Company registration number 09125498 (England and Wales)
DRUMGLASS HOLDCO LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
DRUMGLASS HOLDCO LIMITED
COMPANY INFORMATION
Directors
Timothy Mihill
Roy Kyle
Secretary
Infrastructure Managers Limited
Company number
09125498
Registered office
8th Floor
6 Kean Street
London
WC2B 4AS
DRUMGLASS HOLDCO LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Statement of comprehensive income
4
Statement of financial position
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 13
DRUMGLASS HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and the unaudited financial statements of Drumglass Holdco Limited ("the Company") for the year ended 31 March 2025.

Principal activities

The principal activity of the company is that of a holding company for its subsidiary company Drumglass Investments Limited. Drumglass Investments Limited is in turn a holding company of Campus Projects (Drumglass) Limtied, whose principal activity is operation of Drumglass High School, Dungannon, Northern Ireland procured under the Private Finance Initiative ('PFI'). The contract expires in August 2025 when it will be handed back to the Trust.

Results and dividends

The results for the year are set out on page 4.

The profit for the financial year, after taxation, amounted to £6,161 (2024: profit of £1,118).

The directors are satisfied with the overall performance of the Company. The subsidiary's contract with the Trust

expires in August 2025 at which point Company will cease trading. The intention is for the Company to be wound up some time in the future.

Ordinary dividends were paid amounting to £nil (2024: £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:

Timothy Mihill
Roy Kyle
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.

Key performance indicators

In its role as a holding company there are no key performance indicators for the directors to monitor. However, from a group point of view the performance of the investment is assessed every six months by testing the cash resources against the bank lending covenants, t he key indicator being the debt service cover ratio. The investment has been compliant with the covenants laid out in the Group loan agreement.

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 subsidiary holds key operational contracts which are long-term and with a small number of known counterparties. In most cases, the cash flows from these contracts can be predicted with reasonable certainty for at least the medium-term. Having considered the company's operations, including the operations of its subsidiary, its contracted rights and obligations and forecast cash flows, there is not expected to be a significant impact upon the company's operational or financial performance arising from climate change.

Going Concern

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

Small companies exemption

This report has been prepared in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006. Exemption has also been taken from the requirement to prepare a Strategic Report.

DRUMGLASS HOLDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
This report was approved by the board of directors on 13 November 2025 and signed by order of the board by:
Chris Richardson
For and on behalf of Infrastructure Managers Limited
Secretary
13 November 2025
DRUMGLASS HOLDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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, 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 these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

They are 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 also 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 13 November 2025

Timothy Mihill

Director

DRUMGLASS HOLDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
2025
2024
Notes
£
£
Interest receivable from group undertakings
5
20,400
67,761
Other interest receivable and similar income
5
11,102
18,032
Interest payable and similar expenses
4
(25,341)
(84,675)
Profit before taxation
6,161
1,118
Taxation on profit
6
-
0
-
0
Profit for the financial year
6,161
1,118
Other comprehensive expense
Adjustments to the fair value of financial assets
(869,490)
-
0
Total comprehensive (expense)/income for the year
(863,329)
1,118

All the activities of the company are from continuing operations.

The notes on pages 8 to 13 form part of these financial statements.

DRUMGLASS HOLDCO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 5 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
7
1,072,181
2,352,446
Current assets
Debtors: amounts falling due within one year
9
3,585
20,902
Cash at bank and in hand
535,010
474,067
538,595
494,969
Creditors: amounts falling due within one year
10
-
0
(12,536)
Net current assets
538,595
482,433
Total assets less current liabilities
1,610,776
2,834,879
Creditors: amounts falling due after more than one year
11
-
0
(360,774)
Net assets
1,610,776
2,474,105
Capital and reserves
Called up share capital
12
34,742
34,742
Share premium account
134,812
134,812
Revaluation reserve
1,402,594
2,272,084
Profit and loss reserve
38,628
32,467
Total shareholders' funds
1,610,776
2,474,105
DRUMGLASS HOLDCO LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 6 -

The notes on pages 8 to 13 form part of these financial statements.

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 13 November 2025 and are signed on its behalf by:
Timothy Mihill
Director
Company registration number 09125498 (England and Wales)
DRUMGLASS HOLDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
Called up share capital
Share premium account
Revaluation reserve
Profit and loss reserve
Total
£
£
£
£
£
Balance at 1 April 2023
34,742
134,812
2,272,084
31,349
2,472,987
Year ended 31 March 2024:
Profit for the financial year
-
-
-
1,118
1,118
Balance at 31 March 2024
34,742
134,812
2,272,084
32,467
2,474,105
Year ended 31 March 2025:
Profit for the financial year
-
-
-
6,161
6,161
Other comprehensive expense:
Adjustments to fair value of financial assets
-
-
(869,490)
-
(869,490)
Total comprehensive expense for the year
-
-
(869,490)
6,161
(863,329)
Balance at 31 March 2025
34,742
134,812
1,402,594
38,628
1,610,776

The notes on pages 8 to 13 form part of these financial statements.

