REGISTERED NUMBER: SC680076 (Scotland)

Financial Statements For The Year Ended 31 December 2025

for

Hydro Ludens Holdings Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

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

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

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.

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

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

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.

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.