AP Reporting - Reporting Entities

We have two companies…. UK01 & UK02. These have been setup as one Set of books, One Legal Entity and One Operating Unit (One SOB with one organisation/operating unit: UK01 and UK02 are differentiated based on the company value code i.e. balancing segment).  We have created one reporting entity (AP> Setup > Tax > Reporting Entity) that includes two company segments (UK01 and UK02).

Question: Would we not increase the reporting options by creating two separate Reporting Entities.  UK01 and UK02 have different Tax ID (registration) numbers which should potentially warrant two reporting entities?

After doing some research, I can only identify the US 1099 reports (not relevant for the UK) that actually use the Reporting Entity as a variable when defining report parameters…. Is there any other benefit or reason to set up two Reporting Entities in these circumstances?