BEL3 LIMITED

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

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements of the Company have been prepared on a going concern basis which the directors consider to be appropriate as at the date of their approval for the reasons outlined below. The Company has net current assets of £78,347,000 (2024: £62,333,000) and net liabilities of £8,000 (2024: net assets of £2) at 31 March 2025. The Company meets its funding commitments and day to day working capital requirements using the funds made available to it by Brockwell Energy Limited under an uncommitted intercompany loan facility, through subscriptions for the Loan Notes under the Loan Note Instrument dated 1 June 2023 and through external debt. As at the date of the approval of these financial statements, Brockwell Energy Limited has provided the directors of the Company with a letter confirming that for a period of at least 12 months from the date of approval of these financial statements, it will continue to provide the financial support to the Company required to allow it to operate in a lawful and proper manner and to satisfy all obligations when they become due and that it does not intend to seek repayment of the amounts currently due to the Group under the intercompany loan facility, which at balance sheet date amounted to £29,552,000 (2024: £29,552,000) during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.”

Group structure

1. BEL3 LIMITED · parent
   1. North Kyle Wind Farm Holdings Limited 100% · Scotland · The development and construction of the North Kyle Wind Farm Project

Significant events

• “On 1 June 2023, North Kyle Wind Farm Holdings Limited and North Kyle Wind Farm Limited achieved Financial Close on the Project, being the point at which all contracts and financing arrangements are secured to allow for the construction activities to commence.”
• “The Project experienced delays to the grid energisation dates which led to the additional funding requirements on the Project. The required funds have been secured by the Company in March 2025 under a loan facility from a third-party provider (the "External Loan").”
• “subsequent to the year-end the Company provided further £10,000,000 to its subsidiary under the terms of the Top-up Equity Subscription Agreement dated 9 April 2025.”

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.