BEP Europe Limited

	Page
Accountants' Report	1
Balance Sheet	2—3
Statement of Changes in Equity	4
Notes to the Financial Statements	5—8

Report to the directors on the preparation of the unaudited statutory accounts of BEP Europe Limited for the period 25 September 2023 to 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of BEP Europe Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of BEP Europe Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of BEP Europe Limited and state those matters that we have agreed to state to the directors of BEP Europe Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BEP Europe Limited and its directors as a body for our work or for this report.

It is your duty to ensure that BEP Europe Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of BEP Europe Limited . You consider that BEP Europe Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of BEP Europe Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

24 September 2025

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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BEP Europe Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 15163425

		31 December 2024
	Notes	£	£
FIXED ASSETS
Tangible Assets	4		3,555
Investments	5		74,204,953

			74,208,508
CURRENT ASSETS
Debtors	6	443,603

		443,603
Creditors: Amounts Falling Due Within One Year	7	(60,758,664 )

NET CURRENT ASSETS (LIABILITIES)			(60,315,061 )

TOTAL ASSETS LESS CURRENT LIABILITIES			13,893,447

Creditors: Amounts Falling Due After More Than One Year	8		(18,587,570 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(741 )

NET LIABILITIES			(4,694,864 )

CAPITAL AND RESERVES
Called up share capital			100
Profit and Loss Account			(4,694,964 )

SHAREHOLDERS' FUNDS			(4,694,864)

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BEP Europe Limited

Balance Sheet (continued)

As At 31 December 2024

For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr S Lee

Director

24 September 2025

The notes on pages 5 to 8 form part of these financial statements.

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BEP Europe Limited

Statement of Changes in Equity

For the Period 25 September 2023 to 31 December 2024

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 25 September 2023	100	-	100
Loss for the period and total comprehensive income	-	(4,694,964 )	(4,694,964)

As at 31 December 2024	100	(4,694,964 )	(4,694,864)

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BEP Europe Limited

Notes to the Financial Statements

For the Period 25 September 2023 to 31 December 2024

Notes to the Financial Statements

1. General Information

BEP Europe Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15163425 . The registered office is Tenth Floor, 240 Blackfriars Road, London, SE1 8NW.

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

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

33%

2.3. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price

including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.4. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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BEP Europe Limited

Notes to the Financial Statements (continued)

For the Period 25 September 2023 to 31 December 2024

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.6. Investments in subsidiaries and associates

Investment in wholly owned subsidiaries and associated undertakings are recognised at cost less any provision for impairment. Carrying values of investments in subsidiaries and associates are reviewed at the end of each reporting period for any indication of impairment with any effect accounted for in the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 4

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 25 September 2023	-
Additions	4,923

As at 31 December 2024	4,923

Depreciation
As at 25 September 2023	-
Provided during the period	1,368

As at 31 December 2024	1,368

Net Book Value
As at 31 December 2024	3,555

As at 25 September 2023	-

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BEP Europe Limited

Notes to the Financial Statements (continued)

For the Period 25 September 2023 to 31 December 2024

5. Investments

	Unlisted
	£
Cost
As at 25 September 2023	-
Additions	77,719,375

As at 31 December 2024	77,719,375

Provision
As at 25 September 2023	-
Added in period	3,514,422

As at 31 December 2024	3,514,422

Net Book Value
As at 31 December 2024	74,204,953

As at 25 September 2023	-

The provisions recognised in the year is the impairment of a subsidiary that will be hived across within other subsidiaries within the group post year-end.

6. Debtors

	31 December 2024
	£
Due within one year
Prepayments and accrued income	190,706
Amounts owed by subsidiaries	252,897

	443,603

7. Creditors: Amounts Falling Due Within One Year

	31 December 2024
	£
Trade creditors	8,986
Other taxes and social security	27,531
Other creditors	6,566,433
Accruals and deferred income	217,198
Amounts owed to group undertakings	52,613,637
Amounts owed to subsidiaries	1,324,879

	60,758,664

8. Creditors: Amounts Falling Due After More Than One Year

	31 December 2024
	£
Other creditors	18,587,570

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BEP Europe Limited

Notes to the Financial Statements (continued)

For the Period 25 September 2023 to 31 December 2024

9. Provisions for Liabilities


	Deferred Tax	Total
	£	£
Deferred taxation	741	741

Balance at 31 December 2024	741	741

10. Capital Commitments

	31 December 2024
	£
At the end of the period	11,847,189

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements

11. Ultimate Controlling Party

The company's ultimate controlling party is BEP International Holdings LLC by virtue of his ownership of 100% of the issued share capital in the company.

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