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Company No: 11570046 (England and Wales)

# BROCKWELL HOLDINGS LIMITED

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

BROCKWELL HOLDINGS LIMITED

## Annual Report and Financial Statements

For the financial year ended 31 March 2025

Contents

BROCKWELL HOLDINGS LIMITED

## COMPANY INFORMATION

For the financial year ended 31 March 2025
BROCKWELL HOLDINGS LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025

DIRECTORS | D J M Boehm
| R H G Shaw
| T M Tehranian

REGISTERED OFFICE | 16 Stratford Place
| London
| W1C 1BF
| United Kingdom

COMPANY NUMBER | 11570046 (England and Wales)

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

BROCKWELL HOLDINGS LIMITED

## DIRECTORS' REPORT

For the financial year ended 31 March 2025
BROCKWELL HOLDINGS LIMITED

## DIRECTORS' REPORT (continued)

For the financial year ended 31 March 2025

The directors present their Directors’ Report and 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 the provision of support for the development of energy projects through its subsidiary undertakings, Brockwell Energy Group Limited and Brockwell Energy Group (2) Limited.

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

In the year ended 31 March 2025, the Company continued to be principally funded through loans under Senior Loan Agreements with Adare Finance Designated Activity Company (the “Senior Funder”).
As at 31 March 2025, the outstanding balances under the Class A1 and Class A2 loans from the Senior Funder (the “Senior Loans”), including the accrued interest, amounted to £201,409,498 (2024: £179,234,000). This included £21,841,022 (2024: £17,591,000) in relation to the Class A2 loan facility from the Senior Funder which was secured in the prior year. The Senior Loans accrue interest at 10% and are repayable in October 2027 and March 2030 respectively.
The Company’s aim is to optimise the returns on investments by appraising the current market value of each project against the increase in risk-weighted value that could be generated from investment in further development, construction or operation of the asset.
The portfolio of energy projects being developed by the Company through its Group undertakings includes onshore wind projects, an energy-from-waste (“EfW”) project and early-stage development projects including solar and battery storage prospects. The projects are at various stages of the development cycle. The development and construction activities on the projects continued at a steady pace during the year. The directors consider that the pipeline of projects that are being developed through the Company’s Group undertakings positions the Company and its Group strongly for establishing itself as a leading energy project developer and power producer in the UK market.
The Company, through its Group undertakings, holds a 100% interest in a 220MW North Kyle Wind Farm Project (the “North Kyle Project”) located 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 the Company’s Group undertaking, 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 and subsequent to the year-end, the Company continued to provide the necessary support to Brockwell Energy Group Limited and Brockwell Energy Group (2) Limited to enable them to progress, through their Group undertakings, the key financing and project development activities in line with the targeted programmes and schedules. Total amount of funding advanced to Brockwell Energy Group Limited in the year was £1,000,000 (2024:£33,700,000), with £2,400,000 (2024: £17,500,000) advanced to Brockwell Energy Group (2) Limited.

Given the nature of the Company’s principal activities, the directors consider the most relevant financial key performance indicators for the year to be associated with the amount of funding advanced by the Company to its Group undertakings to support their principal activities. The amount of funding advanced by the Company during the year was £3,400,000 (2024: £51,200,000).
The directors consider the most relevant non-financial key performance indicators to be associated with:
• Provision of personnel and other support required by its subsidiaries in order to progress the development and construction activities on the projects; and
• Management of projected development expenditure.
The Company’s performance in the above areas during the year was in line with approved targets and expectations.

DIVIDENDS

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

EVENTS AFTER THE BALANCE SHEET DATE

There have been no significant events affecting the Company since the year end.

DIRECTORS

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

D J M Boehm |
R H G Shaw |
T M Tehranian |

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:

R H G Shaw Director |

16 Stratford Place
London
W1C 1BF
United Kingdom

02 April 2026

BROCKWELL HOLDINGS LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 March 2025
BROCKWELL HOLDINGS 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 HOLDINGS LIMITED

For the financial year ended 31 March 2025

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROCKWELL HOLDINGS 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 Holdings 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. On this audit we have rebutted the fraud risk related to revenue recognition as there is no revenue recorded.
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.
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 (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations.
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.
This Company, as a holding company, is not subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.
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 HOLDINGS LIMITED

## STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 March 2025
BROCKWELL HOLDINGS LIMITED

## STATEMENT OF COMPREHENSIVE INCOME (continued)

For the financial year ended 31 March 2025

| Note | 2025 |  | 2024
|  | £'000 |  | £'000
Administrative expenses |  | ( 1,050) |  | ( 1,048)
Operating loss |  | ( 1,050) |  | ( 1,048)
Interest receivable and similar income | 3 | 17,894 |  | 12,878
Interest payable and similar expenses | 3 | ( 18,775) |  | ( 13,596)
Loss before taxation |  | ( 1,931) |  | ( 1,766)
Tax on loss | 6 | ( 515) |  | ( 504)
Loss for the financial year |  | ( 2,446) |  | ( 2,270)
Other comprehensive income |  | 0 |  | 0
Total comprehensive loss |  | ( 2,446) |  | ( 2,270)

All amounts relate to continuing operations.

