HORIZON NUCLEAR POWER WYLFA HOLDINGS LIMITED

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  Material uncertainty over going concern

  In 2020 the Ultimate Shareholder decided to exit the nuclear new build activities in the UK and it does not intend to restart the Wylfa Newydd project in the future. As part of the execution of this exit plan, Horizon Nuclear Power Wylfa Limited signed contracts for the sale of its land on 4 March 2024. The conditions attached to the transactions were fulfilled and the sale was completed on 28 June 2024. Accordingly, the directors have assessed that the financial statements should be prepared on an other than going concern basis.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“In 2020 the Ultimate Shareholder decided to exit the nuclear new build activities in the UK and it does not intend to restart the Wylfa Newydd project in the future. As part of the execution of this exit plan, Horizon Nuclear Power Wylfa Limited signed contracts for the sale of its land on 4 March 2024. The conditions attached to the transactions were fulfilled and the sale was completed on 28 June 2024. Accordingly, the directors have assessed that the financial statements should be prepared on an other than going concern basis.”

Group structure

1. HORIZON NUCLEAR POWER WYLFA HOLDINGS LIMITED · parent
   1. Horizon Nuclear Power Wylfa Limited 100% · England and Wales · Site development
   2. Horizon Nuclear Power Services Limited 100% · England and Wales · Provisions of Services

Significant events

• “On 28 June 2024 the Group completed the sale of its sites at Oldbury and Wylfa to Great British Nuclear (GBN), and as part of the sale the Group agreed to support GBN with estate and site management services from 28 June 2024 until 31 December 2025.”
• “Following the Ultimate Shareholder's decision to suspend its development activities and subsequent decision to withdraw from the UK nuclear market, the Company ceased all development activities.”
• “The Group signed a contract for the sale of its land held by Horizon Nuclear Power Wylfa Limited on 4 March 2024. The conditions attached to the transactions were fulfilled and the sale was completed on 28 June 2024.”
• “Completion occurred on 28 June 2024 when all relevant third-party consents were obtained, completion conditions were achieved, and other transaction documents were delivered. Completion of the sale resulted in a non-operating gain on disposal in Horizon Nuclear Power Wylfa's financials. At completion, ownership of the Wylfa site with its associated risk and rewards transferred to GBN.”
• “Also at completion, Horizon Nuclear Power Wylfa Limited entered into a Transitional Service Agreement (TSA) with GBN. Under this agreement Horizon Nuclear Power Wylfa Limited is obliged to provide estate and site management services to GBN for the period from completion to 31 December 2025.”
• “Following completion of the transitional services, the Company will be retained until 31 June 2027 when the deferred element of the payment for the Oldbury site is due from GBN to Horizon Nuclear Power Oldbury Limited (subject to the outcome of site conditions) and when warranties on the sale expire. It is the Shareholder's intention that following payment of the deferred consideration and expiry of the warranty period, the Company will then be liquidated.”

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

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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