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REGISTERED NUMBER: 13781871 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| MARTINEZ OTERO UK, LTD |

MARTINEZ OTERO UK, LTD (REGISTERED NUMBER: 13781871)

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 |

MARTINEZ OTERO UK, LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | A Valladares Duran

| F Vispo

| REGISTERED OFFICE: | 10 John Street

| London

| WC1N 2EB

| REGISTERED NUMBER: | 13781871 (England and Wales)

| AUDITORS: | Mercer & Hole LLP

| Trinity Court

| Church Street

| Rickmansworth

| WD3 1RT

MARTINEZ OTERO UK, LTD (REGISTERED NUMBER: 13781871)

BALANCE SHEET

31 DECEMBER 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

CURRENT ASSETS

Work in progress | 7,275 |  | 5,137 |  |

Debtors | 4 | 103,807 |  | 733,786 |  |

Cash at bank | 27,403 |  | 198,563 |  |

138,485 |  | 937,486 |  |

CREDITORS

Amounts falling due within one year | 5 | 448,884 |  | 870,891 |  |

NET CURRENT (LIABILITIES)/ASSETS | (310,399 | ) | 66,595 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | (310,399 | ) | 66,595 |  |

CAPITAL AND RESERVES

Called up share capital | 6 | 10,000 |  | 10,000 |  |

Retained earnings | (320,399 | ) | 56,595 |  |

SHAREHOLDERS' FUNDS | (310,399 | ) | 66,595 |  |

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 Board of Directors and authorised for issue on 10 July 2026 and were signed on its behalf by:

F Vispo - Director

MARTINEZ OTERO UK, LTD (REGISTERED NUMBER: 13781871)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Martinez Otero UK, 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.

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.

| 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 £.

| Going concern

| The company has obtained a letter of support from its parent company, Martinez Otero Contract, S.L. The directors of Martinez Otero Contract, S.L. have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period in excess of 12 months and 1 day from the date on which the audit report is signed. As a result of this commitment the directors have continued to adopt the going concern basis.

| 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

| With regard to the accounting policies adopted by the company, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. Such estimates are based on historical experience and other relevant factors and may differ from actual results. All estimates, and associated underlying assumptions, are reviewed on an ongoing basis.

| Key accounting estimates

| The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as ageing of the receivables, past experience of recoverability, and the credit profile of the individual or group of customers.

| Revenue recognition in respect of contracts

| The company uses the percentage of completion method to recognise project revenue for fixed-price contracts. This method requires the directors to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract. Variations to estimates could result in the over or under recognition of revenue.

| Work in progress

| Work in progress include labour and attributable costs and is valued at the lower of cost and net realisable value.

| Costs on construction contracts are being recognised based on the percentage of completion of the project.

| Financial instruments

| Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

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

MARTINEZ OTERO UK, LTD (REGISTERED NUMBER: 13781871)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year 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 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. | EMPLOYEES (EXCLUDING DIRECTORS)

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

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 36,285 |  | 414,783 |  |

| Other debtors | 67,522 |  | 319,003 |  |

103,807 |  | 733,786 |  |

| Trade debtors are stated net of provision for doubtful debts. During the year, a provision of £145,279 (2023: £Nil) was recognised against trade debtors.

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

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade creditors | 12,909 |  | 414 |  |

| Amounts owed to group undertakings | 421,975 |  | 623,664 |  |

| Taxation and social security | - |  | 160,698 |  |

| Other creditors & accruals | 14,000 |  | 86,115 |  |

448,884 |  | 870,891 |  |

MARTINEZ OTERO UK, LTD (REGISTERED NUMBER: 13781871)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

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

| The Report of the Auditors was unqualified.

| Anil Kapoor (Senior Statutory Auditor)

| for and on behalf of Mercer & Hole LLP

| We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

| "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 a Report of the Auditors 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."

8. | PARENT COMPANY

| The immediate and ultimate parent company is Martinez Otero Contract, S.L., a company registered in Spain. Copies of the consolidated financial statements of Martinez Otero Contract, S.L. are available from Adva Pontevedra 97, 36689 A Estrada, Ponteverdra, Spain.