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Company No: SC560225 (Scotland)

# BROCKWELL ENERGY LIMITED

### Annual Report and Financial Statements
For the financial year ended 31 March 2025

BROCKWELL ENERGY LIMITED

## Annual Report and Financial Statements

For the financial year ended 31 March 2025

Contents

BROCKWELL ENERGY LIMITED

## COMPANY INFORMATION

For the financial year ended 31 March 2025
BROCKWELL ENERGY LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025

DIRECTORS | R M Armour (Resigned 30 July 2024)
| I D Cockburn
| A S Lambie
| P Newman
| R H G Shaw
| T M Tehranian
| G Waszkiewicz (Appointed 27 February 2025)
| N Young

REGISTERED OFFICE | The Eagle Building-Third Floor
| 19 Rose Street
| Edinburgh
| EH2 2PR
| United Kingdom

COMPANY NUMBER | SC560225 (Scotland)

AUDITOR | KPMG LLP
| Statutory Auditor
| Quayside House
| 110 Quayside
| Newcastle upon Tyne
| NE1 3DX
| United Kingdom

BROCKWELL ENERGY LIMITED

## DIRECTORS' REPORT

For the financial year ended 31 March 2025
BROCKWELL ENERGY LIMITED

## DIRECTORS' REPORT (continued)

For the financial year ended 31 March 2025

The directors present their Directors’ Report and audited financial statements for the year ended 31 March 2025.
The Director’s Report has been prepared in accordance with the provisions applicable to companies entitled to take the small companies’ exemption under Companies Act 2006.
The directors have taken advantage of the small companies’ exemption provided by section 414A of the Companies Act 2006 not to present a strategic report.

PRINCIPAL ACTIVITIES

The Company’s principal activity is associated with development of energy projects. The Company, through its Group undertakings, is currently involved in the development, construction and operation of energy projects within onshore wind, energy from waste (“EfW”) and solar and battery storage sectors.

GOING CONCERN

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements. Further details regarding the adoption of the going concern basis can be found in note 1 to the financial statements.

REVIEW OF THE BUSINESS

During the year, development and construction activities on the projects continued at a steady pace. The Company continued to provide the necessary support to its Group undertakings to enable them to progress the key project development activities in line with the targeted programmes and schedules. Appraisal of investment opportunities by the Company remains an ongoing workstream, with development works on early-stage onshore wind and solar energy project opportunities progressed during the year.
The Company, through its Group undertakings, holds a 100% interest in a 220MW North Kyle Wind Farm Project (the “North Kyle Project”) in East Ayrshire. The construction works on the North Kyle Project progressed substantially during the year, including forestry activities, civil engineering works and manufacturing, delivery and installation of turbine components. During the year, the North Kyle Project experienced delays to the grid connection dates which led to additional funding requirements on the project. The required funds have been secured and committed by the Company’s Group undertaking in March 2025 under a loan facility from a third-party provider (the “External Loan”). The energisation of the Stage 1 grid connection on the North Kyle Project was achieved in March 2025, with first power exported into the grid in April 2025. The completion of the Stage 2 grid connection works got delayed subsequent to the year-end, with interim connection achieved in February 2026. The remaining works required to finalise the Stage 2 grid connection are scheduled for H1 2026.
The Company, through its Group undertakings, also holds a 50% equity investment in the Earls Gate EfW Project (the “Earls Gate Project”) which is owned by Earls Gate Energy Centre Limited. On 28 March 2024, the Earls Gate Project achieved the Take Over, being the point at which all construction, commissioning and testing activities required for the EfW facility to enter full commercial operations were satisfactorily completed and the plant was handed over to the appointed Operations and Maintenance Contractor. The performance of the plant since the Take Over has been in line with internal forecasts and expectations. In February 2025, Earls Gate Energy Centre Limited commissioned certain maintenance works and upgrades in order to enable an increase to the plant’s operational performance beyond the original design point. The costs associated with undertaking these works have been funded by the shareholders of EGEC Holdings Limited, with the funding required from BEL1 Limited funded using the proceeds under the External Loan. The EfW facility has been performing strongly since returning to full service following the completion of the upgrades.
During the year, Ofgem launched a consultation process proposing new rules to tackle the grid connection backlog, including prioritising projects based on readiness and system need. These proposals evolved into the “first-ready, first-connected” model and the gate-based queue structure which was subsequently approved in April 2025 and became collectively known as the “TMO4+” reforms. Under the revised framework, projects are awarded Gate 1 status where they remain in the queue but without firm connection rights, while only projects that demonstrate sufficient maturity (such as planning progress and deliverability) are promoted to Gate 2, where they receive confirmed connection dates and capacity. Subsequent to the balance sheet date, the Company received the initial results under the TMO4+ review process which confirmed Gate 1 status for several of its projects. The Company is in the process of analysing the results of the initial application process on its prospective projects and the wider UK energy market, together with potential scope for securing the Gate 2 status in the future application rounds. Nevertheless, as set out in note 11 to the financial statements, the directors acknowledge that the results of the TMO4+ reforms may impact on the recoverable amount of the Company’s fixed assets recognised in relation to some of its projects.

