Company No: 09819652 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	R Ammoun (Resigned 13 March 2024)
	H Bayem (Appointed 13 March 2024)
	G Bird (Appointed 13 March 2024)
	I Cockburn (Appointed 13 March 2024)
	A Lambie (Appointed 13 March 2024)
	P Newman (Appointed 13 March 2024)
	R Viner (Appointed 13 March 2024)
	N Viney (Resigned 13 March 2024)
	T Ward-Ammoun (Resigned 13 March 2024)
	N Young (Appointed 13 March 2024)

REGISTERED OFFICE	16 Stratford Place
	London
	W1C 1BF
	United Kingdom

COMPANY NUMBER

09819652 (England and Wales)

	Note	31.03.2025		31.10.2023
		£		£
Fixed assets
Tangible assets	5	138,996		18,986
Investments	6	51,000		850,729
		189,996		869,715
Current assets
Debtors	7	2,138,014		2,409,735
Cash at bank and in hand		437,808		321,344
		2,575,822		2,731,079
Creditors: amounts falling due within one year	8	( 10,043,544)		( 6,013,802)
Net current liabilities		(7,467,722)		(3,282,723)
Total assets less current liabilities		(7,277,726)		(2,413,008)
Net liabilities		( 7,277,726)		( 2,413,008)
Capital and reserves
Called-up share capital	9	110		105
Share premium account		592		587
Profit and loss account		( 7,278,428 )		( 2,413,700 )
Total shareholder's deficit		( 7,277,726)		( 2,413,008)

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

For the financial period ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Brockwell Storage & Solar Limited (registered number: 09819652) were approved and authorised for issue by the Board of Directors on 12 May 2026. They were signed on its behalf by:

R Viner Director

1. Accounting policies

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

General information and basis of accounting

Brockwell Storage & Solar 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 financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £7,277,726. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The directors acknowledge the risks and uncertainties associated with the UK grid connection reforms (known collectively as the “TMO4+” reforms) which are impacting the wider energy market. Subsequent to the balance sheet date, the Company received the initial results for its subsidiaries under the TMO4+ review process which confirmed the Gate 2 status for several proposed projects which allows the projects to move forward to a Gate 2 offer and gain a confirmed grid connection date. The directors therefore consider that it is appropriate to continue to present the financial statements of the Company on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The current period represents the 17 months ended 31 March 2025. The comparative period represents the year ended 31 October 2023. The amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

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.

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

Current tax
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 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
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.

Assets under construction	not depreciated
Fixtures and fittings	4 years straight line
Office equipment	4 years straight line

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 Income and Retained Earnings 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 period in which the estimate is revised if the revision affects only that financial period, or in the financial period of the revision and future financial periods if the revision affects both current and future financial periods.

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 period.

3. Employees

	Period from 01.11.2023 to 31.03.2025		Year ended 31.10.2023
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	8		9

4. Directors' remuneration

	Period from 01.11.2023 to 31.03.2025		Year ended 31.10.2023
	£		£
Directors' emoluments	592,089		207,432
Company contributions to money purchase pension schemes	18,609		3,082
	610,698		210,514

5. Tangible assets

	Assets under construc- tion		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 November 2023	0		30,544		16,957		47,501
Additions	226,581		3,173		6,969		236,723
At 31 March 2025	226,581		33,717		23,926		284,224
Accumulated depreciation
At 01 November 2023	0		21,927		6,588		28,515
Charge for the financial period	0		5,732		5,665		11,397
Impairment losses	105,316		0		0		105,316
At 31 March 2025	105,316		27,659		12,253		145,228
Net book value
At 31 March 2025	121,265		6,058		11,673		138,996
At 31 October 2023	0		8,617		10,369		18,986

The assets under construction balance recognised at the balance sheet date relates to battery storage and solar developments which are currently being developed directly by the Company rather than through separate Group undertakings.

Impairment of assets under construction relates to energy projects under development where indicators of project cancellation existed as at the balance sheet date.

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 some projects not securing the Gate 2 protected status as part of the initial evidence submission process.