DRUMGLASS HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
1
Accounting policies
Company information

Drumglass Holdco 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 8th Floor, 6 Kean Street, London, WC2B 4AS.

The principal activity of the company is that of a holding company for its subsidiary company Drumglass Investments Limited. Drumglass Investments Limited is in turn a holding company of Campus Projects (Drumglass) Limtied, whose principal activity is operation of Drumglass High School, Dungannon, Northern Ireland procured under the Private Finance Initiative ('PFI'). The contract expires in August 2025 when it will be handed back to the Trust.

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 a mounts in these financial statements are rounded to the nearest £.

As disclosed in the Directors' Report on pages 1 to 2, these financial statements are prepared on a basis

other than going concern. This basis entails that:

- fixed assets and creditors: amounts falling due after more than one year are reclassified as current assets and liabilities;

- assets are written down to their recoverable value (that is, lower of cost or recoverable value); and

- provisions are made for liabilities arising as a result of the decision to cease trading where an obligation exists at the statement of financial position date.

Comparative balances, for the year ended 31 March 2024, have not been restated. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed further in the accounting policies.

The Company has taken advantage of the exemption in FRS 102 Section 7 'Statement of Cash Flows' part 1B, which states that a small company is not required to prepare a cash flow statement.

1.2
Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements on the basis that the entity and its subsidiary undertakings comprise a small group.

1.3
Going concern

The financial statements are prepared on a basis other than going concern basis which the directors believe to be appropriate for the following reasons:- true

The subsidiary's contract expires in August 2025, and it is the intention of the directors to wind up the Company sometime in the future. The Company is therefore not expected to remain in operation for a period longer than 12 months from the date of this report. As a result, the financial statements are prepared on basis other that going concern.

DRUMGLASS HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments in equity and loans 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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of six months or less, and bank overdrafts.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and debtors are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DRUMGLASS HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
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
Employees

The average number of persons employed by the Company during the financial year amounted to nil (2024: nil). The directors are not employed by the Company and receive remuneration from another company for their services as directors of this entity and a number of fellow subsidiaries. It is not possible to make an accurate apportionment of their remuneration in respect of each of the subsidiaries.

4
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
25,341
84,675
5
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
11,102
18,032
Interest receivable from group companies
20,400
67,761
31,502
85,793
DRUMGLASS HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
6
Taxation on profit

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

2025
2024
£
£
Profit before taxation
6,161
1,118
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,540
280
Change in unrecognised deferred tax assets
(1,540)
-
0
Adjustments in respect of prior years
-
0
(280)
Taxation charge for the year
-
-
7
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
8
981,181
1,850,672
Loans to subsidiaries
8
91,000
501,774
1,072,181
2,352,446
Movements in fixed asset investments
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost or valuation
At 1 April 2024
1,850,672
501,774
2,352,446
Valuation changes
(869,491)
-
(869,491)
Repayment
-
(410,774)
(410,774)
At 31 March 2025
981,181
91,000
1,072,181
Carrying amount
At 31 March 2025
981,181
91,000
1,072,181
At 31 March 2024
1,850,672
501,774
2,352,446

In the prior year, Loans to subsidiaries of £501,774 was disclosed under Investments in subsidiaries. In the current year, it has been reallocated and disclosed as Loans to subsidiaries. The revised disclosure aligns better with the Companies Act 2006 definition.

DRUMGLASS HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
8
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Drumglass Investments Limited
8th Floor, 6 Kean Street, London, WC2B 4AS
Ordinary
100.00
-
Campus Projects (Drumglass) Limited
8th Floor, 6 Kean Street, London, WC2B 4AS
Ordinary
-
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)
£
£
Drumglass Investments Limited
58,335
(8,377)
Campus Projects (Drumglass) Limited
211,322
118,209

The carrying value of the investment is supported by the net assets of the subsidiary.

9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,063
15,098
Prepayments and accrued income
522
5,804
3,585
20,902
10
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
-
12,536

Amounts owed to g roup undertakings related to the accrued interest on the sub debt (2024: £12,536) which was repaid in full in the year.

11
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
-
0
360,774

Amounts owed to Group undertakings related to sub debt (2024: £360,774) which was repaid in full in the year.

DRUMGLASS HOLDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
12
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
3,474,190
3,474,190
34,742
34,742

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

13
Related party transactions

The company had a loan (2024: £360,774) which was owed to Blackmead Infrastucture Limited. During the year, interest of £25,341 (2024: £84,675) was charged. The full loan balance along with the interest accrued was repaid in the year,

14
Ultimate controlling party

The Company is wholly owned by Blackmead Infrastructure Limited.

Blackmead Infrastructure Limited is wholly owned by Averon Park Limited.

The ultimate parent undertaking and ultimate controlling party was Averon Park Limited which is registered in England and Wales.

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