The directors consider the most relevant financial performance indicators to be associated with:
Turnover: £3,561,000 (2024: £3,708,000)
Operating (loss)/profit: -£3,181,000 (2024: -£1,113,000)
(Loss)/profit before taxation: -£5,641,000 (2024: £3,561,000)
The Company’s financial performance in the year was in line with expectations, with operating loss for the year attributable to an increased spend on professional fees associated with the Company’s business development activities. The Company recorded only a modest income in relation to its investments in Group undertakings, with no investments disposed of in the year. The performance in this area has been in line with internal plans and expectations.
The directors consider the most relevant non-financial performance indicators to be associated with:
• Provision of personnel, financial and other support required by its Group undertakings in order to progress the development and construction activities on the projects and other contractual obligations;
• Management of projected development expenditure; and
• Appraisal of prevailing market conditions and available technologies to identify investment opportunities and the most suitable and economically viable concepts for the projects that may be developed by the Company and its Group undertakings.
The Company’s performance in the above areas during the year was in line with the approved business plans and budgets.

DIVIDENDS

The directors do not recommend payment of a dividend (2024: £Nil).

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

R M Armour | (Resigned 30 July 2024)
I D Cockburn |
A S Lambie |
P Newman |
R H G Shaw |
T M Tehranian |
G Waszkiewicz | (Appointed 27 February 2025)
N Young |

OTHER INFORMATION

The principal risks and uncertainties facing the wider Group of which the Company is a member are outlined in the consolidated financial statements of the Company’s ultimate parent, Lantern Holdco Limited.
The Company is monitoring the geopolitical situation in Eastern Europe and the Middle East amid the ongoing military conflicts in these areas. There has been no impact from those conflicts on the Company or its operations in the year ended 31 March 2025 and subsequent to the balance sheet date.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:
• So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
• The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office.

Approved by the Board of Directors and signed on its behalf by:

G Waszkiewicz Director |

The Eagle Building-Third Floor
19 Rose Street
Edinburgh
EH2 2PR
United Kingdom

02 April 2026

BROCKWELL ENERGY LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 March 2025
BROCKWELL ENERGY LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 March 2025

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.

In preparing these financial statements, the directors are required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgements and accounting estimates that are reasonable and prudent;
• State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in annual reports may differ from legislation in other jurisdictions.

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROCKWELL ENERGY LIMITED

For the financial year ended 31 March 2025

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROCKWELL ENERGY LIMITED (continued)

For the financial year ended 31 March 2025

Report on the audit of the financial statements

Opinion
We have audited the financial statements of Brockwell Energy Limited (“the Company”) for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and related notes, including the accounting policies in note 1.
In our opinion the financial statements:
• give a true and fair view of the state of the Company’s affairs as at 31 March 2025 and of its loss for the year then ended;
• have been properly prepared in accordance with UK accounting standards, including FRS 102 *The Financial Reporting Standard applicable in the UK and Republic of Ireland;* and
• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:
• we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate;
• we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.

