REGISTERED NUMBER: 12882372 (England and Wales)

IDCM DEVELOPMENT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr F Neri Crespo

J-C Oberto

Mr C F Guisset

SECRETARY:

Ms K A Huck

REGISTERED OFFICE:

Third Floor

12a Upper Berkeley Street

London

W1H 7QE

REGISTERED NUMBER:

12882372 (England and Wales)

ACCOUNTANTS:

Carston ETL

Chartered Accountants

Second Floor

34 Lime Street

London

EC3M 7AT

FIXED ASSETS

Investments

4

950,524

944,116

CURRENT ASSETS

Debtors

5

7,154

7,154

Cash at bank

10,951

40,479

18,105

47,633

CREDITORS

Amounts falling due within one year

6

36,090

35,580

NET CURRENT (LIABILITIES)/ASSETS

(17,985

)

12,053

TOTAL ASSETS LESS CURRENT LIABILITIES

932,539

956,169

CAPITAL AND RESERVES

Called up share capital

7

1,493,691

1,493,691

Other reserves

1,057

44,517

Retained earnings

(562,209

)

(582,039

)

932,539

956,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2025 and were signed on its behalf by:

J-C Oberto - Director

1.	STATUTORY INFORMATION

IDCM Development Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in Sterling and rounded to the nearest £. The functional currency of the company is the Euro.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents fees due to the company for its consultancy and project management services in relation to the setting up of renewable energy projects.

Fees due to the company are recognised in the financial statements upon completion of predetermined milestones. There is no right to consideration prior to the milestones being reached.

Fees are exclusive of VAT.

Investments in associates

Investments in associate undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Unrealised gains and losses resulting from the translation to Sterling are accumulated in a separate component of shareholders' equity described as the translation reserve.

Loans to associates

Loans to associates are recognised initially at transaction price less associated costs. Subsequently measurement is transaction price less any impairment losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	FIXED ASSET INVESTMENTS

2024

2023

£

£

Participating interests

3,770

3,945

Loans to undertakings in which the company

has a participating interest

946,754

940,170

952,548

946,138

Additional information is as follows:

Interest in associate

£

COST

At 1 January 2024

3,945

Exchange differences

(175

)

Reclassification/transfer

-

At 31 December 2024

3,770

NET BOOK VALUE

At 31 December 2024

3,770

At 31 December 2023

4,027

Loans to associates

£

At 31 January 2024

940,170

New in year

304

Other movement

15,712

Impairment

(9,433

)

At 31 December 2024

946,754

Fixed Asset Investments are formed of interests and loans to Kappa Solar Energy S.L. and Vitelu 200 S.R.L. These are the two solar projects which are being developed in Spain and Italy respectively. During 2022 however, Kappa Solar Energy S.L. lost their grid connection offer from the national energy grid in Spain. This was due to the Ministry of Environment not granting an environmental licence to Kappa before the grid connection offer expired. As such, the loan to Kappa Solar Energy S.L. is no longer deemed receivable. On this basis, any further loans provided to Kappa Solar Energy S.L. have interest accrued and then the whole amount is impaired to nil.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

7,154

7,154

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

27,390

8,190

Other creditors

8,700

27,390

36,090

35,580

7.	CALLED UP SHARE CAPITAL

Share capital comprises 1,755,000 fully paid up ordinary shares with nominal value of €1,755,000 (£1,493,691).

49,999 ordinary shares issued on 9/12/2020. Nominal value €49,999 (£45,136).

359,999 ordinary shares issued on 9/6/2021. Nominal value €359,999 (£309,922).

250,002 ordinary shares issued on 15/7/2021. Nominal value €250,002 (£214,772).

835,002 ordinary shares issued on 31/12/2021. Nominal value €835,002 (£704,832).

259,998 ordinary shares issued on 12/08/2022. Nominal value €259,998 (£219,030).