Registered number: 11122632
FOR THE YEAR ENDED 31 DECEMBER 2025
BW ESS DEVELOPMENT UK LIMITED
CONTENTS
BW ESS DEVELOPMENT UK LIMITED
COMPANY INFORMATION
Page 1
BW ESS DEVELOPMENT UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Directors' Report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards for small and medium-sized entities ('IFRS for SMEs') as adopted by the UK.
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 period. In preparing the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS Accounting Standards as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use 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.
The loss for the year, after taxation, amounted to £7,206,272 (2024 - loss £753,049).
The directors who served during the year were:
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BW ESS DEVELOPMENT UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BW ESS DEVELOPMENT UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BW ESS DEVELOPMENT UK LIMITED
We have audited the financial statements of BW ESS Development UK Limited for the year ended 31 December 2025 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of material accounting policies set out on pages 13 - 21. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards for small and medium-sized entities ('IFRS for SMEs') as adopted by the United Kingdom.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BW ESS DEVELOPMENT UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BW ESS DEVELOPMENT UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
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BW ESS DEVELOPMENT UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BW ESS DEVELOPMENT UK LIMITED (CONTINUED)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
Responsibilities of directors
Auditors' responsibilities for the audit of the financial statements
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 an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and review of accounting estimates for bias;
∙Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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BW ESS DEVELOPMENT UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BW ESS DEVELOPMENT UK LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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 auditors' 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
London, United Kingdom
22 May 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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BW ESS DEVELOPMENT UK LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 8
BW ESS DEVELOPMENT UK LIMITED
REGISTERED NUMBER: 11122632
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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BW ESS DEVELOPMENT UK LIMITED
REGISTERED NUMBER: 11122632
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements on pages 8 to 33 were approved and authorised for issue by the board of directors on 22 May 2026 and were signed on its behalf by:
The notes on pages 13 to 33 form part of these financial statements.
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BW ESS DEVELOPMENT UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 11
BW ESS DEVELOPMENT UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
The notes on pages 13 to 33 form part of these financial statements.
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BW ESS Development UK Limited (formerly known as Penso Power Limited) is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.
The name of the company was changed from Penso Power Limited to BW ESS Development UK Limited on 2 January 2025.
These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
The name of the company was changed from Penso Power Limited to BW ESS Development UK Limited on 2 January 2025.
These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
2.Accounting policies
These financial statements have been prepared in accordance with UK-adopted International Accounting Standards (“IAS”) and with those parts of the Companies Act 2006 applicable to companies reporting under International Financial Reporting Standards for small and medium-sized entities ('IFRS for SMEs').
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The financial statements have been prepared on an accruals basis and the historical cost convention. The principal accounting policies adopted are set out below.
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The financial statements have been prepared on an accruals basis and the historical cost convention. The principal accounting policies adopted are set out below.
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Discretionary contributions made by employees or third parties reduce service cost upon payment of these contributions to the plan.
When the formal terms of the plans specify that there will be contributions from employees or third parties, the accounting depends on whether the contributions are linked to service, as follows:
∙If the contributions are not linked to services (e.g. contributions are required to reduce a deficit arising from losses on plan assets or from actuarial losses), they are reflected in the remeasurement of the net defined benefit liability (asset).
∙If contributions are linked to services, they reduce service costs. For the amount of contribution that is dependent on the number of years of service, the entity reduces service cost by attributing the contributions to periods of service using the attribution method required by IAS 19 paragraph 70 for the gross benefits. For the amount of contribution that is independent of the number of years of service, the entity reduces service cost by attributing contributions to the employees’ periods of service in accordance with IAS 19 paragraph 70.
Tax expense recognised in profit or loss comprises current tax not recognised in other comprehensive income or directly in equity.
Income tax expense represents the sum of the tax currently payable and deferred tax.
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
to the contractual provisions of the instrument.
Financial assets
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. Financial assets classified as receivable within one year are not amortised.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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 liabilities
Financial liabilities, including creditors 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.
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.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividend payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Operating expenses are recognised in profit or loss upon utilisation of the service or as incurred.
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Tax expense (continued)
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Fixed asset investments (continued)
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Fixed asset investments (continued)
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share Capital
Share capital represents the nominal (par) value of shares that have been issued.
Share capital represents the nominal (par) value of shares that have been issued.
Share premium
Retained earnings
Page 31
BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
During the year, the company entered into the following transactions and had the following balances outstanding with related parties. All transactions were made in the normal course of business.
At the reporting date, the following balances were outstanding:
Elstree Battery Storage Limited, a wholly owned subsidiary, had a debtor balance of £1,545,660 (2024: £95,639). The balance is unsecured, interest free, and repayable on demand.
BW ESS Pte Ltd, a related party by virtue of common ownership within the group, had a creditor balance of £3,300,000 (2024: £Nil) and a debtor balance of £1,076,275 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
BW ESS UK Limited, a related party by virtue of common ownership within the group, had a debtor balance of £1 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Marchwood Battery Storage Limited, a wholly owned subsidiary, had a debtor balance of £431,686 (2024: £Nil) and a creditor balance of £1,000 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
BW ESS Australia Pty Ltd, a wholly owned subsidiary, had a debtor balance of £1,547,318 (2024: £1,070,317). The balance is unsecured, interest free, and repayable on demand.