Fraud and breaches of laws and regulations – ability to detect
IDENTIFYING AND RESPONDING TO RISKS OF MATERIAL MISTATEMENT DUE TO FRAUD
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
• Enquiring of directors and management as to the Company’s high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
• Reading board meeting minutes.
• Using analytical procedures to identify any unusual or unexpected relationships.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, we perform procedures to address the risk of management override of controls in particular the risk that the Company management may be in a position to make inappropriate accounting. On this audit we do not believe there is a fraud risk related to revenue recognition because of the lack of opportunity around the period end.
We did not identify any additional fraud risks.
We performed procedures including:
• Identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. This included those posted to cash and revenue with corresponding entry to unusual accounts.
IDENTIFYING AND RESPONDING TO RISKS OF MATERIAL MISSTATEMENT DUE TO NON-COMPLIANCE WITH LAWS AND REGULATIONS
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: certain aspects of Company legislation recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
CONTEXT OF THE ABILITY OF THE AUDIT TO DETECT FRAUD OR BREACHES OF LAW OR REGULATION
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Directors’ report
The directors are responsible for the directors’ report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon.
Our responsibility is to read the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
• we have not identified material misstatements in the directors’ report;
• in our opinion the information given in that report for the financial year is consistent with the financial statements; and
• in our opinion that report has been prepared in accordance with the Companies Act 2006.

Report on other legal and regulatory requirements

Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
We have nothing to report in these respects.

Directors’ responsibilities
As explained more fully in their statement set out on page 7, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities
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 an auditor’s report 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.

David Mitchell (Senior Statutory Auditor)
For and on behalf of KPMG LLP
Statutory Auditor

Quayside House
110 Quayside
Newcastle upon Tyne
NE1 3DX
United Kingdom

02 April 2026

BROCKWELL ENERGY LIMITED

## STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 March 2025
BROCKWELL ENERGY LIMITED

## STATEMENT OF COMPREHENSIVE INCOME (continued)

For the financial year ended 31 March 2025

| Note | 2025 |  | 2024
|  | £'000 |  | £'000
Turnover | 3 | 3,561 |  | 3,708
Cost of sales |  | ( 3,046) |  | ( 1,662)
Gross profit |  | 515 |  | 2,046
Administrative expenses |  | ( 3,696) |  | ( 3,159)
Operating loss |  | ( 3,181) |  | ( 1,113)
Other non-operating income | 10 | 0 |  | 500
Loss before interest and taxation |  | (3,181) |  | (613)
Interest receivable and similar income | 4 | 8,263 |  | 5,076
Interest payable and similar expenses | 4 | ( 10,723) |  | ( 8,024)
Loss before taxation | 5 | ( 5,641) |  | ( 3,561)
Tax on loss | 9 | 452 |  | 270
Loss for the financial year |  | ( 5,189) |  | ( 3,291)
Other comprehensive income |  | 0 |  | 0
Total comprehensive loss |  | ( 5,189) |  | ( 3,291)

All amounts relate to continuing operations.

The accompanying notes form an integral part of these financial statements.

BROCKWELL ENERGY LIMITED

## BALANCE SHEET

As at 31 March 2025
BROCKWELL ENERGY LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £'000 |  | £'000
Fixed assets |  |  |  |
Tangible assets | 11 | 778 |  | 236
Investments | 12 | 0 |  | 10
|  | 778 |  | 246
Current assets |  |  |  |
Debtors |  |  |  |
- due within one year | 13 | 6,004 |  | 5,536
- due after more than one year | 13 | 162,810 |  | 154,550
Cash at bank and in hand |  | 278 |  | 898
|  | 169,092 |  | 160,984
Creditors: amounts falling due within one year | 14 | ( 123,273) |  | ( 109,444)
Net current assets |  | 45,819 |  | 51,540
Total assets less current liabilities |  | 46,597 |  | 51,786
Net assets |  | 46,597 |  | 51,786
Capital and reserves | 15 |  |  |
Called-up share capital |  | 0 |  | 0
Profit and loss account |  | 46,597 |  | 51,786
Total shareholder's funds |  | 46,597 |  | 51,786

The accompanying notes form an integral part of these financial statements.

The financial statements of Brockwell Energy Limited (registered number: SC560225) were approved and authorised for issue by the Board of Directors on 02 April 2026. They were signed on its behalf by:

G Waszkiewicz Director |

BROCKWELL ENERGY LIMITED

## STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 March 2025
BROCKWELL ENERGY LIMITED

## STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 March 2025

| Called-up share capital |  | Profit and loss account |  | Total
| £'000 |  | £'000 |  | £'000
At 01 April 2023 | 0 |  | 55,077 |  | 55,077
Loss for the financial year | 0 |  | ( 3,291) |  | ( 3,291)
Total comprehensive loss | 0 |  | ( 3,291) |  | ( 3,291)
At 31 March 2024 | 0 |  | 51,786 |  | 51,786
At 01 April 2024 | 0 |  | 51,786 |  | 51,786
Loss for the financial year | 0 |  | ( 5,189) |  | ( 5,189)
Total comprehensive loss | 0 |  | ( 5,189) |  | ( 5,189)
At 31 March 2025 | 0 |  | 46,597 |  | 46,597

The accompanying notes form an integral part of these financial statements.

