LONDON PROPCO 1 LIMITED
COMPANY INFORMATION
Directors
Mr N Thompson
Mr J A Fresnedo Amado
Mr B J Chambers
Company number
13904988
Registered office
WSM, Connect House
133-137 Alexandra Road
Wimbledon
London
England
SW19 7JY
Auditor
Deloitte LLP
1 New Street Square
London
EC4A 3HQ
LONDON PROPCO 1 LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
LONDON PROPCO 1 LIMITED
DIRECTORS' REPORT
For the year ended 31 December 2023

The directors present their annual report and financial statements for the year ended 31 December 2023.

 

The directors' report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption; accordingly no separate strategic report has been presented.

Principal activities

The principal activity of London Propco 1 Limited (the “company”) was that of an investment holding company. Following the wind up of its investment in November 2023, the principal activity is providing an indemnity to the Trustees of the wound up Jersey Unit Trust.

Results and dividends

The results for the year are set out on page 6.

 

Loss before tax is £183,398 compared to a profit before tax of £232,522 in the previous year. This loss is mainly due to a debtor write off owed by a previous investment.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N Thompson
Mr J A Fresnedo Amado
Mr B J Chambers
Directors' insurance

The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

Auditor

In accordance with the company's articles, a resolution proposing that Deloitte LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all 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 s418 of the Companies Act 2006.

Approved by the board and signed on its behalf by
Mr N Thompson
Director
29 April 2024
- 1 -
LONDON PROPCO 1 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
For the year ended 31 December 2023

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS101 'Reduced Disclosure Framework'. 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 of the profit or loss of the company for that period. 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.

- 2 -
LONDON PROPCO 1 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF LONDON PROPCO 1 LIMITED
Report on the audit of the financial statements
Opinion

In our opinion the financial statements of London Propco 1 Limited (the ‘company’):

We have audited the financial statements which comprise:

 

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

 

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

- 3 -
LONDON PROPCO 1 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LONDON PROPCO 1 LIMITED
Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

 

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- 4 -
LONDON PROPCO 1 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LONDON PROPCO 1 LIMITED
Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

 

We have nothing to report in respect of these matters.

 

Use of our report

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.

Charlotte Lord (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London
22 April 2024
- 5 -
LONDON PROPCO 1 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2023
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
-
648,866
Cost of sales
4
-
0
(347,552)
Gross profit
-
301,314
Administrative expenses
(172,979)
(74,519)
Operating (loss)/profit
6
(172,979)
226,795
Acquisition costs
5
-
(1,751,687)
Transfer of asset
5
-
0
1,751,687
Impairment of investment
9
(11,598)
(4,332)
Interest receivable and similar income
8
1,179
10,059
(Loss)/profit before taxation
(183,398)
232,522
Tax on (loss)/profit
10
49,281
(49,281)
(Loss)/profit for the financial period
(134,117)
183,241

The profit and loss account has been prepared on the basis that all operations are continuing operations with respect to the principal activity of the entity.

There were no items of other comprehensive income therefore a separate other statement of comprehensive income has not been prepared.
The notes on page 9 to 16 form an integral part of the financial statements.
- 6 -
LONDON PROPCO 1 LIMITED
BALANCE SHEET
As at 31 December 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
11
-
0
11,598
-
11,598
Current assets
Debtors
12
54,721,704
54,999,248
Cash at bank and in hand
199,075
270,318
54,920,779
55,269,566
Creditors: amounts falling due within one year
13
(29,018)
(255,286)
Net current assets
54,891,761
55,014,280
Net assets
54,891,761
55,025,878
Capital and reserves
Share capital
14
54,842,637
54,842,637
Profit and loss reserves
49,124
183,241
Total equity
54,891,761
55,025,878
The financial statements of the company have been prepared in accordance with the small companies regime, and delivered in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006.
The financial statements of London Propco 1 Limited (registered number 13904988) were approved by the board of directors and authorised for issue on......................and are signed on its behalf by:
2024-04-29
Mr N Thompson
Director
Company registration number 13904988

The notes on page 9 to 16 form an integral part of the financial statements.

- 7 -
LONDON PROPCO 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 9 February 2022
-
-
0
-
Period ended 31 December 2022:
Issue of share capital
14
100
-
100
Issue of redeemable ordinary share
14
54,842,537
-
54,842,537
Total comprehensive income for the period
-
183,241
183,241
Balance at 31 December 2022
54,842,637
183,241
55,025,878
Year ended 31 December 2023:
Total comprehensive loss for the year
-
(134,117)
(134,117)
Balance at 31 December 2023
54,842,637
49,124
54,891,761

The notes on page 9 to 16 form an integral part of the financial statements.

- 8 -
LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
1
Accounting policies
Company information

London Propco 1 Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.

 

The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

 

Where required, equivalent disclosures are given in the group accounts of Rosp Corunna SL, which are available to the public and can be obtained from the Central Mercantile Register in Spain.

 

New and amended standards adopted by the company:

There are no amendments to accounting standards or IFRIC interpretations that are effective for the year ended 31 December 2023 and that had a material impact on the Company.

1.2
Going concern

The company has provided a 10 year indemnity to the Trustees of the Jersey Unit Trust that was wound up in November 2023. As such, whilst the company is no longer trading, it will continue in operational existence for the foreseeable future. The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to cover any ongoing costs and can therefore remain operational for the next 12 months from the date of signing the financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover and expenditure

The company did not have any income in the year. Turnover in the prior year comprises rental income and service charge income receivable from the tenants of the investment property. This turnover was recognised in the period to which the income is receivable.

