Directors Report 1

Directors' report

The directors present their report and the audited financial statements for the year ended 31 March 2019
registered in England and Wales.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption. _
Strategic report The company meets the size criteria required to qualify as a small company and is therefore not required to provide a strategic report.
Principal activities and review of the business The principal activity of the company is to develop renewable energy generation opportunities.
Going concern The directors' considerations in preparing these financial statements on a going concern basis are set out in note 1.
Directors The directors who held office during the period and to date are given below: GL Baron
TW Lissett (appointed 1 August 2019)
During the period, directors' and officers' insurance was in force.
Disclosure of information to the auditor Each of the persons who is a director at the date of approval of this report confirms that: 1.so far as he is aware, there is no relevant audit information of which the company's auditor is
2.he has taken all the steps that he ought to have taken as a director in order to make himself aware of
information. This confirmation is given, and should be interpreted, in accordance with the provisions of section 418 of

Auditor Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and

Approved by the board and signed on its behalf by:

GL Baron Baron Director 2019-12-01 00:00:00

3.0
United Utilities Renewable Energy Limited

Statement of directors' responsibilities in respect of the

The directors are responsible for preparing the Directors' report and the financial statements in accordance

Company law requires the directors to prepare financial statements for each financial year. Under that law
applicable law (UK Generally 'Accepted Accounting Practice), including FRS101 Reduced Disclosure Framework.
Under company law the directors must not approve the financial statements unless they are satisfied that
company for that period. In preparing these financial statements, the directors are required to: ?select suitable accounting policies and then apply them consistently; ?make judgements and estimates that are reasonable, relevant and reliable; ?assess the company's ability to continue as a going concern, disclosing, as applicable, matters related
?use the going concern basis of accounting unless they either intend to liquidate the company or to

The directors are responsible for keeping adequate accounting records that are sufficient to show and
position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to ?_enable the preparation of financial statements that are free from material misstatement, whether due to
safeguard the assets of the company and to prevent and detect fraud and other irregularities.

4.0 TO1157.4".".-771,` ?s- - ',re-12W Independent auditor's report to the members of United Utilities Renewable Energy Limited Opinion
We have audited the financial statements of United Utilities Renewable Energy Limited ("the company") for the year ended 31 March 2019 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and related notes, including the accounting policies in note 1.
In our opinion the financial statements: ?give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the year then ended; ?have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework; and ?have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
The impact of uncertainties due to the UK exiting the European Union on our audit Uncertainties related to the effects of Brexit are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the directors and related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company's future prospects and performance.
Brexit is one of the most significant economic events for the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. We applied a standardised firm-wide approach in response to that uncertainty when assessing the company's future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company and this is particularly the case in relation to Brexit. Going concern The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the company or to cease its operations, and as they have concluded that the company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements ("the going concern period").
We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the directors' conclusions, we considered the inherent risks to the company's business model, including the impact of Brexit, and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation.

5.0
Independent auditor's report (continued) to the members of United Utilities Renewable Energy Limited Directors' report The directors are responsible for the directors' report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.
Our responsibility is to read the directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: ?we have not identified material misstatements in the directors' report; ?in our opinion the information given in those reports for the financial year is consistent with the financial statements; and ?in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception Under the Companies Act 2006 we are required to report to you if, in our opinion: oadequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or othe financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit. We have nothing to report in these respects. Directors' responsibilities As explained more fully in their statement set out on page 4, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with 1SAs (UK) will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A Mier description of our responsibilities is provided on the FRC's website at www.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities .This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. William Meredith (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 1 St Peter's Square Manchester, M2 3AE 2019-12-01 00:00:00 6.0
United Utilities Renewable Energy Limited

Directors Report 2

Directors' report

The directors present their report and the audited financial statements for the year ended 31 March 2018
registered in England and Wales.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled

Strategic report The company meets the size criteria required to qualify as a small company and is therefore not required to provide a strategic report.
Principal activities and review of the business The principal activity of the company is to develop renewable energy generation opportunities.
Going concern The directors' considerations in preparing these financial statements on a going concern basis are set out in note 1.
Directors The directors who held office during the period and to date are given below: GL Baron N Gillespie UU Secretariat Limited During the period, directors' and officers' insurance was in force.
Disclosure of information to the auditor Each of the persons who is a director at the date of approval of this report confirms that: 1.so far as he is aware, there is no relevant audit information of which the company's auditor is
2.he has taken all the steps that he ought to have taken as a director in order to make himself aware of
information. This confirmation is given, and should be interpreted, in accordance with the provisions of section 418 of

Auditor Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and

Approved by the board and signed on its behalf by:

GL Baron Director 2018-12-01 00:00:00
United Utilities Renewable Energy Limited

Statement of directors' responsibilities in respect of the

The directors are responsible for preparing the directors' report and the financial statements in accordance

Company law requires the directors to prepare financial statements for each financial year. Under that law
applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework
Under company law the directors must not approve the financial statements unless they are satisfied that
company for that period. In preparing these financial statements, the directors are required to: ?select suitable accounting policies and then apply them consistently; ?make judgements and estimates that are reasonable and prudent; ?assess the company's ability to continue as a going concern, disclosing, as applicable, matters related
?use the going concern basis of accounting unless they either intend to liquidate the company or to

The directors are responsible for keeping adequate accounting records that are sufficient to show and
position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

4.0
Independent auditor's report to the members of United Utilities Renewable Energy Limited

We have audited the financial statements of United Utilities Renewable Energy Limited "(the company)"
and Statement of Changes in Equity and related notes, including the accounting policies in note I.
In our opinion the financial statements: ?give a true and fair view of the state of the company's affairs as at 31 March and of its profit for the
?have been properly prepared in accordance with UK accounting standards, including FRS 101
?have been prepared in accordance with the requirements of the Companies Act 2006.

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and
responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Going concern
We are required to report to you if we have concluded that the use of the going concern basis of
over the use of that basis for a period of at least twelve months from the date of approval of the financial statements. We have nothing to report in these respects. ? Directors' report
The directors are responsible for the directors' report. Our opinion on the financial statements does not

Our responsibility is to read the directors' report and, in doing so, consider whether, based on our
financial statements or our audit knowledge. Based solely on that work: ?we have not identified material misstatements in the directors' report; ?in our opinion the information given in that report for the financial year is consistent with the
?in our opinion that report has been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
tinder the Companies Act 2006 we are required to report to you if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been
?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the directors were not entitled to take advantage of the small companies exemption from the
We have nothing to report in these respects.

?5
Independent auditor's report (continued) to the members of United Utilities Renewable Energy Limited

As explained more fully in their statement set out on page 4, the directors are responsible for: the
internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC's website at http://www.frc.org.uk/aud
The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16
members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
4.0

William Meredith (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor, Chartered Accountants 1 St Peter's Square, Manchester, M2 3AE 2018-12-19 00:00:00

6.0
United Utilities Renewable Energy Limited

Directors Report 3

Directors' report

The directors present their report and the audited financial statements for the year ended 31 March 2017
registered in England and Wales.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled

Strategic report The company meets the size criteria required to qualify as a small company and is therefore not required to provide a strategic report.
Principal activities and review of the business The principal activity of the company is to develop renewable energy generation opportunities.
Going concern The directors' considerations in preparing these financial statements on a going concern basis are set out in note 1.
Directors The directors who held office during the period and to date are given below: GL Baron N Gillespie UU Secretariat Limited During the period, directors' and officers' insurance was in force.
Disclosure of information to the auditor Each of the persons who is a director at the date of approval of this report confirms that: 1.so far as he is aware, there is no relevant audit information of which the company's auditor is
2.he has taken all the steps that he ought to have taken as a director in order to make himself aware of
information. This confirmation is given, and should be interpreted, in accordance with the provisions of section 418 of