BROCKWELL ENERGY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
BROCKWELL ENERGY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Brockwell Energy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR, United Kingdom.
The principal activities are set out in the Directors’ Report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £'000.

Brockwell Energy Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to share-based payments, financial instruments, presentation of a Cash Flow Statement and remuneration of key management personnel.

##### Going concern

Excluding debtors falling due after more than one year, the Company had net current liabilities of £116,991,000 (2024: £103,010,000) and net assets of £46,597,000 (2024: £51,786,000) as at 31 March 2025. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate as at the date of their approval for the reasons outlined below.
As at 31 March 2025, the Company had cash reserves of £278,000 (2024: £898,000) with access to further funding through a loan facility in place with its immediate parent undertaking, Brockwell Energy Group Limited.
As at the date of approval of these financial statements, the directors expect that certain ongoing financing initiatives within the wider Group will generate significant funds to the Company and its Group undertakings which will sufficiently cover the Company’s funding and financial support commitments and ongoing working capital requirements during the period of at least 12 months from the date of approval of these financial statements. As at the date of this Report, these financing initiatives were at an advanced stage.
Additionally, Brockwell Energy Group Limited has provided the directors of the Company with a letter confirming that it will continue to provide the financial support to the Company required to allow it to operate in a lawful and proper manner and to satisfy all obligations when they become due for a period of at least 12 months from the date of approval of these financial statements, and that it does not intend to seek repayment of the amounts currently owed by the Company, which at balance sheet date amounted to £120,029,000 (2024: £108,187,000), during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
As at the date of approval of these financial statements, the Company had no funding commitments in relation to the Earls Gate or the North Kyle Projects. Latest modelling of financial projections for the operational life of these projects continues to show that the projects will deliver satisfactory returns to the Company and its Group undertakings.
The directors acknowledge the risks and uncertainties associated with the TMO4+ reforms which are impacting the wider energy market. The Company is in the process of analysing the results of the initial application process on its projects and the wider UK energy market. Whilst this creates uncertainty, the directors do not consider this to impact the ability of the Company to continue as a going concern.
Based on the above enquiries and considerations, the directors continue to prepare the financial statements on a going concern basis.

##### Group accounts exemption

Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its group.
Brockwell Energy Limited is a wholly owned subsidiary of Brockwell Energy Group Limited and the results of Brockwell Energy Limited are included in the consolidated financial statements of Brockwell Energy Group Limited (2024: Lantern Holdco Limited) which are available from 16 Stratford Place, London, W1C 1BF.

##### Foreign currency

Transactions in foreign currencies are translated to the Company’s functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

##### Turnover

Turnover represents the amounts receivable from the provision of engineering, consultancy and management services to customers. Turnover is measured at the fair value of the right to consideration net of sales rebates, discounts and value added tax. Turnover is recognised at "point in time" which is in line with contractual performance obligations being satisfied.

##### Employee benefits

Defined contribution schemes
A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

##### Finance costs

Interest payable and similar expenses include interest payable, finance expense on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.
Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Foreign currency gains and losses are reported on a net basis.

##### Taxation

Tax on the profit or loss for the period comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

##### Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets. The Company assesses at each reporting date whether the tangible fixed assets are impaired.
Depreciation is charged to the profit and loss account over the estimated useful lives of each part of an item of tangible fixed assets as detailed below. Assets in the course of construction are not depreciated until they are available for use.
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.

Vehicles | 4 years straight line
Fixtures and fittings | 2 - 7 years straight line
Assets in the course of construction | not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in subsidiaries, jointly controlled entities and associates are carried at cost less impairment.
Equity instruments
In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity (i.e. forming part of shareholders’ funds) only to the extent that they meet the following two conditions:
a)they include no contractual obligations upon the Company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and
b)where the instrument will or may be settled in the Company’s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company’s own equity instruments or is a derivative that will be settled by the Company’s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company’s own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.