Bannaby Unit Trust, a subsidiary of BW ESS Australia Pty Ltd, had a debtor balance of £484,774 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Muswellbrook Pro Unit Trust, a subsidiary of BW ESS Australia Pty Ltd, had a debtor balance of £149,000 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Hams Hall Holding UK Limited, a related party by virtue of common ownership within the group, had a debtor balance of £1 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Berkswell Holding UK Limited, a related party by virtue of common ownership within the group, had a debtor balance of £100 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Cowley Battery Storage Limited, a wholly owned subsidiary, had a debtor balance of £650,088 (2024: £Nil) and a creditor balance of £1,000 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Exeter Battery Storage Limited, a related party by virtue of common ownership within the group, had a debtor balance of £369,024 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Stonehill Battery Storage Limited, a wholly owned subsidiary, had a debtor balance of £30,663 (2024: £Nil) and a creditor balance of £1,000 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Bramley Battery Storage Limited, a related party by virtue of common ownership within the group, had a creditor balance of £124,604 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
BW ESS Limited, a related party by virtue of common ownership within the group, had a creditor balance of £6,777,730 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
At the reporting date, the following balances were outstanding:
Elstree Battery Storage Limited, a wholly owned subsidiary, had a debtor balance of £1,545,660 (2024: £95,639). The balance is unsecured, interest free, and repayable on demand.
BW ESS Pte Ltd, a related party by virtue of common ownership within the group, had a creditor balance of £3,300,000 (2024: £Nil) and a debtor balance of £1,076,275 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
BW ESS UK Limited, a related party by virtue of common ownership within the group, had a debtor balance of £1 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Marchwood Battery Storage Limited, a wholly owned subsidiary, had a debtor balance of £431,686 (2024: £Nil) and a creditor balance of £1,000 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
BW ESS Australia Pty Ltd, a wholly owned subsidiary, had a debtor balance of £1,547,318 (2024: £1,070,317). The balance is unsecured, interest free, and repayable on demand.
Bannaby Unit Trust, a subsidiary of BW ESS Australia Pty Ltd, had a debtor balance of £484,774 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Muswellbrook Pro Unit Trust, a subsidiary of BW ESS Australia Pty Ltd, had a debtor balance of £149,000 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Hams Hall Holding UK Limited, a related party by virtue of common ownership within the group, had a debtor balance of £1 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Berkswell Holding UK Limited, a related party by virtue of common ownership within the group, had a debtor balance of £100 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Cowley Battery Storage Limited, a wholly owned subsidiary, had a debtor balance of £650,088 (2024: £Nil) and a creditor balance of £1,000 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Exeter Battery Storage Limited, a related party by virtue of common ownership within the group, had a debtor balance of £369,024 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Stonehill Battery Storage Limited, a wholly owned subsidiary, had a debtor balance of £30,663 (2024: £Nil) and a creditor balance of £1,000 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
Bramley Battery Storage Limited, a related party by virtue of common ownership within the group, had a creditor balance of £124,604 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
BW ESS Limited, a related party by virtue of common ownership within the group, had a creditor balance of £6,777,730 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
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BW ESS DEVELOPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
18.Related party transactions (continued)
BW ESS Italy S.r.l, a related party by virtue of common ownership within the group, had a debtor balance of £143,143 (2024: £Nil). The balance is unsecured, interest free, and repayable on demand.
All related party balances are expected to be settled in cash. No provisions have been made for doubtful debts in respect of these balances.
All related party balances are expected to be settled in cash. No provisions have been made for doubtful debts in respect of these balances.
BW ESS Development UK Limited is a subsidiary of the immediate parent company, BW ESS Pte. Ltd. which prepares standalone company financial statements. The ultimate holding company BW Altor Pte. Ltd. will prepare consolidated financial statements.
BW Altor Pte. Ltd is incorporated and domiciled in Singapore. The address of its registered office is 10 Pasir Panjang Road, #18-01 Mapletree Business City, Singapore 117438.
BW Altor Pte. Ltd is incorporated and domiciled in Singapore. The address of its registered office is 10 Pasir Panjang Road, #18-01 Mapletree Business City, Singapore 117438.
The Company’s risk management is managed by the immediate holding company as part of its operations. The company’s financial instruments comprise trade and other receivables, amounts due from related parties, cash and cash equivalents, and trade and other payables. The main financial risks arising from these instruments are foreign exchange risk and credit risk. The company’s exposure to liquidity risk is considered low given the level of cash held at the reporting date.
Foreign Exchange Risk
The company is exposed to foreign exchange risk primarily through its loan receivable from BW ESS Australia Pty Ltd, which is denominated in Australian dollars. Movements in exchange rates between sterling and the Australian dollar could affect the carrying amount of this balance and the related interest income. Management monitors foreign currency exposures and considers the risk to be acceptable in light of the group’s overall risk management policies and the nature of its operations.
Credit Risk
The company’s exposure to credit risk arises principally from amounts due from related parties. The directors consider this risk to be low, as the balances are due from entities under common ownership or control, and there is no history of default. The company does not consider there to be significant credit risk arising from other receivables.
Liquidity Risk
Liquidity risk is considered low. The company maintains adequate cash reserves to meet its current and foreseeable obligations as they fall due. Cash flow forecasts are reviewed regularly by management to ensure that sufficient funds are available to support operational and investment activities.
Foreign Exchange Risk
The company is exposed to foreign exchange risk primarily through its loan receivable from BW ESS Australia Pty Ltd, which is denominated in Australian dollars. Movements in exchange rates between sterling and the Australian dollar could affect the carrying amount of this balance and the related interest income. Management monitors foreign currency exposures and considers the risk to be acceptable in light of the group’s overall risk management policies and the nature of its operations.
Credit Risk
The company’s exposure to credit risk arises principally from amounts due from related parties. The directors consider this risk to be low, as the balances are due from entities under common ownership or control, and there is no history of default. The company does not consider there to be significant credit risk arising from other receivables.
Liquidity Risk
Liquidity risk is considered low. The company maintains adequate cash reserves to meet its current and foreseeable obligations as they fall due. Cash flow forecasts are reviewed regularly by management to ensure that sufficient funds are available to support operational and investment activities.
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