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

BROCKWELL HOLDINGS LIMITED

## BALANCE SHEET

As at 31 March 2025
BROCKWELL HOLDINGS LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £'000 |  | £'000
Fixed assets |  |  |  |
Investments | 7 | 84 |  | 84
|  | 84 |  | 84
Current assets |  |  |  |
Debtors |  |  |  |
- due within one year | 8 | 103 |  | 102
- due after more than one year | 8 | 198,549 |  | 177,261
Cash at bank and in hand |  | 182 |  | 203
|  | 198,834 |  | 177,566
Creditors: amounts falling due within one year | 9 | ( 7,032) |  | ( 5,494)
Net current assets |  | 191,802 |  | 172,072
Total assets less current liabilities |  | 191,886 |  | 172,156
Creditors: amounts falling due after more than one year | 10 | ( 202,410) |  | ( 180,234)
Net liabilities |  | (10,524) |  | (8,078)
Capital and reserves | 11 |  |  |
Called-up share capital |  | 1 |  | 1
Profit and loss account |  | ( 10,525) |  | ( 8,079)
Total shareholder's deficit |  | (10,524) |  | (8,078)

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

The financial statements of Brockwell Holdings Limited (registered number: 11570046) were approved and authorised for issue by the Board of Directors on 02 April 2026. They were signed on its behalf by:

R H G Shaw Director |

BROCKWELL HOLDINGS LIMITED

## STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 March 2025
BROCKWELL HOLDINGS 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 | 1 |  | ( 5,809) |  | ( 5,808)
Loss for the financial year | 0 |  | ( 2,270) |  | ( 2,270)
Total comprehensive loss | 0 |  | ( 2,270) |  | ( 2,270)
At 31 March 2024 | 1 |  | ( 8,079) |  | ( 8,078)
At 01 April 2024 | 1 |  | ( 8,079) |  | ( 8,078)
Loss for the financial year | 0 |  | ( 2,446) |  | ( 2,446)
Total comprehensive loss | 0 |  | ( 2,446) |  | ( 2,446)
At 31 March 2025 | 1 |  | ( 10,525) |  | ( 10,524)

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

BROCKWELL HOLDINGS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
BROCKWELL HOLDINGS 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 Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 16 Stratford Place, London, W1C 1BF, 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 Holdings 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 has net current liabilities of £6,747,000 (2024: £5,189,000) and net liabilities of £10,524,000 (2024: £8,078,000) at 31 March 2025. The Company continues to draw on the funds available under the Senior Loans with the Senior Funder to meet its funding and working capital requirements. The Company’s strategy is to repay the Senior Loans through the development and sale, or otherwise through returns from the operation of energy projects that are being developed by its Group undertakings. The development of such projects typically takes between two and five years.
The directors have assessed the overall risks and performance of the Company and the Group it is a member of using the evidence available to them. Forecasts and projections have been prepared together with a range of sensitivities modelled to allow for reasonable changes in performance, and these show that the Group has sufficient liquidity over the outlook period.
As at the date of approval of these financial statements, the Company and its Group undertakings had no further 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 the wider Group.
In preparing their financial projections, the directors have considered certain ongoing financing initiatives across the Group which are expected to generate significant funds within the part of the Group funded through the Class A1 loan from the Senior Funder. As at the date of approval of these financial statements, these financing initiatives were at an advanced stage, with the directors not anticipating that the Company will require additional funds under the Class A1 facility in excess of the current limit available under the loan. The directors further consider that the facility limit available under the Class A2 loan as at the date of approval of these financial statements is sufficient to cover the Company’s funding and financial support commitments in relation to the activities of Brockwell Energy Group (2) Limited and its Group undertakings during the period of at least 12 months from the date of approval of these financial statements (the going concern assessment period).
The directors note that the Senior Funder and the Shareholders of the Company’s parent remain supportive of the Company’s and the Group’s activities, as demonstrated through the amount of funding advanced under the Senior Loans during and subsequent to the year-end. The Senior Funder has provided the Company with a legally binding undertaking to increase the existing Class A1 loan facility limit and make available funds required to ensure that the Company can continue to discharge its ordinary course liabilities and funding commitment arising up to and including the current Class A1 loan maturity date, in the event that the financing initiatives within the part of the Group which is funded by the Class A1 loan facility do not complete as anticipated. The directors have no expectation that the Senior Funder will not continue to provide the financial support required by the Company and its Group undertakings.
Additionally, Lantern Holdco Limited including its subsidiaries have indicated their intention to continue to provide such financial support as may be needed by the Company during the going concern assessment period, including not seeking repayment of amounts outstanding as at the balance sheet date. 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.
Based on the above considerations, the directors have concluded that it is appropriate to present the financial statements on a going concern basis, as they consider that the Group and Company will continue as a going concern for a period of at least 12 months from the date of signing the financial statements.

