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Registered number: 14992173









COVERTSWARM BIDCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
COVERTSWARM BIDCO LIMITED
REGISTERED NUMBER: 14992173

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Investments
 4 
29,108,523

  
29,108,523

Current assets
  

Debtors: amounts falling due within one year
 5 
11,534

  
11,534

Creditors: amounts falling due within one year
 6 
(29,177,727)

Net current liabilities
  
 
 
(29,166,193)

Total assets less current liabilities
  
(57,670)

  

Net liabilities
  
(57,670)


Capital and reserves
  

Profit and loss account
  
(57,670)

  
(57,670)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




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COVERTSWARM BIDCO LIMITED
REGISTERED NUMBER: 14992173
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

................................................
A Reeves
Director
Date: 31 January 2025

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
COVERTSWARM BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

The principal activity of CovertSwarm BIDCO Limited for the period under review is that of  a holding company. The Company was incorporated on 10 July 2023.
The Company is a private company, limited by shares and incorporated in England and Wales.
The registered office address is International House, 36-38 Cornhill, London EC3V 3NG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have made an assessment in preparing these financial statements as to whether the Company Group is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Group's ability to continue as a going concern.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Group becomes a party to the contractual provisions of the instrument. 
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the group will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Group’s cash management. Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. 
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as
basic financial instruments are initially recorded at the present value of cash payable to the bank,
which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are
subsequently measured at amortised cost, using the effective interest rate method.

Page 3

 
COVERTSWARM BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Employees




The average monthly number of employees, including directors, during the period was 3.


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
29,108,523



At 31 March 2024
29,108,523





5.


Debtors

2024
£


Other debtors
11,534

11,534



6.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
29,177,727

29,177,727



7.


Share capital

2024
£
Allotted, called up and fully paid


1 Ordinary share of £0.01
-

Page 4

 
COVERTSWARM BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.Share capital (continued)

On incorporation 1 Ordinary share of £0.01 was issued for consideration of £0.01. This share carries full voting rights, rights to dividend and capital on winding up.



8.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.


9.


Controlling party

CovertSwarm MIDCO Limited of International House, 36-38 Cornhill, London EC3V 3NG is the immediate parent. The ultimate parent company is CovertSwarm Group Limited of International House, 36-38 Cornhill, London EC3V 3NG.
The largest and smallest group of companies for which group acounts have been drawn up is that headed by CovertSwarm Group Limited. Copies of group accounts can be obtained from Companies House.

 
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