BELFAST GAS TRANSMISSION LIMITED

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Grant Thornton (NI) LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company has had recurring accounting losses and accordingly net liabilities. In view of the structure of the Company's financing arrangements, which are linked to the bond issued by its parent company Belfast Gas Transmission Financing plc, the Company will make losses in earlier years, and profits in later years. It is expected that the Company will become profitable in 5-10 years' time, at which point the net liabilities position will begin to reverse. The Company is, however, cash generative and is forecast to remain cash positive over that 5-10 year period. The forecast cash generated is adequate to meet the Company's liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements including the scheduled partial repayment of bond capital and interest. In the unlikely event that a change in circumstances results in the Company being short of adequate cash to service the bond the market arrangements approved by the Northern Ireland Authority for Utility Regulation would ensure bond payments are made. Accordingly, in view of the above the directors consider it appropriate to adopt the going concern basis in the preparation of the financial statements.”

Significant events

• “New connections on the gas transmission system are relatively rare and this year the Mutual Energy group delivered the first new gas transmission connection in over a decade by providing the connection for gas supply to the Kilroot power station. Producing electricity from gas instead of coal will save hundreds of thousands of tonnes of CO2 per year.”
• “During storm Darragh in December 2024, the Ballylumford power station became unavailable as the storm caused damage to one of the plant's chimneys.”
• “The new long term Maintenance and Emergency Response and Project Services contract for the gas businesses was awarded to SGN in November 2024.”
• “During the first half of the 2024-25 gas year, the gas revenues collected from shippers were significantly higher than forecast. A key driver for this uplift was that the less efficient Kilroot power station was running frequently during the month of December when the Ballylumford power station was not operational. This led to an increased level of capacity sales at higher winter prices, resulting in a large over-recovery. Instead of waiting until the end of the current gas year...approved a mid-year tariff reduction effective from 1st April 2025.”

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

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

2

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.