##### 3. Turnover

Turnover represents the amounts receivable from the provision of engineering, consultancy and management services to customers. Turnover is measured at the fair value of the right to consideration net of sales rebates, discounts and value added tax.

Turnover is wholly attributable to the principal activity of the Company and arises solely within the United Kingdom.

#### 4. Interest receivable and interest payable

| 2025 |  | 2024
| £'000 |  | £'000
Interest receivable and similar income | 8,263 |  | 5,076
Interest payable and similar expenses | ( 10,723) |  | ( 8,024)
| (2,460) |  | (2,948)

Interest receivable and similar income represents interest accrued on loan notes from Group undertakings of £8,261,000 (2024: £4,694,000) and bank interest of £2,000 (2024: £382,000).
Interest payable and similar expenses represents interest accrued on loan notes to Group undertakings of £10,721,000 (2024: £7,959,000) and bank charges of £2,000 (2024: £65,000).

#### 5. Loss before taxation

Loss before taxation is stated after charging/(crediting):

| 2025 |  | 2024
| £'000 |  | £'000
Depreciation of tangible fixed assets (note 11) | 77 |  | 34

#### 6. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

| 2025 |  | 2024
| £'000 |  | £'000
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 17 |  | 16
Total audit fees | 17 |  | 16

#### 7. Staff number and costs

| 2025 |  | 2024
| Number |  | Number
The average monthly number of employees (including directors) was: |  |  |
Directors | 5 |  | 5
Project Development and administration | 24 |  | 24
| 29 |  | 29

Their aggregate remuneration comprised:

| 2025 |  | 2024
| £'000 |  | £'000
Wages and salaries | 3,558 |  | 2,725
Social security costs | 386 |  | 291
Other retirement benefit costs | 135 |  | 122
| 4,079 |  | 3,138

Two of the Company's directors received no remuneration and had no contract of employment in the current and preceding year. They are not included in the above average monthly number of employees and the comparative has been restated to be comparable.

#### 8. Directors' remuneration

| 2025 |  | 2024
| £'000 |  | £'000
Directors' emoluments | 969 |  | 878
Company contributions to money purchase pension schemes | 30 |  | 25
| 999 |  | 903

In addition, the emoluments of one director were paid by a fellow Group company.

#### 9. Tax on loss

| 2025 |  | 2024
| £'000 |  | £'000
Current tax on loss |  |  |
UK corporation tax | ( 452) |  | ( 270)
Total current tax | ( 452) |  | ( 270)
Total tax on loss | ( 452) |  | ( 270)

Tax reconciliation

The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:

| 2025 |  | 2024
| £'000 |  | £'000
Loss before taxation | (5,641) |  | (3,561)
Tax on loss at standard UK corporation tax rate of 25% (2024: 25%) | ( 1,410) |  | ( 890)
Effects of: |  |  |
Expenses not deductible for tax purposes | 157 |  | 7
Income not taxable in determining taxable profit | 0 |  | ( 125)
Change in unrecognised deferred tax assets | 800 |  | 613
Adjustments in respect of prior years | 1 |  | 0
Gains/rollover relief | 0 |  | 125
Total tax credit for year | (452) |  | (270)

Tax credit arising in the current and the prior year relates to the amounts due from Group undertakings in relation to the unused unrecognised tax losses surrendered by the Company under the group relief regime. Deferred tax asset of £3,600,000 (2024: £2,679,000) has not been recognised due to the uncertainty surrounding future recovery.

#### 10. Other non-operating income

| 2025 |  | 2024
| £'000 |  | £'000
Profit on disposal of fixed asset investments | 0 |  | 500

In the prior year, the Company received £500,000 of deferred consideration in relation to the sale of a former Group undertaking which was completed in 2020.