Auditor KPMG LLP were appointed by the company to act as auditors for the period ended 31 March 2016.
year ending 31 March 2017 and KPMG LLP will therefore continue in office.
Approved by the board and signed on its behalf by:

GL Baron Director GDecember 2017

3.0
United Utilities Renewable Energy Limited

Statement of directors' responsibilities in respect of the

The directors are responsible for preparing the Directors' Report and the financial statements in

Company law requires the directors to prepare financial statements for each financial year. Under that law
applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.
Under company law the directors must not approve the financial statements unless they are satisfied that
company for that period. In preparing these financial statements, the directors are required to: ?select suitable accounting policies and then apply them consistently; ?make judgements and estimates that are reasonable and prudent; ?state whether applicable UK Accounting Standards have been followed, subject to any material
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that

The directors are responsible for keeping adequate accounting records that are sufficient to show and
position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

4.0
Independent auditor's report to the members of United Utilities Renewable Energy Limited

We have audited the financial statements of United Utilities Renewable Energy Limited for the year ended
preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16
members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are
fair view. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.u1c/auditsconeulorivate. Opinion on financial statements
?give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its loss for
?have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006. Opinion on other matters prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year is consistent with the financial statements. Based solely on the work required to be undertaken in the course of the audit of the financial statements and from reading the Directors' report: ?we have not identified material misstatements in that report; and ?in our opinion, that report has been prepared in accordance with the Companies Act 2006. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: ?Adequate accounting records have not been kept, or returns adequate for our audit have not been
?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the directors were not entitled to take advantage of the small companies exemption from the
44-C44.1._ William Meredith (Senior Statutory Auditor) for and on behalf of ICPMG LLP, Statutory Auditor Chartered Accountants 1, St Peter's Square, Manchester, M2 3AE 2017-12-01 00:00:00
5.0
United Utilities Renewable Energy Limited

Directors Report 4

Directors' report

The directors present their report and the audited financial statements for the year ended 31 March 2016
registered in England and Wales.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled

Strategic report The company meets the size criteria as a small company and is therefore not required to provide a strategic report.
Principal activities and review of the business The principal activity of the company is to develop renewable energy generation opportunities.
Going concern The directors' considerations in preparing these financial statements on a going concern basis are set out in note 1.
Directors The directors who held office during the period and to date are given below: GL Baron (appointed 16 October 2015) MA Gee (resigned 16 October 2015) N Gillespie LTU Secretariat Limited During the period, directors' and officers' insurance was in force.
Disclosure of information to the auditor Each of the persons who is a director at the date of approval of this report confirms that: 1.so far as he is aware, there is no relevant audit information of which the company's auditor is
2.he has taken all the steps that he ought to have taken as a director in order to make himself aware of
information. This confirmation is given, and should be interpreted, in accordance with the provisions of section 418 of

Auditor KPMG LLP were appointed by the company to act as auditors for the period ended 31 March 2016.
year ending 31 March 2017 and KPMG LLP will therefore continue in office.
Approved by the board and signed on its behalf by:

GL Baron Director 2016-10-13 00:00:00

3.0
United Utilities Renewable Energy Limited

Statement of directors' responsibilities in respect of the

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial

Company law requires the directors to prepare financial statements for each financial year. Under that law
applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.
Under company law the directors must not approve the financial statements unless they are satisfied that
company for that period. In preparing these financial statements, the directors are required to: ?select suitable accounting policies and then apply them consistently; ?make judgements and estimates that are reasonable and prudent; ?state whether applicable UK Accounting Standards have been followed, subject to any material
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that

The directors are responsible for keeping adequate accounting records that are sufficient to show and
position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

4.0

United Utilities Renewable Energy Limited

Independent auditor's report to the members of United Utilities Renewable Energy Limited
We have audited the financial statements of United Utilities Renewable Energy Limited for the year ended
preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework. This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16
members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditor As explained more fully in the directors' responsibilities statement set out on page 4, the directors are
fair view. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uldauditscopeukprivate. Opinion on financial statements
?give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its loss
?have been properly prepared in accordance with UK Generally Accepted Accounting Practice;
?have been prepared in accordance with the requirements of the Companies Act 2006. Opinion on other matters prescribed by the Companies Act 2006 In our opinion the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements. Based solely on the work required to be undertaken in the course of the audit of the financial statements and from reading the strategic report and the directors' report: ?we have not identified material misstatements in those reports; and. ?in our opinion, those reports have been prepared in accordance with the Companies Act 2006. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been
?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or the d ctors were not entitled to take advantage of the small companies' exemption from the req en Ito prepare a strategic report.
Luke (Senior tatutory Auditor) and on behalf of ICPMG LLP, Statutory Auditor artered Accountants St Peter's Square Manchester M2 AE ( October 2016
5.0
United Utilities Renewable Energy Limited

Directors Report 5

Directors' report

The directors present their report and the audited financial statements for the period from 27 February 2014 to 31 March 2015.
The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption. Accordingly, no enhanced business review has been prepared.
Strategic report The company meets the size criteria as a small company and is therefore not required to provide a strategic report.
Incorporation The company was incorporated and registered in England and Wales on 27 February 2014 under the Companies Act 2006 as a private company limited by shares with the name United Utilities Renewable Energy Limited and registered number 08914992 Principal activities and review of the business The principal activity of the company is to develop renewable energy generation opportunities.
Going concern The directors' considerations in preparing these financial statements on a going concern basis are set out in note 1.
Directors The directors who held office during the period and to date are given below: MA Gee (appointed 27 February 2014) N Gillespie (appointed 27 February 2014) UU Secretariat Limited (appointed 27 February 2014) During the period, directors' and officers' insurance was in force.
Disclosure of information to the auditor Each of the persons who is a director at the date of approval of this report confirms that: 1.so far as he is aware, there is no relevant audit information of which the company's auditor. is unaware; and 2.he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given, and should be interpreted, in accordance with the provisions of section 418 of the Companies Act 2006.
Auditor KPMG LLP were appointed by the company to act as auditors for the period ended 31 March 2015. Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed for the year ending 31 March 2016 and KPMG LLP will therefore continue in office.
Approved by the board and signed on its behalf by: ZLe
MA Gee Director 2015-10-30 00:00:00

3.0
United Utilities Renewable Energy Limited

Statement of directors' responsibilities in respect of the

The directors are responsible for preparing the directors' report and the financial statements in accordance

Company law requires the directors to prepare financial statements for each financial period. Under that
Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.
Under company law the directors must not approve the financial statements unless they are satisfied that
company for that period. In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently; ?make judgments and accounting estimates that are reasonable and prudent; ?state whether applicable UK Accounting Standards have been followed, subject to any material
?prepare the financial statements on the going concern basis unless it is inappropriate to presume
The directors are responsible for keeping adequate accounting records that are sufficient to show and
position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

4.0
Independent auditor's report to the members of United Utilities Renewable Energy Limited
We have audited the financial statements of United Utilities Renewable Energy Limited for the period
their preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16
members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditor As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are
fair view. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uIc/auditscopeukprivate.
Opinion on financial statements In our opinion the financial statements: ?give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its loss for
?have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the infoiniation given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
?adequate accounting records have not been kept, or returns adequate for our audit have not been
?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit; or ?the directors were not entitled to take advantage of the small companies exemption in preparing the
prepare a strategic report.

n Luke (Senior Statutory Auditor) r and on behalf of ICPMG LLP, Statutory Auditor Chartered Accountants One St Peter's Square Manchester M2 3A 2015-11-01 00:00:00 5.0
United Utilities Renewable Energy Limited