ORSTED HORNSEA PROJECT FOUR LIMITED

1. ORSTED HORNSEA PROJECT FOUR LIMITED 2017-12-12 → present
2. SMART WIND SPC6 LIMITED 2013-06-25 → 2017-12-12

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The company has announced that it would discontinue the Hornsea project in its current form, placing the project back into its development phase. It is currently management's intention to cease the project's supply chain contracts and the project will not be delivered in its current form. However, management intend to retain the existing project rights in its development portfolio. Orsted A/S has provided a letter of financial support for the Hornsea 4 entity to cover the project cancellation fees, onerous contracts and future costs of the project until at least 12 months from the date of signing the financial statements. Based on the directors' assessment, and in light of the letter of financial support from Orsted A/S, the directors are of the opinion that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing the financial statements for the year ended 31 December 2024 and therefore the going concern basis has been adopted in preparing the financial statements.”

Significant events

• “On 7 May 2025, the Orsted Group announced its intention to discontinue the development of the Hornsea 4 project in its current form. As at the balance sheet date the project was still progressing towards the final investment decision, but due to macro-economic conditions arising since the year end, including rising interest rates and rising supply chain costs, the project has not been deemed to be as economically viable as initially envisaged. Since the announcement, the company has provided for any onerous contracts and written down the transmission assets, totalling circa £350m. In addition, we will have impaired capitalised construction costs of approx. £200m by the next reporting date. These adjustments have been made post 31 December 2024 and are considered to be non-adjusting events in accordance with IAS 10.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

1

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  +135.3%

  £70,966,538 → £166,979,804

• Employees

  —

  Not reported

• Operating profit

  -100.6%

  £5,538,363 → -£30,928

• Profit before tax

  -113.7%

  £6,017,028 → -£823,989

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers