Company registration number 05861215 (England and Wales)
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Matthew Bealey
Mark Knight
John Cavill
Matthew Taylor
Secretary
Nicholas Borrett
Company number
05861215
Registered office
33 Wigmore Street
London
UK
W1U 1QX
Independent Auditors
PricewaterhouseCoopers LLP
Chartered Accountants & Statutory Auditors
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
Bankers
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 17
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their strategic report on Alert Communications Group Holdings Limited ("the Company") for the year ended 31 March 2024.

Principal objectives and strategies

The principal activity of the Company is that of a holding company to Alert Communications (Holdings) Limited. The SPV operates and maintains a Received Signal Service Communications Link as a Private Finance Initiative (PFI) project with the Ministry of Defence.

Review of the business

The directors expect the Alert Communications group, of which the company is a member, to continue to fulfil its contractual obligations and to operate in line with the Alert Communications Group model. It is expected that this will continue for the foreseeable future and through to the end of the contract concession period in 2033.

Principal risks and uncertainties

Due to the nature of the Group's business, the financial risks the directors consider relevant to this Company are credit, interest rate, cash flow and liquidity risk. The credit and cash flow risks are not considered significant as the client is a quasi governmental organisation. The significant risks are considered to be:

 

Interest Rate Risk

 

The financial risk management objectives of the Group are to ensure that financial risks are mitigated by the use of financial instruments where they cannot be addressed by contractual provisions. The Group uses interest rate swaps to reduce its exposure to interest rate movements. Financial instruments are not used for speculative purposes.

 

Liquidity Risk

 

Many of the cash flow risks are addressed by means of contractual provisions. The Group's liquidity risk is principally managed through financing the Group by means of long term borrowings.

Future developments

The directors intend for the business to continue to operate in line with the contractual terms and do not expect any strategic changes.

Key performance indicators

The directors believe that analysis using key performance indicators for the company is not necessary or appropriate for an understanding of the performance or position of the company.

Going concern

These financial statements have been prepared on the going concern basis for the reasons set out in the Accounting Policies.

Climate change

The directors recognise that it is important to disclose their view of the impact of climate change on the company. As a holding company, the company itself does not trade. The company's indirect subsidiaries key operational contracts are long-term and with a small number of known counterparties. In most cases, the cashflows from these contracts can be predicted with reasonable certainty for at least the medium-term. Having considered the operations, their contracted rights and obligations and forecast cash flows, there is not expected to be a significant impact upon the operational or financial performance arising from climate change.

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

This report was approved by the board of directors on 25 September 2024 and signed by order of the board by:

Mark Knight
Director
25 September 2024
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and the financial statements of Alert Communications Group Holdings Limited ("the Company") for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 9.

 

The loss for the financial year, after taxation, amounted to £323,827 (2023: loss of £323,826).

 

The directors are satisfied with the overall performance of the Company and do not foresee any significant change in the Company's activities in the coming financial year.

Ordinary dividends were paid amounting to £nil (2023: £nil). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of approval of the financial statements were as follows:

Matthew Bealey
(Appointed 3 August 2023)
Mark Knight
John Cavill
Matthew Taylor
James Edenborough
(Resigned 3 August 2023)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditors

The auditors, PricewaterhouseCoopers LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Principal Objectives, Financial Instruments and Future Developments.

Statement of disclosure to auditors

In the case of each director in office at the date the Directors' Report is approved:

 

•    so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

•    they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This report was approved by the board of directors on 25 September 2024 and signed by order of the board by:
Mark Knight
Director
25 September 2024
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

 

 

They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

 

 

The financial statements were approved and signed by the director and authorised for issue on 25 September 2024

 

 

 

 

Mark Knight

Director                        

 

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Report on the audit of the financial statements
Opinion

In our opinion, Alert Communications Group Holdings Limited's financial statements:

 

 

 

 

We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise: the Statement of financial position as at 31 March 2024; the Statement of comprehensive income and the Statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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.

 

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Strategic report and Directors' report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic report and Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors' report for the year ended 31 March 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

 

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors' report.

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements

As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Based on our understanding of the company and industry, we identified that the principal risks of non­-compliance with laws and regulations related to Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journal entries and the risk of management bias in accounting estimates. Audit procedures performed by the engagement team included:

 

 

 

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

 

Other required reporting

 

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

 

 

 

 

 

We have no exceptions to report arising from this responsibility.

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Paul Cheshire (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Edinburgh
25 September 2024
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Interest receivable and similar income
5
587,253
681,990
Interest payable and similar expenses
6
(911,080)
(1,005,816)
Loss before taxation
(323,827)
(323,826)
Tax on loss
7
-
0
-
0
Loss for the financial year
(323,827)
(323,826)

All of the activities of the company are from continuing operations.

The notes on pages 12 to 17 form part of these financial statements.

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
6,785,000
6,785,000
Current assets
Debtors: amounts falling due within one year
10
2,041,502
3,201,275
Debtors: amounts falling due after one year
10
2,893,707
2,893,706
4,935,209
6,094,981
Creditors: amounts falling due within one year
11
(11,317,836)
(12,153,781)
Net current liabilities
(6,382,627)
(6,058,800)
Total assets less current liabilities
402,373
726,200
Creditors: amounts falling due after more than one year
12
(2,893,707)
(2,893,707)
Net liabilities
(2,491,334)
(2,167,507)
Capital and reserves
Called up share capital
13
10
10
Profit and loss reserve
14
(2,491,344)
(2,167,517)
Total shareholders' deficit
(2,491,334)
(2,167,507)

The notes on pages 12 to 17 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mark Knight
Director
Company registration number 05861215 (England and Wales)
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Called up share capital
Profit and loss reserve
Total
£
£
£
Balance at 1 April 2022
10
(1,843,691)
(1,843,681)
Year ended 31 March 2023:
Loss and total comprehensive income for the financial year
-
(323,826)
(323,826)
Balance at 31 March 2023
10
(2,167,517)
(2,167,507)
Year ended 31 March 2024:
Loss and total comprehensive income for the financial year
-
(323,827)
(323,827)
Balance at 31 March 2024
10
(2,491,344)
(2,491,334)

The notes on pages 12 to 17 form part of these financial statements.

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Alert Communications Group Holdings Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom and is registered in England and Wales. The registered office is located at 33 Wigmore Street, London, UK, W1U 1QX.

 

The principal activity of the Company is that of a holding company to Alert Communications (Holdings) Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities. The principal accounting policies adopted are set out below and have been consistently applied to the years presented, unless otherwise stated.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The financial statements of the company are consolidated in the financial statements of BIIF Holdco Limited. These consolidated financial statements are available from its registered office Cannon Place, 78 Cannon Street, London, EC4N 6AF.

1.2
Going concern

The financial statements are prepared on a going concern basis notwithstanding net liabilities of £2,491,334 (2023: £2,167,507) which the directors believe to be appropriate for the following reasons.

 

The Company's cash flows are dependent on the performance of its investment. After reviewing the performance of the investment, which is done on a regular basis, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company prepares cash flow forecasts covering the expected life of the asset and so including the 12 month period from the date the financial statements are signed. In drawing up these forecasts, the directors have made assumptions based upon their view of the current and future economic conditions, that will prevail over the forecast period. Based on these forecasts the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In addition, the current liabilities are repayable at the discretion of the directors, with no fixed repayment date.

 

In light of this, the directors continue to adopt the going concern basis of accounting in preparing the Company's annual financial statements.

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4

Borrowings

Borrowings are recognised at amortised cost using the effective interest rate method. Under the effective interest rate method, any transaction fees, costs, discounts and premiums directly related to the borrowings are recognised in the Statement of Comprehensive Income over the life of the borrowings. Borrowings with maturities greater than twelve months after the reporting date are classified as non-current liabilities.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of assets

The carrying value of those assets recorded in the Company's Statement of Financial Position, at amortised cost less any impairment losses, could be materially reduced where circumstances exist which might indicate that an asset has been impaired and an impairment review is performed. Impairment reviews consider the fair value and/or value in use of the potentially impaired asset or assets and compare that with the carrying value of the asset or assets in the Statement of Financial Position. Any reduction in value arising from such a review would be recorded in the Statement of Comprehensive Income. Impairment reviews involve the significant use of assumptions. Consideration has to be given as to the price that could be obtained for the asset or assets, or in relation to a consideration of value in use, estimates of the future cash flows that could be generated by the potentially impaired asset or assets, together with a consideration of an appropriate discount rate to apply to those cash flows.

