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REGISTERED NUMBER: 15791391 (England and Wales)

Financial Statements for the Period 20 June 2024 to 31 December 2024

for

IM2 FRED BES LIMITED

| IM2 FRED BES LIMITED (Registered number: 15791391) |

Contents of the Financial Statements

for the Period 20 June 2024 to 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| IM2 FRED BES LIMITED |

Company Information

for the Period 20 June 2024 to 31 December 2024

| DIRECTOR: | E Cañavate

| SECRETARY: | Elemental Company Secretary Limited

| REGISTERED OFFICE: | 27 Old Gloucester Street, London,

| London

| WC1N 3AX

| REGISTERED NUMBER: | 15791391 (England and Wales)

| AUDITORS: | Harts Limited

| Westminster House

| 10 Westminster Road

| Macclesfield

| Cheshire

| SK10 1BX

| IM2 FRED BES LIMITED (Registered number: 15791391) |

Balance Sheet

31 December 2024

| Notes | £ | £ |

| FIXED ASSETS

| Tangible assets | 4 | 167,999 |  |

| CURRENT ASSETS

| Debtors | 5 | 28,162 |  |  |

| Cash at bank | 83 |  |  |

28,245 |  |

| CREDITORS

| Amounts falling due within one year | 6 | 204,532 |  |

| NET CURRENT LIABILITIES | (176,287 | ) |

| TOTAL ASSETS LESS CURRENT LIABILITIES | (8,288 | ) |

| CAPITAL AND RESERVES

| Called up share capital | 10 |  |

| Retained earnings | (8,298 | ) |

(8,288 | ) |

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 December 2025 and were signed by:

E Cañavate - Director

| IM2 FRED BES LIMITED (Registered number: 15791391) |

Notes to the Financial Statements

for the Period 20 June 2024 to 31 December 2024

1. | STATUTORY INFORMATION

| IM2 FRED BES 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.

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.

| Preparation of consolidated financial statements

| The financial statements contain information about IM2 FRED BES LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Umbrella Solar Investment, Plaza de América, 2 4•B, 46004, Valencia.

| Related party exemption

| 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.

| Critical accounting judgements 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.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Critical judgements

| Judgement is required to assess the recoverability of fixed asset investments and therefore whether to perform an impairment review. The director does not feel that an impairment is necessary as the related projects being undertaken by the entity are at an early stage

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Note that the current fixed asset held is not depreciated as it is still under construction.

| IM2 FRED BES LIMITED (Registered number: 15791391) |

Notes to the Financial Statements - continued

for the Period 20 June 2024 to 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments

| Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

| 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

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

| Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| ii. Financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

| Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

| IM2 FRED BES LIMITED (Registered number: 15791391) |

Notes to the Financial Statements - continued

for the Period 20 June 2024 to 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

| Cash and cash equivalents

| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

| Going concern

| After making enquiries, the director has reasonable expectation that the company has adequate resources through the parent company to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 1 .

| IM2 FRED BES LIMITED (Registered number: 15791391) |

Notes to the Financial Statements - continued

for the Period 20 June 2024 to 31 December 2024

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| Additions | 167,999 |  |

| At 31 December 2024 | 167,999 |  |

| NET BOOK VALUE

| At 31 December 2024 | 167,999 |  |

| The asset currently held by the company is still under construction. As such no depreciation has been charged in the period.

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

£ |

| Other debtors | 28,162 |  |

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

£ |

| Trade creditors | 487 |  |

| Amounts owed to group undertakings | 202,455 |  |

| Other creditors | 1,590 |  |

204,532 |  |

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

| The Report of the Auditors was unqualified.

| Melissa Bowers FCCA (Senior Statutory Auditor)

| for and on behalf of Harts Limited

8. | ULTIMATE CONTROLLING PARTY

| The controlling party is Umbrella Solar Investment.