##### 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 Holdings Limited is a wholly owned subsidiary of Lantern Holdco Limited and the results of Brockwell Holdings Limited are included in the consolidated financial statements of 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.

##### 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. To the extent that it relates to items recognised directly in equity or other comprehensive income, 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 year, 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 any 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.

##### 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. Interest receivable and interest payable

| 2025 |  | 2024
| £'000 |  | £'000
Interest receivable and similar income | 17,894 |  | 12,878
Interest payable and similar expenses | ( 18,775) |  | ( 13,596)
| (881) |  | (718)

Interest receivable and similar income represents interest accrued on loan notes from Group undertakings of £17,887,000 (2024: £12,876,000) and bank interest £7,000 (2024: £2,000).
Interest payable and similar expenses represents interest accrued on loan notes to related parties relating to Senior Loans.

#### 4. 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: | 9 |  | 8
Total audit fees | 9 |  | 8

#### 5. Staff number and costs

| 2025 |  | 2024
| Number |  | Number
The average monthly number of employees (including directors) was: | 0 |  | 0

None of the directors received any remuneration or benefits from the Company during the current and prior year, nor are they employees of the Company.

#### 6. Tax on loss

| 2025 |  | 2024
| £'000 |  | £'000
Current tax on loss |  |  |
UK corporation tax | 515 |  | 504
Total current tax | 515 |  | 504
Total tax on loss | 515 |  | 504

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 | (1,931) |  | (1,766)
Tax on loss at standard UK corporation tax rate of 25% (2024: 25%) | ( 483) |  | ( 442)
Effects of: |  |  |
Expenses not deductible for tax purposes | 998 |  | 945
Rounding | 0 |  | 1
Total tax charge for year | 515 |  | 504

Tax liabilities for the current and the prior year are settled by a way of group relief with the Company’s Group undertakings.

#### 7. Fixed asset investments

Investments in subsidiaries

| 2025
| £'000
Cost |
At 01 April 2024 | 84
At 31 March 2025 | 84
Carrying value at 31 March 2025 | 84
Carrying value at 31 March 2024 | 84

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

Investments in shares

At the balance sheet date, 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 Group Limited | Scotland | Development of energy projects | Ordinary | 80.00% | 80.00% | Direct
Brockwell Energy Limited | Scotland | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
North Kyle Wind Farm Holdings Limited | Scotland | Development of onshore wind renewable energy projects | Ordinary | 80.00% | 80.00% | Indirect
North Kyle Wind Farm Limited | Scotland | Development of onshore wind renewable energy projects | Ordinary | 80.00% | 80.00% | Indirect
Brockwell Gas Limited | Scotland | Dormant | Ordinary | 80.00% | 80.00% | Indirect
Westfield Energy Limited | Scotland | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
Glentaggart Wind Limited | Scotland | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
Breezy Hill Energy Limited | Scotland | Development of energy project | Ordinary | 80.00% | 80.00% | Indirect
Brockwell Energy Services Limited | Scotland | Provision of services to renewable energy developments | Ordinary | 80.00% | 80.00% | Indirect
Brockwell Wind Developments Limited | Scotland | Provision of services to renewable energy developments | Ordinary | 80.00% | 80.00% | Indirect
Brockwell Energy Group (2) Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Direct
Brockwell Storage & Solar Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Solar Holdco Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Solar Holdco 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
RNA Herts 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Herts 2 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Herts 3 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Suffolk 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
RNA Kent 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
RNA Kent 2 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
RNA Kent 3 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Cambsbed 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL East Ayrshire 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL East Lothian 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Clackmannanshire 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Derbyshire 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Bedford 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Gwynedd 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Lincs 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Oxfordshire 1 Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BSSL Stevenage BESS Limited | England | Development of energy projects | Ordinary | 80.00% | 80.00% | Indirect
BEL3 Limited | Scotland | Holding company | Ordinary | 80.00% | 80.00% | Indirect
BEL1 Holding Limited | Scotland | Holding company | Ordinary | 80.00% | 80.00% | Indirect
BEL1 Limited | Scotland | Holding company | Ordinary | 80.00% | 80.00% | Indirect
Brockwell Gas Holdings Limited | Scotland | Dormant | Ordinary | 80.00% | 80.00% | Indirect
BEL4 Bidco Limited | England | Holding company | Ordinary | 80.00% | 80.00% | Indirect
BEL4 Limited | England | Holding company | Ordinary | 80.00% | 80.00% | Indirect

