ACCOUNTS - Final Accounts preparation

Administrative expenses

The administrative expenses is stated after charging:

Registered number: 14161993

FRV POWERTEK LIMITED

DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FRV POWERTEK LIMITED

COMPANY INFORMATION

Directors	Andrea Fontana Gribodo
	Thomas Lloyd Guilfoyle
	Tristan Jacobo Higuero Jimenez
	Ravinder Singh Shan
	Preeti Yardi


Registered number	14161993


Registered office	Building 7 Chiswick Park
	566 Chiswick High Road
	W4 5YG
	London


Independent auditor	Ernst & Young LLP
	25 Churchill Place
	London
	United Kingdom
	E14 5EY

FRV POWERTEK LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditor's Report	3 - 6
Statement of Comprehensive Income	7
Statement of Financial Position	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 20

FRV POWERTEK LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for FRV Powertek Limited (the 'Company') for the year ended 31 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

∙select suitable accounting policies for the Company's financial statements 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 departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to 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.

Principal activity

The Company is a holding company for a platform to develop, construct, own and operate a portfolio of energy storage system projects in the United Kingdom.

Directors

The Directors who served during the year and up until the date of this report were:

Andrea Fontana Gribodo

Thomas Lloyd Guilfoyle (appointed on 5 June 2024)

Tristan Jacobo Higuero Jimenez

David Menendez Martin (resigned on 15 September 2025)

Ravinder Singh Shan

Deniz Bayazidov Saidov (resigned on 5 June 2024)

Preeti Yardi

Page 1

FRV POWERTEK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

During the period, the Company made a loss of £981,999 (2023 : £833,127) and had net liabilities of £965,211 (2023 : 1,317,259) at 31 December 2024. The Company is dependent on their parent company for the working capital needs. The Company’s parent entity has confirmed and has provided confirmation that for at least the next 12 months from the date of approval of these financial statements, it will continue to make available such funds that are needed by the Company. Based on these the Directors believe that it is appropriate to prepare the financial statements on a going concern basis.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Ernst & Young LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Thomas Lloyd Guilfoyle Director	Preeti Yardi Director

Date: 29 September 2025	Date: 29 September 2025

Page 2

FRV POWERTEK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FRV POWERTEK LIMITED

Opinion

We have audited the financial statements of FRV Powertek Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes 1 to 15, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('United Kingdom Generally Accepted Accounting Practice').

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 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 United Kingdom, including the Financial Reporting Council'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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.

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

Page 3

FRV POWERTEK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FRV POWERTEK LIMITED (CONTINUED)

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 this 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 the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 received from branches not visited by us; or

∙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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Page 4

FRV POWERTEK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FRV POWERTEK LIMITED (CONTINUED)

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.

Explanation as to what extent 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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to United Kingdom Generally Accepted Accounting Practice, relevant direct and indirect tax compliance, and the Companies Act.

∙We understood how the Company is complying with those frameworks by making enquiries of management and by seeking representation from those charged with governance to understand how the Company maintains and communicates its policies and procedures in these areas. We corroborated this by reviewing relevant policy and procedures manuals.

∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by making enquiries of management and those charged with governance to understand where they considered there was susceptibility to fraud. We performed journal entry testing by specific risk criteria, with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the Company’s business.

∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expense and review of meeting minutes of the board.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 5

FRV POWERTEK LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FRV POWERTEK LIMITED (CONTINUED)

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.

Thomas Culhane (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor

London

29 September 2025

Page 6

FRV POWERTEK LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover		-	-
Cost of sales		(167,644)	(267,823)
Gross loss		(167,644)	(267,823)
Administrative expenses	4	(957,208)	(888,227)
Operating loss		(1,124,852)	(1,156,050)
Interest payable and similar expenses		(181,265)	(115,777)
Loss before tax		(1,306,117)	(1,271,827)
Tax on loss	6	324,118	438,700
Loss for the financial year		(981,999)	(833,127)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 20 form part of these financial statements.