#### 11. Tangible assets

| Vehicles |  | Fixtures and fittings |  | Assets in the course of construction |  | Total
| £'000 |  | £'000 |  | £'000 |  | £'000
Cost |  |  |  |  |  |  |
At 01 April 2024 | 103 |  | 197 |  | 43 |  | 343
Additions | 16 |  | 3 |  | 1,370 |  | 1,389
Disposals | ( 8) |  | ( 10) |  | 0 |  | ( 18)
Transfers to Group companies | 0 |  | 0 |  | ( 763) |  | ( 763)
At 31 March 2025 | 111 |  | 190 |  | 650 |  | 951
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 32 |  | 75 |  | 0 |  | 107
Charge for the financial year | 24 |  | 53 |  | 0 |  | 77
Disposals | ( 1) |  | ( 10) |  | 0 |  | ( 11)
At 31 March 2025 | 55 |  | 118 |  | 0 |  | 173
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 56 |  | 72 |  | 650 |  | 778
At 31 March 2024 | 71 |  | 122 |  | 43 |  | 236

Assets in the course of construction comprise development and planning costs directly attributable to the development of energy projects. During the year, the Company incurred certain project development costs on behalf of its Group undertakings and capitalised these costs into its assets under construction balance. On 31 March 2025, £763,000 (2024: £662,000) of the balance was transferred to the Company’s subsidiary undertakings at book value.
The remaining assets under construction balance recognised at the balance sheet date relates to battery storage and onshore wind developments which are currently being developed directly by the Company rather than through separate Group undertakings. Following the initial results under the TMO4+ review, which were published subsequent to the balance sheet date, the directors consider that the book value of the assets in the course of construction held in relation to these projects is at risk of future impairment due to the projects not securing the Gate 2 protected status as part of the initial evidence submission process. No indicators of impairment existed at the balance sheet date.

#### 12. Fixed asset investments

Investments in subsidiaries

| 2025
| £'000
Cost |
At 01 April 2024 | 10
At 31 March 2025 | 10
Provisions for impairment |
At 01 April 2024 | 0
Impairment | 10
At 31 March 2025 | 10
Carrying value at 31 March 2025 | 0
Carrying value at 31 March 2024 | 10

In the opinion of the directors, the recoverable amount of the investments is at least equal to their carrying amount.

Investments in shares

At 31 March 2025, the Company held interests in the following subsidiary undertakings:

Name of entity | Registered office | Principal activity | Class of shares | Ownership 31.03.2025 | Ownership 31.03.2024 | Held
Brockwell Energy Services Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Provision of services to renewable energy developments | Ordinary | 100.00% | 100.00% | Direct
Brockwell Wind Developments Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Provision of services to renewable energy developments | Ordinary | 100.00% | 100.00% | Direct
Westfield Energy Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Development of renewable energy projects | Ordinary | 100.00% | 100.00% | Direct
North Kyle Wind Farm Holdings Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Development of onshore wind renewable energy projects | Ordinary | 100.00% | 100.00% | Indirect
North Kyle Wind Farm Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Development of onshore wind renewable energy projects | Ordinary | 100.00% | 100.00% | Indirect
Brockwell Gas Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Dormant | Ordinary | 100.00% | 100.00% | Indirect
Glentaggart Wind Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Development of energy projects | Ordinary | 100.00% | 100.00% | Direct
Breezy Hill Energy Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Development of energy projects | Ordinary | 100.00% | 100.00% | Direct
BEL3 Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Holding company | Ordinary | 100.00% | 100.00% | Direct
BEL1 Holding Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Holding company | Ordinary | 100.00% | 100.00% | Direct
BEL1 Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Holding company | Ordinary | 100.00% | 100.00% | Indirect
Brockwell Gas Holdings Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Dormant | Ordinary | 100.00% | 100.00% | Direct

Investments in joint ventures

At 31 March 2025, the Company held interests in the following jointly controlled undertakings:

Name of entity | Registered office | Principal activity | Class of shares | Ownership 31.03.2025 | Ownership 31.03.2024 | Held
EGEC Holdings Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh Lothian EH2 2PR | Development of energy projects | Ordinary | 50.00% | 50.00% | Indirect
Earls Gate Energy Centre Limited | C/O Brockwell Energy Ltd, The Eagle Building-Third Floor, 19 Rose Street, Edinburgh, EH2 2PR | Development of energy projects | Ordinary | 50.00% | 50.00% | Indirect
Earls Gate Gridco Limited | Earls Road, Grangemouth, FK3 8XG | Grid infrastructure ownership and operation | Ordinary | 50.00% | 50.00% | Indirect

#### 13. Debtors

| 2025 |  | 2024
| £'000 |  | £'000
Debtors: amounts falling due within one year |  |  |
Amounts owed by Group undertakings (note 16) | 4,971 |  | 4,985
Amounts owed by related parties (note 16) | 59 |  | 69
VAT recoverable | 147 |  | 159
Other debtors | 737 |  | 268
Prepayments | 90 |  | 55
| 6,004 |  | 5,536
Debtors: amounts falling due after more than one year |  |  |
Amounts owed by Group undertakings (note 16) | 162,810 |  | 154,550

