BEL 2 LIMITED

1. BEL 2 LIMITED 2019-11-15 → present
2. WESTFIELD GRIDCO LIMITED 2017-12-04 → 2019-11-15

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 102

Reporting scope

Consolidated group

Auditor

Azets Audit Services

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. On this basis the directors are confident that the group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and they therefore continue to prepare the financial statements on a going concern basis.”

Group structure

1. BEL 2 LIMITED · parent
   1. Werl Holdings Limited 100% · United Kingdom · Development of Westfield Ordinary Energy Recovery Project
   2. Westfield Energy Recovery Limited 100% · United Kingdom · Development of Westfield Ordinary Energy Recovery Project

Significant events

• “According to the requirements in the Connection and Use of System Code ("CUSC"), the WERL will be liable for all related investments carried out by the transmission owner to the onshore grid infrastructure in order to accommodate the connection of the EfW facility to the grid. Upon cancellation or reduction of the Project's capacity within a certain timeframe, WERL will be liable for all local works that have been carried out up to that point and for a percentage share of all related wider works whether or not these works have commenced. As at the balance sheet date, National Grid had requested and held cash security of £56,000 (2024: £56,000) in respect of the attributable cancellation charges stemming from the wider cancellation liabilities of £179,000 and attributable VAT. This security was provided by WERL in the form of a refundable cash deposit. The grid connection works were completed subsequent to the year-end therefore the directors do not expect the contingent amounts to become payable.”
• “On 5 January 2023, WERL entered into an Amendment and Settlement Agreement in respect of the EPC Contract to settle various claims and disputes which have arisen pursuant to the terms of the contract. Subject to the EPC Contractor satisfying certain conditions associated with an improved operational performance of the EfW facility, an additional amount will become payable by WERL to the EPC Contractor under the terms of the agreement. Should the EPC Contractor be successful in satisfying the required conditions, the directors expect the contingent amount to become payable at the earliest in April 2026. WERL has put in place the necessary financing arrangements required in relation to this contingent payment and expects to fund the additional payment to the EPC Contractor, if due, through issuing additional Loan Notes to WERL Holdings Limited. Under the terms of a Contingent Equity Subscription Agreement between WERL, WERL Holdings Limited and BEL 2 Limited, upon satisfaction of the required conditions, WERL Holdings Limited will be required to subscribe for additional Loan Notes that will be issued by WERL at the time. WERL Holdings Limited expects to fund the required Loan Note subscriptions by issuing additional Loan Notes to its immediate parent undertaking, BEL 2 Limited, who has committed to providing the additional funding to WERL Holdings Limited when requested.”

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

Filings

3

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.

• Turnover

  —

  Not reported

• Cash

  -91.5%

  £27,144,000 → £2,295,000

• Net assets

  -25.5%

  £15,791,000 → £11,766,000

• Employees

  —

  Not reported

• Operating profit

  +101,133.3%

  -£3,000 → £3,031,000

• Profit before tax

  +36.6%

  -£9,148,000 → -£5,803,000

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