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REGISTERED NUMBER: SC467894 (Scotland)

Financial Statements For The Year Ended 31 December 2025

for

Kelburn Hydro Limited

| Kelburn Hydro Limited (Registered number: SC467894) |

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 |

| Kelburn Hydro Limited |

Company Information

For The Year Ended 31 December 2025

| DIRECTORS: | D M D Boyle

| N F L Christoph

| A Mathewson

| REGISTERED OFFICE: | C/o Robb Ferguson

| Regent Court

| 70 West Regent Street

| Glasgow

| G2 2QZ

| REGISTERED NUMBER: | SC467894 (Scotland)

| INDEPENDENT AUDITORS: | Robb Ferguson

| Chartered Accountants & Statutory Auditors

| Regent Court

| 70 West Regent Street

| Glasgow

| G2 2QZ

| Kelburn Hydro Limited (Registered number: SC467894) |

Statement of Financial Position

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 516,388 |  | 559,610 |  |

CURRENT ASSETS

Debtors | 5 | 74,020 |  | 45,487 |  |

Cash at bank | 160,734 |  | 51,577 |  |

234,754 |  | 97,064 |  |

CREDITORS

Amounts falling due within one year | 6 | 566,507 |  | 541,475 |  |

NET CURRENT LIABILITIES | (331,753 | ) | (444,411 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 184,635 |  | 115,199 |  |

PROVISIONS FOR LIABILITIES | 56,444 |  | 38,273 |  |

NET ASSETS | 128,191 |  | 76,926 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 128,091 |  | 76,826 |  |

128,191 |  | 76,926 |  |

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 Profit and Loss Account 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

| Kelburn Hydro Limited (Registered number: SC467894) |

Notes to the Financial Statements

For The Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Kelburn Hydro 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.

| The financial statements have been prepared on the going concern basis. The Directors consider that the going concern basis is appropriate as although the company has net current liabilities, these are principally represented by sums due to related parties who have confirmed their continued support.

| Turnover

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

| 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 | - | 5% on cost

| 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 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 statement of financial position date.

| 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.

| Kelburn Hydro Limited (Registered number: SC467894) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 (2024 - NIL).

4. | TANGIBLE FIXED ASSETS

| Fixed

| plant and

| equipment

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 864,716 |  |

| DEPRECIATION

| At 1 January 2025 | 305,106 |  |

| Charge for year | 43,222 |  |

| At 31 December 2025 | 348,328 |  |

| NET BOOK VALUE

| At 31 December 2025 | 516,388 |  |

| At 31 December 2024 | 559,610 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 7,715 |  | 8,031 |  |

| Other debtors | 3,676 |  | 2,204 |  |

| Prepayments and accrued income | 62,629 |  | 35,252 |  |

74,020 |  | 45,487 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 6,634 |  | - |  |

| VAT | 2,707 |  | 1,064 |  |

| Other creditors | 542,832 |  | 527,021 |  |

| Accrued expenses | 14,334 |  | 13,390 |  |

566,507 |  | 541,475 |  |

| Kelburn Hydro Limited (Registered number: SC467894) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

7. | 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

8. | RELATED PARTY DISCLOSURES

| The amount due from Koehler Renewable Energy UK Limited, a company under common ownership, is £2,956 (2024 - £1,484).

| The amount due to Hydro Ludens Holdings Limited, a company under common ownership, is £542,832 (2024 - £527,021)

| The amount due from Hydro Ludens Limited, a company under common ownership, is £720 (2024 - £720)

9. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is Hydro Ludens Holdings Limited by virtue of its majority shareholding in Kelburn Hydro Ltd.

| At 31 December 2025 the ultimate parent undertaking is Koehler Holding SE & Co. KG, Haupstrasse 2, Oberkirch 77704, Germany.