#### 14. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £'000 |  | £'000
Trade creditors | 606 |  | 223
Amounts owed to Group undertakings (note 16) | 121,056 |  | 108,653
Payroll taxes payable | 107 |  | 99
Accruals | 912 |  | 445
Other creditors | 592 |  | 24
| 123,273 |  | 109,444

#### 15. Called-up share capital and reserves

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1 Ordinary share of £ 1.00 | 1 |  | 1
Presented as follows: |  |  |
Called-up share capital presented as equity | 1 |  | 1

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

The Company's other reserves are as follows:
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

#### 16. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

Transactions with group companies

Amounts owed by Group undertakings

| 2025 |  | 2024
| £'000 |  | £'000
BEL3 Limited | 126,853 |  | 121,437
BEL1 Limited | 35,957 |  | 33,113
Brockwell Holdings Limited | 2,159 |  | 1,760
Breezy Hill Energy Limited | 1,534 |  | 929
Glentaggart Wind Limited | 842 |  | 1,141
Westfield Energy Limited | 430 |  | 398
Brockwell Energy Services Limited | 0 |  | (103)
BEL4 Bidco Limited | 0 |  | 632
Brockwell Wind Developments Limited | 0 |  | 228
North Kyle Wind Farm Limited | 2 |  | 0
Brockwell Storage & Solar Limited | 4 |  | 0
| 167,781 |  | 159,535

Amounts owed by BEL3 Limited include £97,301,000 (2024: £91,885,000) of unsecured Loan Notes which accrue interest at a rate of 5.81% per annum. The loan notes are expected to be fully repaid in 2060. Repayments are not expected to commence within twelve months of the balance sheet date.
Amounts owed by BEL1 Limited include £28,011,000 (2024: £25,167,000) of unsecured Loan Notes which accrue interest at a rate of 11% per annum. The loan notes are expected to be fully repaid in 2049. Repayments are not expected to commence within twelve months of the balance sheet date.
All other balances are unsecured, repayable on demand and do not bear interest.
Of those balances that are repayable on demand, the Company does not expect to realise £7,946,000 (2024: £7,946,000) relating to BEL1 Limited and £29,552,000 (2024: £29,552,000) relating to BEL3 Limited in part or in their entirety within 12 months from the balance sheet date.

Amounts owed to Group undertakings

| 2025 |  | 2024
| £'000 |  | £'000
Lantern Holdco Limited | 237 |  | 176
Brockwell Energy Services Limited | 790 |  | 290
Brockwell Energy Group Limited | 120,029 |  | 108,187
| 121,056 |  | 108,653

Amounts owed to Brockwell Energy Group Limited include £120,029,000 (2024: £108,187,000) of unsecured Loan Notes which accrue interest at a rate of 10% per annum. The loan notes are repayable on demand although repayments are not expected to commence within twelve months of the balance sheet date.
All other balances are unsecured, repayable on demand and do not bear interest.

Transactions with Lantern Holdco Limited

| 2025 |  | 2024
| £'000 |  | £'000
Recharge of administrative costs issued | (139) |  | (61)

Transactions with Brockwell Holdings Limited

| 2025 |  | 2024
| £'000 |  | £'000
Recharge of administrative costs issued | (49) |  | (19)
Group relief surrendered | 351 |  | 184
| 302 |  | 165

Transactions with Brockwell Storage and Solar Limited

| 2025 |  | 2024
| £'000 |  | £'000
Recharge of administrative costs issued | (41) |  | 0

Transactions with related parties or connected persons

Amounts owed by related parties

| 2025 |  | 2024
| £'000 |  | £'000
Earls Gate Energy Centre Limited | 59 |  | 69

The balance is unsecured, repayable on demand and does not bear interest.

Transactions with Earls Gate Energy Centre Limited

| 2025 |  | 2024
| £'000 |  | £'000
Recharge of administrative costs issued | (101) |  | (302)

#### 17. Controlling party

Parent Company:

Brockwell Energy Group Limited
16 Stratford Place London W1C 1BF

Ultimate controlling party:

Lantern Holdco Limited
16 Stratford Place London W1C 1BF