Page 7

FRV POWERTEK LIMITED

REGISTERED NUMBER: 14161993

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Non-current assets
Tangible assets	7		1,356,338		68,770
Deferred tax asset	11		762,818		438,700
			2,119,156		507,470
Current assets
Debtors: amounts falling due within one year	8	926,542		733,984
Cash and cash equivalents		200,146		236,052
		1,126,688		970,036
Creditors: amounts falling due within one year	9	(1,105,674)		(361,602)
Net current assets			21,014		608,434
Total assets less current liabilities			2,140,170		1,115,904
Creditors: amounts falling due after more than one year	10		(3,105,381)		(2,433,163)

Net liabilities			(965,211)		(1,317,259)

Capital and reserves
Called up share capital	12	1,334,148	101
Profit and loss account		(2,299,359)	(1,317,360)
Total equity		(965,211)	(1,317,259)

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 were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

Thomas Lloyd Guilfoyle	Preeti Yardi
Director	Director

The notes on pages 10 to 20 form part of these financial statements.

Page 8

FRV POWERTEK LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	101	(1,317,360)	(1,317,259)

Loss for the year	-	(981,999)	(981,999)
Contributions by and distributions to owners
Shares issued during the year (note 12)	1,334,047	-	1,334,047
At 31 December 2024	1,334,148	(2,299,359)	(965,211)

The notes on pages 10 to 20 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	101	(484,233)	(484,132)

Loss for the year	-	(833,127)	(833,127)
At 31 December 2023	101	(1,317,360)	(1,317,259)

The notes on pages 10 to 20 form part of these financial statements.

Page 9

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

FRV Powertek Ltd (the 'Company') is a private company limited by shares, incorporated in England and Wales, registration number 14161993. The Company's registered address is Building 7 Chiswick Park, 566 Chiswick High Road, W4 5YG, London.

The Company is a holding company for platform to develop, construct, own and operate a portfolio of energy storage system projects in the United Kingdom.

The Company's functional currency is the same as the primary economic environment in which it operates. All figures are presented in Pounds Sterling (£), rounded to the nearest Pound.

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.

2.2

Going concern

During the period, the Company made a loss of £981,999 (2023 : £833,127) and had net liabilities of £965,211 (2023 : £1,317,259) at 31 December 2024. The Company is dependent on their parent company for the working capital needs. The Company’s parent entity has confirmed and has provided confirmation that for at least the next 12 months from the date of approval of these financial statements, it will continue to make available such funds that are needed by the Company. Based on these the Directors believe that it is appropriate to prepare the financial statements on a going concern basis.

2.3

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

2.4

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The Company has not generated turnover to date.

2.5

Cost of sales

Cost of sales is measured at the fair value of the consideration paid or payable, net of discounts and value added taxes. Cost of sales includes costs of the developing project that have not reached critical milestones to capitalise (see accounting policy 2.9 'Tangible fixed assets').

Page 10

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Administrative Expenses

Administration costs are measured on an accrual basis at the fair value of the consideration paid or payable, net of discounts and value added taxes.

2.7

Interest payable

Interest payable is the amount of interest paid or payable on company borrowings (note 10).

2.8

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the liming difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

2.9

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:

				Asset under construction	-	not depreciated
				Office equipment	-	Straight line depreciation, 4 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.

Page 11

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Development costs are capitalised and called 'assets under construction' based on the feasibility of the project being successful, as per the group capitalisation policy. These are not depreciated straight away but once construction is complete, these costs will be depreciated over the life of the asset. If the project is not successful, the capitalised costs are expensed.

2.10

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

2.11

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.

2.12

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2.13

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 Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 12

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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 Statement of Comprehensive Income.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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.

Page 13

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

2.14

Leased assets

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the Directors have made the following judgments:
Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives considering the residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.

Asset under construction

Development costs or capital wok in progress costs are capitalised based on the feasibility of the project being successful, as per the group capitalisation policy. These are not depreciated straight away but once construction is complete these costs will be depreciated over the life of the asset. If the project is not successful, the capitalised costs are expensed.

