HORNSEA TWO HOLDINGS LTD

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

Consolidated group

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.”

Group structure

1. HORNSEA TWO HOLDINGS LTD · parent
   1. Breesea Limited 100% · United Kingdom · Wind farm
   2. Sonningmay Wind Limited 100% · United Kingdom · Wind farm
   3. Soundmark Wind Limited 100% · United Kingdom · Wind farm

Significant events

• “Revenue growth was driven by the indexation of the fixed fee under the terms of the Fixed Price Power Purchase Agreements (F.PPPA) signed by the company's subsidiaries.”
• “Loss before tax increased due to the disposal of an offshore transmission asset in July 2023.”
• “In 2024, the company incurred full-year transmission network use of system charges, compared to only six months in 2023 post-transaction.”
• “On 31 December 2024, the Orsted Group divested an indirect 12.45% ownership stake in the Hornsea Two wind farm to Brookfield Renewable Partners. This transaction provided an indicator that the previously recognised impairment should be reviewed for potential reversal. As a result, the company has estimated the recoverable amount of its investment in the subsidiary based on expected future cash flows over the remaining lifetime of the Hornsea Two wind farm, discounted at an appropriate discount rate. The recoverable amount was estimated to exceed the current carrying amount of £20,022,124, accordingly a reversal of the accumulated impairment of £44,143,440 has been recognised.”

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

Filings

9

last 12 months

Capital events

0

last 24 months

Officers appointed

4

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

  +4.6%

  £240,966,490 → £251,985,198

• Cash

  +36.8%

  £25,273,067 → £34,582,753

• Net assets

  -64.3%

  -£218,251,931 → -£358,682,983

• Employees

  —

  Not reported

• Operating profit

  -274%

  -£21,255,829 → -£79,493,359

• Profit before tax

  -39.6%

  -£107,530,077 → -£150,141,244

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