HORNSEA TWO PSC LIMITED

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. HORNSEA TWO PSC LIMITED 2025-01-03 → present
2. ORSTED HORNSEA TWO HOLDINGS LTD 2021-12-10 → 2025-01-03

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

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, the directors have considered all available information about the future, which is at least 12 months from the date of approval of the financial statements. Given that the company entered into a long term offtake agreement ("F.PPPA") which provides secure revenues from power sales, the directors' base case assessment, which is based on board-approved budgets, is that the company is expected to continue to generate operating cash flows sufficient to cover non-discretionary investing and financing cash flows, and as a result to maintain sufficient liquidity, over the forecast period. There are no indications of any events that would result in significant one-off payments of unforecast liabilities for the company. As part of their assessment the directors have considered the principal risks and uncertainties of the business disclosed in the relevant section of the Strategic Report. Whilst potentially severe but plausible downside scenarios have been identified the directors have concluded that, based on the mitigations put in place, these risks and uncertainties do not impact the going concern conclusion. Based on the directors' assessment described above 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 company's financial statements for the year ended 31 December 2024 and therefore the going concern basis has been adopted in preparing the financial statements.”

Group structure

1. HORNSEA TWO PSC LIMITED · parent
   1. Breesea Limited 50% · England & Wales · Wind Farm
   2. Sonningmay Wind Limited 50% · England & Wales · Wind Farm
   3. Soundmark Wind Limited 50% · England & Wales · Wind Farm
   4. Optimus Wind Limited 50% · England & Wales · Construction
   5. Hornsea Two Holdings Limited 50% · England & Wales · Holding Company

Significant events

• “From March 2024, the Hornsea Two wind farm commenced delivery under its Contract for Difference (CfD). The CfD provides price stabilisation for electricity generated by paying a top-up when the market reference price is below the strike price and requiring a payback when the reference price exceeds the strike price. The commenceme”
• “In December 2024, the global investment firm Brookfield, through its entity Makalu UK BorrowerCo Limited, obtained a 24.9% minority stake in Hornsea Two PSC Limited under a share for share exchange agreement.”
• “On 31 December 2024, following a change in the company's shareholders, the company ceased to be the ultimate beneficiary of the CfD subsidy and entered into a long term offtake agreement ("F.PPPA") which provides secure revenues from power sales.”

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

Filings

13

last 12 months

Capital events

2

last 24 months

Officers appointed

3

last 12 months

Officers resigned

2

last 12 months

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

• Turnover

  -8.9%

  £216,665,736 → £197,478,846

• Cash

  +36.8%

  £12,637,034 → £17,291,877

• Net assets

  +2,276.1%

  £38,388,979 → £912,175,370

• Employees

  —

  Not reported

• Operating profit

  -63.2%

  £85,843,380 → £31,598,765

• Profit before tax

  -96.3%

  £38,038,881 → £1,407,495

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