 

- 9 -
LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)

The company did not have any costs of sales in the year. Cost of sales in the prior year represents the cost of providing service charges to residents of the investment property, together with certain management fees incurred by the company. Administrative expenses include costs associated with the operation of the company. Both are recognised in the period to which the expenses relate.

1.4
Impairment of tangible and intangible assets

At each reporting 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.

 

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.

1.5
Cash at bank and in hand

Cash and cash equivalents 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.

1.6
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

Financial assets are initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

- 10 -
LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Impairment of financial assets

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

 

On initial recognition the company calculates the expected credit loss for debtors based on lifetime expected credit losses under the IFRS 9 simplified approach.

 

Investment held at amortised cost is compared to an external valuation at the balance sheet date to determine if an impairment is required.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.7
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities initially measured at fair value, plus transaction costs. They are subsequently measured at amortised cost.

Financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.8
Equity instruments

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

1.9
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

- 11 -
LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
2
Critical accounting estimates, judgments and key sources of estimation uncertainty

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.

 

There were no accounting estimates and underlying assumptions in the period.

 

In the prior year, the directors believed their impairment assessment of the investment was an area of judgement. As the investment has been wound up, impairment is no longer deemed an area of judgement.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Rental income
-
497,247
Service charge income
-
142,688
Recharged insurance
-
8,931
-
648,866
2023
2022
£
£
Turnover analysed by geographical market
UK
-
648,866
4
Cost of sales
2023
2022
£
£
Service charge costs
-
313,657
Other property costs
-
33,895
-
347,552
5
Acquisition costs

The company incurred total costs of £1,751,687 in the prior year to acquire the units in a Jersey Property Unit Trust. On transferring the property to Eldon Street Limited these acquisition costs were included in the value of the property transfer.

- 12 -
LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
6
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,700
10,000

No other amounts were paid to the auditor for any other services.

7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest received
1,179
10,059
9
Impairments
2023
2022
£
£
Impairment losses
11
(11,598)
(4,332)
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
49,281
Adjustments in respect of prior periods
(49,281)
-
Total UK current tax
(49,281)
49,281
- 13 -
LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
10
Taxation
(Continued)

The charge for the year can be reconciled to the (loss)/profit per the profit and loss account as follows:

2023
2022
£
£
(Loss)/profit before taxation
(183,398)
232,522
Expected tax (credit)/charge based on a standard corporation tax rate of 25.00% (2022: 19.00%)
(45,850)
44,179
Utilisation of group tax losses not previously recognised
(22,063)
-
0
Unutilised tax losses carried forward
6,157
-
0
Adjustment in respect of prior years
(27,218)
-
0
Expenses not deductible in determining taxable profit
38,869
4,279
Amount written of fixed asset investment
2,899
823
Loss of investment in unit trust
(2,075)
-
Taxation (credit)/charge for the year
(49,281)
49,281

The standard rate of corporation tax applicable to taxable profit was 25% (2022: 19%). The corporation tax rate has increased to 25% (effective 1 April 2023) in respect of the Finance Act 2024 and the Spring Budget announcements.

11
Investments
2023
2022
£
£
Other investments
-
11,598
-
0
11,598

The non-current investment of 11,598 was an investment in units, in a Jersey Property Unit Trust (JPUT).

During the year the company fully impaired the investment in units of a Jersey Property Unit as the JPUT was dissolved on 23 November 2023.
- 14 -
LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
11
Investments
(Continued)
Movement in other investments
Investments
£
Cost or valuation
At 1 January 2023
11,598
Impairment
(11,598)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
11,598
12
Debtors
2023
2022
£
£
Trade debtors
5,374
22,143
VAT recoverable
2,753
23,464
Amounts owed by related parties
54,713,577
54,895,447
Other debtors
-
19,471
Accrued income
-
0
38,723
54,721,704
54,999,248

The amount owed by related parties are unsecured, interest free and repayable on demand.

13
Creditors
2023
2022
£
£
Trade creditors
9,618
145,250
Accruals
19,400
60,755
Corporation tax
-
49,281
29,018
255,286
- 15 -
LONDON PROPCO 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued, authorised and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary redeemable shares of £1 each
54,842,537
54,842,537
54,842,537
54,842,537
54,842,637
54,842,637
54,842,637
54,842,637

The company may in its absolute discretion at any time redeem all or any of the redeemable shares held by a redeemable shareholder. The redemption price shall be an amount equal to the subscription price paid for such shares.

 

The ordinary shares carry one vote each, entitle the holder to dividends and to participate in a distribution arising from a winding up, but only after the redeemable shareholders have been repaid the full issue price of the redeemable shares.

15
Controlling party

The immediate parent company of London Propco 1 Limited is Ferrado Inmuebles SL, while the ultimate parent company is Rosp Corunna SL whose registered office address is Plaza Maria Pita 17, 5001, A Coruna, Spain. The ultimate controlling party is Sandra Ortega Mera.

 

The smallest and largest group in which the results of the company are included within is that headed by Rosp Corunna SL. Copies of these consolidated financial statements are publicly available from the Central Mercantile Register in Spain.

- 16 -
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