6. Fixed asset investments

Investments in subsidiaries

	31.03.2025
	£
Cost
At 01 November 2023	850,729
Additions	50,300
Disposals	( 850,029)
At 31 March 2025	51,000
Carrying value at 31 March 2025	51,000
Carrying value at 31 October 2023	850,729

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.10.2023	Held
RNA Bess Holdings Ltd	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	0.00%	100.00%	Direct
BSSL Solar Holdco 1 Ltd (formerly RNA Solar Holdco 1 Ltd)	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	100.00%	Direct
BSSL Stevenage Bess Ltd (formerly RG Stevenage Bess Ltd)	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	100.00%	Direct
BSSL Bedfordshire 1 Ltd (formerly RNA Bedfordshire 1 Ltd)	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	100.00%	Direct
BSSL Lincs 1 Ltd (formerly RNA Lines 1 Ltd)	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	100.00%	Direct
RNA RO Energy SRL	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	0.00%	82.00%	Direct
BSSL Gwynedd 1 Ltd (RNA Gwynedd 1 Ltd)	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	100.00%	Direct
BSSL Clackmannanshire 1 Ltd (formerly RNA Clackmannanshire 1 Ltd)	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	100.00%	Direct
BSSL East Ayrshire 1 Ltd (formerly RNA East Ayrshire 1 Ltd)	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	100.00%	Direct
BSSL East Lothian 1 Ltd	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	0.00%	Direct
BSSL Derbyshire 1 Ltd	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	0.00%	Direct
BSSL Oxfordshire 1 Ltd	16 Stratford Place, London, England, W1C 1BF	Development of energy projects	Ordinary	100.00%	0.00%	Direct

7. Debtors

	31.03.2025		31.10.2023
	£		£
Trade debtors	0		793,026
Amounts owed by Group undertakings (note 11)	1,583,673		1,208,169
Prepayments	59,518		17,127
VAT recoverable	21,822		0
Other debtors	473,001		391,413
	2,138,014		2,409,735

Other debtors comprise cash deposits held on behalf of the Company by National Grid as a security in respect of the cancellation charges under the Company’s grid connection offers, amounts held on account with legal advisors, and an office deposit.

8. Creditors: amounts falling due within one year

	31.03.2025		31.10.2023
	£		£
Trade creditors	20,813		195,987
Amounts owed to Group undertakings (note 11)	9,704,031		1,100
Other loans	0		5,071,616
Accruals and deferred income	283,738		578,324
Taxation and social security	25,758		163,196
Other creditors	9,204		3,579
	10,043,544		6,013,802

9. Called-up share capital and reserves

	31.03.2025		31.10.2023
	£		£
Allotted, called-up and fully-paid
Nil A Ordinary shares (31.10.2023: 10,000 shares of £ 0.01 each)	0		100
Nil B Ordinary shares (31.10.2023: 543 shares of £ 0.01 each)	0		5
10,953 Ordinary shares of £ 0.01 each (31.10.2023: nil shares)	110		0
	110		105
Presented as follows:
Called-up share capital presented as equity	110		105

In the period, 410 B Ordinary shares were allotted with an aggregate nominal value of £4.10 and consideration of £9.52 was received. Subsequently, A Ordinary and B Ordinary share classes were consolidated into a single Ordinary class.

All share capital of the Company was acquired by BEL4 Limited in the period.

The Company's other reserves are as follows:

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

10. Contingencies

Contingent liabilities

	31.03.2025		31.10.2023
	£		£
Total contingent liabilities	313,956		0

According to the requirements in the Connection and Use of System Code (“CUSC”), the Company will be liable for all related investments carried out by the transmission owner to grid infrastructure in order to accommodate the connection of the the energy projects to the grid. Upon cancellation or reduction of the Project’s capacity within a certain timeframe, the Company will be liable for all local works that have been carried out up to that point and for a percentage share of all related wider works whether or not these works have commenced.

