is headed by GAHL Finco Limited. The largest group of undertakings into which the results of the Company are consolidated is headed by Gravis Asset Holdings Limited. The registered office address for both GAHL Finco Limited and Gravis Asset Holdings Limited is 24 Savile Row, London, W1S 2ES. The consolidated financial statements are available from the registered office address and Companies House.
16. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 1 July 2026 by Thomas Clark ACA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.
Page 9