3
Auditors' remuneration

The audit fee of £2,660 (2023: £2,490) was borne by the subsidiary company Alert Communications Limited.

4
Employees

The average number of persons employed by the Company during the financial year, including the directors, amounted to nil (2023: nil). The directors are not employed by the Company and did not receive any remuneration from the Company during the year (2023: £nil).

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
587,253
681,990
6
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
911,080
1,005,816
7
Taxation on loss

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted.

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(323,827)
(323,826)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(80,957)
(61,527)
Group relief
80,957
61,527
Taxation charge for the year
-
-
8
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
9
6,785,000
6,785,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 & 31 March 2024
6,785,000
Carrying amount
At 31 March 2024
6,785,000
At 31 March 2023
6,785,000
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
9
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Alert Communications (Holdings) Limited
33 Wigmore Street, London. W1U 1QX
Ordinary Shares
100.00
-
Alert Communications Limited
33 Wigmore Street, London. W1U 1QX
Ordinary Shares
-
100.00
Alert Communications (2006) Limited
33 Wigmore Street, London. W1U 1QX
Ordinary Shares
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Alert Communications (Holdings) Limited
476,000
-

The carrying value of the investment is supported by the projected cashflows from the underlying group of investments.

10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,041,502
3,201,275
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,893,707
2,893,706
Total debtors
4,935,209
6,094,981

Amounts owed by Group undertakings relate to subordinated secured loan notes 2030. Interest on secured loan notes is charged at a fixed rate of 14.04% per annum on a basis of 365 days a year.

11
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
11,317,836
12,153,781
ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Creditors: amounts falling due within one year
(Continued)
- 16 -

Amounts owed to Group undertakings are made up of Subordinated secured loan notes 2030 of £nil (2023: £nil), and accrued interest on the secured loan notes of £1,025,610 (2023: £2,185,382).

 

Also included in Amounts owed to Group undertakings is loan to subsidiary undertakings of £4,693,137 (2023: £4,693,137) and accrued interest on a loan of £5,599,088 (2023: £5,275,261). Interest of 6.9% per annum is charged on the principal. The amounts are repayable at the discretion of directors with no fixed repayment date.

12
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
2,893,707
2,893,707

Included within creditors: amounts falling due after more than one year is an amount of £2,893,707 (2023: £2,893,707) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

 

Amounts owed to Group undertakings consist of subordinated secured loan notes 2030. Loan notes are secured by way of a floating charge over the assets of the company and by way of a floating charge over the assets and a fixed charge over the shares of Alert Communications Limited. Interest on the secured loan notes is charged at fixed rate 14.04% per annum on the basis of a 365 day year. Loan notes are redeemed in instalments at the discretion of directors with the final instalment being made on 30 March 2030.

13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10
10
10
10

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.

14
Profit and loss reserve

Retained earnings records retained earnings and accumulated losses.

15
Related party transactions

BIIF Bidco Limited holds 80% of the issued share capital of the Company as well as 100% of the Subordinated Secured Loan Notes 2030 balance of £2,893,707 (2023: £2,893,707). Interest on the loan of £1,025,610 (2023: £2,800,599) was outstanding at the year end.

ALERT COMMUNICATIONS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
16
Ultimate controlling party

The immediate parent undertaking is BIIF Bidco Limited.

 

The intermediate parent undertaking is BIIF Holdco Limited, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of BIIF Holdco Limited consolidated financial statements can be obtained from the Company Secretary at Cannon Place, 78 Cannon Street, London, EC4N 6AF.

The ultimate parent and controlling party is BIIF L.P. BIIF L.P. is owned by a number of investors with no one investor having individual control.

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