As at 31 March 2025, National Grid held a cash security of £426,944 (2023: £nil) in respect of the attributable cancellation charges stemming from the actual attributable liabilities of £313,956 and applicable VAT (2023: £nil). This security was provided by the Company in the form of a refundable cash deposit and is included within other debtors.

The directors expect the construction of the projects to be successful and therefore do not expect the contingent amounts to become payable as they do not expect to cancel or reduce the proposed connections nor discontinue the Projects.

As at the date of approval of these financial statements, an updated guidance issued as part of the TMO4+ reforms confirmed that no cancellation charges will be levied on the projects under the existing grid connection offers in the event they are unable to secure a Gate 2 status and continue with the development. The directors therefore do not expect the contingent amounts to become payable.

11. 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.

The following balances owed to other related parties in the prior year were settled in the period: £1,164,318 owed to R Ammoun (former director) and £3,656,652 owed to Real Assets Advisers Ltd (under joint directorship of former director, R Ammoun). These parties were no longer related parties as at the balance sheet date.

Transactions with group companies

Amounts owed by Group undertakings

	31.03.2025		31.10.2023
	£		£
RNA RO Energy SRL	0		42,866
RNA BESS Holdings Ltd	0		1,150,505
RNA Herts 1 Ltd	3,209		8,709
BSSL Solar Holdco 1 Ltd	5,075		700
BSSL East Ayrshire 1 Ltd	581,518		796
BSSL Gwynedd 1 Ltd	93,615		796
BSSL Lincs 1 Ltd	361,494		1,355
BSSL Bedfordshire 1 Ltd	17,148		796
BSSL Clackmannanshire 1 Ltd	65,757		810
BSSL Stevenage BESS Ltd	111,521		796
BSSL Cambsbed 1 Ltd	23,485		40
BSSL Oxfordshire 1 Ltd	78,419		0
BSSL East Lothian 1 Ltd	66,843		0
BSSL Derbyshire 1 Ltd	76,519		0
BSSL Herts 3 Ltd	90,465		0
BEL4 Bidco Limited	560		0
BSSL Herts 2 Ltd	1,609		0
RNA Kent 1 Ltd	1,609		0
RNA Kent 2 Ltd	1,609		0
RNA Kent 3 Ltd	1,609		0
BSSL Suffolk 1 Ltd	1,609		0
	1,583,673		1,208,169

The balances owed by RNA RO Energy SRL and RNA BESS Holdings Ltd were settled in the period as a result of the Company's disposal of these undertakings.

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

Amounts owed to Group undertakings

	31.03.2025		31.10.2023
	£		£
RNA Projects Co Ltd	0		1,000
BSSL Solar Holdco 1 Ltd	100		100
BEL4 Limited	7,961,896		0
BEL4 Bidco Limited	1,742,035		0
	9,704,031		1,100

The balance with RNA Projects Co Ltd was settled in the period as a result of the Company's sale.

Amounts owed to BEL4 Limited include £2,491,427 (2023: £nil) relating to an intercompany loan agreement, which includes accrued interest of £50,660 (2023: £nil) and is unsecured, repayable on demand and bears interest at 10% per annum.

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

Transactions with BEL4 Bidco Limited

	31.03.2025		31.10.2023
	£		£
Funds advanced to the Company	(1,894,468)		0
Management services charge issued to the Company	104,932		0
	(1,789,537)		0

Transactions with Brockwell Energy Limited

	31.03.2025		31.10.2023
	£		£
Management services charge issued to the Company	416,452		0

12. Ultimate controlling party

Parent Company:

BEL4 Limited

16 Stratford Place London W1C 1BF

From 1 April 2024, the following entity is the parent of the smallest group for which consolidated financial statements are drawn up:

Brockwell Energy Group (2) Limited
16 Stratford Place
London
W1C 1BF

From 13 March 2024 until 31 March 2024, the following entity was the parent of the smallest group for which consolidated financial statements were drawn up:

Lantern Holdco Limited
16 Stratford Place
London
W1C 1BF

Prior to 13 March 2024, there was no parent that prepared consolidated financial statements.