IRIS Accounts Production v25.3.0.601 09413852 Board of Directors 1.1.24 31.12.24 31.12.24 4.11.25 0 0 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 09413852 2023-12-31 09413852 2024-12-31 09413852 2024-01-01 2024-12-31 09413852 2022-12-31 09413852 2023-01-01 2023-12-31 09413852 2023-12-31 09413852 ns15:EnglandWales 2024-01-01 2024-12-31 09413852 ns14:PoundSterling 2024-01-01 2024-12-31 09413852 ns10:Director1 2024-01-01 2024-12-31 09413852 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09413852 ns10:SmallEntities 2024-01-01 2024-12-31 09413852 ns10:Audited 2024-01-01 2024-12-31 09413852 ns10:SmallCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 09413852 ns10:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 09413852 ns10:FullAccounts 2024-01-01 2024-12-31 09413852 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 09413852 ns10:Director2 2024-01-01 2024-12-31 09413852 ns10:Director3 2024-01-01 2024-12-31 09413852 ns10:Director4 2024-01-01 2024-12-31 09413852 ns10:CompanySecretary1 2024-01-01 2024-12-31 09413852 ns10:RegisteredOffice 2024-01-01 2024-12-31 09413852 ns5:CurrentFinancialInstruments 2024-12-31 09413852 ns5:CurrentFinancialInstruments 2023-12-31 09413852 ns5:ShareCapital 2024-12-31 09413852 ns5:ShareCapital 2023-12-31 09413852 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 09413852 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 09413852 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 09413852 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 09413852 ns10:OrdinaryShareClass1 2024-12-31

REGISTERED NUMBER: 09413852 (England and Wales)

| Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Tecnicas Reunidas UK Limited |

| Tecnicas Reunidas UK Limited (Registered number: 09413852) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Tecnicas Reunidas UK Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | E J S M Gonzalez De Heredia

| M A P Marquez

| J A R Rodriguez

| G J P Mocoroa

| SECRETARY: | P Gallego De La Fuente

| REGISTERED OFFICE: | Suite 1, 7th floor

| 50 Broadway

| LONDON

| SW1H OBL

| REGISTERED NUMBER: | 09413852 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Kevin Shotton BA BFP FCA

| AUDITORS: | Clive Owen LLP

| Chartered Accountants

| & Statutory Auditors

| 140 Coniscliffe Road

| Darlington

| County Durham

| DL3 7RT

| Tecnicas Reunidas UK Limited (Registered number: 09413852) |

Balance Sheet

31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 4 | 33,298,133 |  | 33,227,481 |  |

Cash at bank | 75,738 |  | 50,617 |  |

33,373,871 |  | 33,278,098 |  |

CREDITORS

Amounts falling due within one year | 5 | 110,400,080 |  | 110,096,413 |  |

NET CURRENT LIABILITIES | (77,026,209 | ) | (76,818,315 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (77,026,209 | ) | (76,818,315 | ) |

CAPITAL AND RESERVES

Called up share capital | 6 | 25,000 |  | 25,000 |  |

Retained earnings | (77,051,209 | ) | (76,843,315 | ) |

SHAREHOLDERS' FUNDS | (77,026,209 | ) | (76,818,315 | ) |

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 4 November 2025 and were signed on its behalf by:

E J S M Gonzalez De Heredia - Director

| Tecnicas Reunidas UK Limited (Registered number: 09413852) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Tecnicas Reunidas UK Limited 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 place of business is Teesrep Biomass Power Station, Tees Dock Road, Middlesbrough, TS6 6AF.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The 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.

| There were no material departures from that standard.

| Going concern

| The Company is expected to be closed down within the next 12 months once all claims have been settled, and as a consequence the directors have prepared the financial statements on a basis other than going concern.

| No adjustments were necessary to amounts included in these financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Income recognition

| Income from the rendering of services is recognised when the outcome of a transaction can be estimated reliably and by reference to the stage of completion at the balance sheet date.

| Amounts recoverable on contract

| The amount of profit attributable to the stage of completion of a long term contract is recognised when the

| outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen. Contract work in progress is stated at costs incurred less those transferred to the profit and loss account after deducting foreseeable losses and payments on account not matched with turnover. Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

| Financial instruments

| Basic financial instruments are measured at amortised cost with changes recognised in profit or loss.

| 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.

| Tecnicas Reunidas UK Limited (Registered number: 09413852) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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.

3. | EMPLOYEES AND DIRECTORS

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

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 3,300,000 |  | 3,300,000 |  |

| Amounts recoverable on contract | 29,991,996 |  | 29,529,184 |  |

| Other debtors | 6,137 |  | 4,149 |  |

| Prepayments and accrued income | - |  | 394,148 |  |

33,298,133 |  | 33,227,481 |  |

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 940,757 |  | 1,170,544 |  |

| Amounts owed to group undertakings | 107,712,831 |  | 106,255,930 |  |

| Accruals and deferred income | 1,746,492 |  | 2,669,939 |  |

110,400,080 |  | 110,096,413 |  |

6. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 25,000 | Ordinary | £1 | 25,000 |  | 25,000 |  |

| Tecnicas Reunidas UK Limited (Registered number: 09413852) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| We draw attention to note 2 in the financial statements which explains that the Company is expected to be closed down within the next 12 months and therefore, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2.

| We draw attention to note 8 of the financial statements, which describes uncertainties in relation to the major construction contract.

| Our opinion is not modified in respect of these matters.

| Kevin Shotton BA BFP FCA (Senior Statutory Auditor)

| for and on behalf of Clive Owen LLP

8. | CONTINGENT LIABILITIES

| Late delivery penalties and contract debtor

| Tecnicas Reunidas UK Limited was undertaking project management of a long-term contract. The contract includes late delivery penalty clauses which amount to up to £328,000 per day. As at 31 December 2024 the contract had ran approximately 18 months over schedule and in 2021 Tecnicas had left the site. In February 2024 the contract issuer pleaded a claim based on allegation of wilful default. Management have sought legal opinion to confirm that this claim is excluded by the terms of the contract and is not supported by the facts.

| The matters above and some elements of the contract remain subject to arbitration. This is also causing a delay in the recovery of the contract related debtors on the balance sheet, albeit management have sought legal opinion to confirm these amounts are due and payable. At this stage, as the likelihood of the potential penalty arising is considered remote, it is considered impracticable to recognise a liability in accordance with FRS102. The contract debtor is included in full on the balance sheet, however this is also subject to dispute from the end customer.

| Subcontractor claims

| Tecnicas Reunidas UK Limited used a number of subcontractors to carry out works as part of their long-term contract. A number of subcontractors have raised millions of pounds in claims for additional monies in relation to various contract disputes. Whilst most of these claims have been settled and the costs recognised in the financial statements the company is actively defending one remaining claim and does not believe there is any legal obligation to pay. As a result of this any potential liability cannot be reliably estimated, and may be prejudicial to do so.

9. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. | ULTIMATE PARENT COMPANY

| The ultimate parent company is Tecnicas Reunidas S.A, a company registered in Spain, the registered office is Parque Empresarial Adecua 6 Avenida Burgos, 89 28050 Madrid (Spain).

| Tecnicas Reunidas UK Limited (Registered number: 09413852) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

11. | TAXATION

| In 2024, the company generated a tax profit of £4 million, which contributed to a reduction in trading losses from £69 million in 2023 to £65 million by year-end. As a result, these losses may be available to offset future trading profits.

| A deferred tax asset has not been recognised in respect of these losses given it is not felt probable that these will be utilised in future periods.