Page 14

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Depreciation	630	630
Audit fee	15,000	18,000
Operating lease expense	125,474	70,070

No non-audit services provided by the auditor for 2024 or 2023.

Employees

The average monthly number of employees, including the Directors, during the year was 7 (2023: 7).
The Directors were remunerated by other group Companies.



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	(323,803)	(438,700)
Adjustment in respect of previous periods	(315)	-
Total deferred tax	(324,118)	(438,700)

Page 15

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.Taxation (continued)

Loss on ordinary activities before tax

(1,306,117)

(1,271,827)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52 %)	(326,528)	(299,134)
Effects of:
Expenses not deductible for tax purposes	2,725	148
Deferred tax asset now recognised	-	(115,715)
Changes to tax rates	-	(23,999)
Adjustments to tax charge in respect of prior periods	(315)	-
Total tax credit for the year	(324,118)	(438,700)

As at 31 December 2024 the Company has losses of £3,051,272 (2023: £1,754,800) to carry forward. The future benefit of these losses has been recognised in the accounts to the extent where ultimate recoverability is probable.

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 16

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Tangible fixed assets

	Asset under construction	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	66,882	3,148	70,030
Additions	1,288,198	-	1,288,198
At 31 December 2024	1,355,080	3,148	1,358,228
Depreciation
At 1 January 2024	-	1,260	1,260
Charge for the year	-	630	630
At 31 December 2024	-	1,890	1,890
Net book value
At 31 December 2024	1,355,080	1,258	1,356,338
At 31 December 2023	66,882	1,888	68,770

8.	Debtors
		2024	2023
		£	£

Due after more than one year
Deferred tax asset	762,818	438,700
	762,818	438,700

					2024	2023
					£	£

Due within one year
Amounts owed by group undertakings	38,091	-
Prepayments	754,326	690,540
Tax recoverable	134,125	43,444
	926,542	733,984

Page 17

FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	174,372	23,873
Amounts owed to group undertakings	709,315	217,729
Accruals	221,987	120,000
	1,105,674	361,602

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

10.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Amounts owed to group undertakings	3,105,381	2,433,163
	3,105,381	2,433,163

Amount owed to group undertakings are subject to 6% per annum interest charge. They are unsecured and have no repayment date.
During the year, the Company issued 1,334,047 $1 preference shares through a reduction to the shareholder loan (see note 12).

11.	Deferred tax asset

		2024
		£

	At beginning of year	438,700
	Credited to Statement of Comprehensive Income	324,118
	At end of year	762,818

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FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Deferred tax asset (continued)

The deferred tax asset is made up as follows:
	2024	2023
	£	£

Fixed asset timing differences	215	-
Tax losses carried forward	762,603	438,700
	762,818	438,700

12.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100
1,334,048 (2023 - 1) Preference shares shares of £1.00 each	1,334,048	1

	1,334,148	101

The Company issued 1,334,047 $1 preference shares to FRV Devco Enery S. L. on 16 September 2024. They are unsecured and have no repayment date.
The Company has following class of shares:
Ordinary shares which carry voting right, but no right to fixed income.

Preference shares which carry no voting right, no right to fixed income but a preference on share dividends over ordinary shares.

13.	Commitments under operating leases

The rent expense is recognised through recharge from FRV Services. Please see note 4 for the expenses during the year.

14.	Related party transactions
	The Company has taken advantage of the exemption offered in FRS 102, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by the same parent undertaking.

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FRV POWERTEK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Controlling party

The largest group to consolidate the accounts is Fotowatio Renewable Ventures S.L. and smallest group for which consolidated financial statements are prepared is FRV Devco Energy S.L. a company registered in Spain. The registered office of FRV Devco Energy S.L. is Calle Maria De Molina No. 40, 5th Floor, Madrid, Spain, 28006.

The Company's ultimate controlling party is Mohammed Abdullatif Jameel by virtue of his shareholding and economic rights.

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