Investments in joint ventures

At the balance sheet date, 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 | Scotland | Development of energy projects | Ordinary | 40.00% | 40.00% | Indirect
Earls Gate Energy Centre Limited | Scotland | Development of energy projects | Ordinary | 40.00% | 40.00% | Indirect
Earls Gate Gridco Limited | Scotland | Grid infrastructure ownership and operation | Ordinary | 40.00% | 40.00% | Indirect

#### 8. Debtors

| 2025 |  | 2024
| £'000 |  | £'000
Debtors: amounts falling due within one year |  |  |
Amounts owed by connected persons (note 12) | 100 |  | 100
VAT recoverable | 2 |  | 1
Other debtors | 0 |  | 1
Prepayments | 1 |  | 0
| 103 |  | 102
Debtors: amounts falling due after more than one year |  |  |
Amounts owed by Group undertakings (note 12) | 198,516 |  | 177,229
Other taxation and social security | 33 |  | 32
| 198,549 |  | 177,261

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

| 2025 |  | 2024
| £'000 |  | £'000
Trade creditors | 1 |  | 1
Amounts owed to Group undertakings (note 12) | 6,499 |  | 4,940
Amounts owed to related parties (note 12) | 508 |  | 508
Accruals | 24 |  | 45
| 7,032 |  | 5,494

#### 10. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £'000 |  | £'000
Amounts owed to related parties (note 12) | 202,410 |  | 180,234

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

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1,000 Ordinary shares of £ 1.00 each | 1,000 |  | 1,000
Presented as follows: |  |  |
Called-up share capital presented as equity | 1,000 |  | 1,000

The holders of the ordinary shares are entitled to participate in a distribution of dividends as declared from time to time and shall confer the right to receive notice of or to attend and vote at a general meeting nor to receive or vote on written resolutions.

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.

#### 12. 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
Brockwell Energy Group Limited | 176,648 |  | 159,638
Brockwell Energy Group (2) Limited | 21,868 |  | 17,591
| 198,516 |  | 177,229

The above loans are unsecured, bear annual interest at the rate of 10% and are repayable in October 2027 and March 2030 respectively, or such later date as may be agreed with the Company.

Amounts owed to Group undertakings

| 2025 |  | 2024
| £'000 |  | £'000
Lantern Holdco Limited | 3,892 |  | 2,866
Brockwell Energy Group Limited | 450 |  | 314
Brockwell Energy Limited | 2,157 |  | 1,760
| 6,499 |  | 4,940

Amounts owed to Group undertakings are unsecured, repayable on demand and do not bear interest.

Transactions with Brockwell Energy Group Limited

| 2025 |  | 2024
| £'000 |  | £'000
Interest charged and capitalised on loans advanced | (15,643) |  | (11,625)
Group relief claimed | (136) |  | 0
| (15,779) |  | (11,625)

Transactions with Brockwell Energy Limited

| 2025 |  | 2024
| £'000 |  | £'000
Group relief claimed | (351) |  | (184)

Transactions with related parties or connected persons

Amounts owed by connected persons

| 2025 |  | 2024
| £'000 |  | £'000
Directors and Management of Brockwell Energy Group Limited | 100 |  | 100

Amounts owed to connected persons are unsecured and do not bear interest. The balance is only repayable upon specific conditions being met within an indefinite timeframe, such as upon exit.

Amounts owed to related parties

| 2025 |  | 2024
| £'000 |  | £'000
Adare Finance Designated Activity Company | 201,410 |  | 179,234
Pioneer Point Partners LLP | 1,000 |  | 1,000
Davidson Kempner Capital Management LP | 483 |  | 483
Pioneer Lantern Investment IC Limited | 25 |  | 25
| 202,918 |  | 180,742

Amounts owed to Adare Finance Designated Activity Company include £179,568,476 (2024: £161,643,000), in relation to Class A1 loans, which is repayable in October 2027 and £21,841,022 (2024: £17,591,000), in relation to Class A2 loans, which is repayable in March 2030. The Senior Loans are unsecured and bear annual interest at the rate of 10%.
Amounts owed to Pioneer Point Partners LLP are unsecured and do not bear interest. Repayment is not expected before October 2027.

Transactions with Adare Finance Designated Activity Company

| 2025 |  | 2024
| £'000 |  | £'000
Interest charged and capitalised on loans drawn | 17,801 |  | 10,885

#### 13. Controlling party

Parent Company:

Lantern Holdco Limited
16 Stratford Place London W1C 1BF