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REGISTERED NUMBER: SC680076 (Scotland)

Financial Statements For The Year Ended 31 December 2025

for

Hydro Ludens Holdings Limited

| Hydro Ludens Holdings Limited (Registered number: SC680076) |

Contents of the Financial Statements

For The Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 3 |

| Hydro Ludens Holdings Limited |

Company Information

For The Year Ended 31 December 2025

| DIRECTORS: | N F L Christoph

| A Mathewson

| REGISTERED OFFICE: | c/o Robb Ferguson

| Regent Court

| 70 West Regent Street

| Glasgow

| G2 2QZ

| REGISTERED NUMBER: | SC680076 (Scotland)

| INDEPENDENT AUDITORS: | Robb Ferguson

| Chartered Accountants & Statutory Auditors

| Regent Court

| 70 West Regent Street

| Glasgow

| G2 2QZ

| Hydro Ludens Holdings Limited (Registered number: SC680076) |

Statement of Financial Position

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 2,575,545 |  | 2,761,285 |  |

Tangible assets | 5 | 1,331,859 |  | 1,534,854 |  |

Investments | 6 | 5,478,430 |  | 5,478,430 |  |

9,385,834 |  | 9,774,569 |  |

CURRENT ASSETS

Debtors | 7 | 809,732 |  | 660,274 |  |

Cash at bank | 211,402 |  | 201,132 |  |

1,021,134 |  | 861,406 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,052,629 |  | 1,422,485 |  |

NET CURRENT LIABILITIES | (31,495 | ) | (561,079 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,354,339 |  | 9,213,490 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (3,464,615 | ) | (2,950,000 | ) |

PROVISIONS FOR LIABILITIES | - |  | (13,294 | ) |

NET ASSETS | 5,889,724 |  | 6,250,196 |  |

CAPITAL AND RESERVES

Called up share capital | 6,247,904 |  | 6,247,904 |  |

Retained earnings | (358,180 | ) | 2,292 |  |

5,889,724 |  | 6,250,196 |  |

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2026 and were signed on its behalf by:

N F L Christoph - Director

| Hydro Ludens Holdings Limited (Registered number: SC680076) |

Notes to the Financial Statements

For The Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Hydro Ludens Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| 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.

| Turnover

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

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of fifteen years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

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

| Fixed plant and equipment | - | 10% on reducing balance and 5% on cost

| Investments in subsidiaries

| Investments in subsidiaries are recognised at fair value with changes in fair value recognised in profit or loss.

| Financial instruments

| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 statement of financial position date.

| Hydro Ludens Holdings Limited (Registered number: SC680076) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025 | 2,795,495 |  |

| Additions | 1,175 |  |

| At 31 December 2025 | 2,796,670 |  |

| AMORTISATION

| At 1 January 2025 | 34,210 |  |

| Amortisation for year | 186,915 |  |

| At 31 December 2025 | 221,125 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,575,545 |  |

| At 31 December 2024 | 2,761,285 |  |

| Hydro Ludens Holdings Limited (Registered number: SC680076) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS

| Fixed

| plant and

| equipment

£ |

| COST

| At 1 January 2025 | 1,635,769 |  |

| Additions | 17,000 |  |

| Disposals | (22,370 | ) |

| Impairments | (89,167 | ) |

| At 31 December 2025 | 1,541,232 |  |

| DEPRECIATION

| At 1 January 2025 | 100,915 |  |

| Charge for year | 113,185 |  |

| Impairments | (4,727 | ) |

| At 31 December 2025 | 209,373 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,331,859 |  |

| At 31 December 2024 | 1,534,854 |  |

| Fixed plant and equipment includes professional fees, consulting fees, costs of Deeds of Servitude, project management, health and safety, bank loan and intercompany loan interest in relation to the construction and deconstruction of various hydro and solar systems including delivery, installation and dismantling.

6. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 5,478,430 |  |

| NET BOOK VALUE

| At 31 December 2025 | 5,478,430 |  |

| At 31 December 2024 | 5,478,430 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 26,324 |  | 7,979 |  |

| Intercompany | 542,832 |  | 527,021 |  |

| VAT | - |  | 26,265 |  |

| Prepayments and accrued income | 240,576 |  | 99,009 |  |

809,732 |  | 660,274 |  |

| Hydro Ludens Holdings Limited (Registered number: SC680076) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 12,730 |  | 156,061 |  |

| VAT | 2,606 |  | - |  |

| Other creditors | 866,281 |  | 929,417 |  |

| Accrued expenses | 171,012 |  | 337,007 |  |

1,052,629 |  | 1,422,485 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other creditors | 3,464,615 |  | 2,950,000 |  |

10. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 48,983 |  | 56,712 |  |

| Between one and five years | 229,811 |  | 226,848 |  |

| In more than five years | 358,645 |  | 411,035 |  |

637,439 |  | 694,595 |  |

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

| The Report of the Auditors was unqualified.

| Janice Alexander (Senior Statutory Auditor)

| for and on behalf of Robb Ferguson

12. | RELATED PARTY DISCLOSURES

| The amount due to Hydro Ludens Ltd, a subsidiary company, is £714,292 (2024: £740,998)

| The amount due to Koehler Renewable Energy UK Ltd, a company with common directors, is £151,989 (2024: £150,612)

| The amount due to Koehler Renewable Energy GmbH, the company's immediate parent, is £3,464,615 (2024: £2,987,806)

| The amount due from Kelburn Hydro Ltd, a subsidiary company, is £542,832 (2024: £527,021

13. | POST BALANCE SHEET EVENTS

| Post year end but before the date of sign off, Hydro Ludens Holdings Limited acquired 100% of the share capital of Mor Hydro Ltd, and 100% of Allt Mor Hydro LLP. The funding for the acquisition was provided by the company's immediate parent undertaking, Koehler Renewable Energy GmbH.

| Hydro Ludens Holdings Limited (Registered number: SC680076) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

14. | ULTIMATE CONTROLLING PARTY

| The company's immediate parent undertaking is Koehler Renewable Energy GmbH, incorporated in Germany. The ultimate parent undertaking in which the results of the company are consolidated is Koehler Holding SE & Co. KG, Hauptstrasse 2, Oberkirch,77704, Germany. A copy of the accounts are available upon request on bundesanzeiger.de.