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# CONNECT INFRACO LIMITED

## Company Registration Number:
12859450 (England and Wales)

## Unaudited statutory accounts for the year ended 31 March 2025

## Period of accounts

## Start date: 1 October 2023

## End date: 31 March 2025

# CONNECT INFRACO LIMITED

## Contents of the Financial Statements

for the Period Ended 31 March 2025

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# CONNECT INFRACO LIMITED

Directors' report period ended 31 March 2025

The directors present their report with the financial statements of the company for the period ended 31 March 2025

Principal activities of the company

The principal activity of the company in the period under review was that of building and operating a wholesale fibre network.

Directors

The director shown below has held office during the period of
1 October 2023 to 24 March 2025

Furqan Alamgir

The directors shown below have held office during the period of
1 October 2023 to 30 November 2023

Thomas Roger Bennett Maher
Phoebe Madeleine Smith

The directors shown below have held office during the period of
24 March 2025 to 31 March 2025

Simon Holden
Nicholas James Dunn
William Gregory Mesch

The director shown below has held office during the period of
30 November 2023 to 24 March 2025

Ka Yiu Yeung

Secretary Christopher Gawn

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
13 November 2025

And signed on behalf of the board by:
Name: Nicholas James Dunn
Status: Director

# CONNECT INFRACO LIMITED

## Profit And Loss Account

for the Period Ended 31 March 2025

| 18 months to 31 March 2025 | 2023
--- | --- | ---
| £ | £
Turnover: | 1,671,151 | 1,120,719
Cost of sales: | ( 1,290,695 ) | ( 3,112,701 )
Gross profit(or loss): | 380,456 | (1,991,982)
Distribution costs: | 0 | 0
Administrative expenses: | ( 7,762,694 ) | ( 3,768,628 )
Other operating income: | 0 | 0
Operating profit(or loss): | (7,382,238) | (5,760,610)
Interest receivable and similar income: | 0 | 0
Interest payable and similar charges: | ( 7,908,800 ) | ( 3,026,902 )
Profit(or loss) before tax: | (15,291,038) | (8,787,512)
Tax: | 0 | 0
Profit(or loss) for the financial year: | (15,291,038) | (8,787,512)

# CONNECT INFRACO LIMITED

## Balance sheet

As at 31 March 2025

| Notes | 18 months to 31 March 2025 | 2023
--- | --- | --- | ---
|  | £ | £
Fixed assets
Intangible assets: | 3 | 455,296 | 572,204
Tangible assets: | 4 | 55,821,497 | 39,203,930
Investments: |  | 0 | 0
Total fixed assets: |  | 56,276,793 | 39,776,134
Current assets
Stocks: |  | 0 | 0
Debtors: | 5 | 195,690 | 1,286,317
Cash at bank and in hand: |  | 0 | 11,937,628
Investments: |  | 0 | 0
Total current assets: |  | 195,690 | 13,223,945
Prepayments and accrued income: |  | 0 | 0
Creditors: amounts falling due within one year: | 6 | ( 1,772,072 ) | ( 3,414,940 )
Net current assets (liabilities): |  | (1,576,382) | 9,809,005
Total assets less current liabilities: |  | 54,700,411 | 49,585,139
Creditors: amounts falling due after more than one year: | 7 | ( 3,434,392 ) | ( 63,028,082 )
Provision for liabilities: |  | 0 | 0
Accruals and deferred income: |  | 0 | 0
Total net assets (liabilities): |  | 51,266,019 | (13,442,943)
Capital and reserves
Called up share capital: |  | 101 | 100
Share premium account: |  | 79,999,999 | 0
Other reserves: |  | 0 | 0
Profit and loss account: |  | (28,734,081 ) | (13,443,043 )
Total Shareholders' funds: |  | 51,266,019 | (13,442,943)

The notes form part of these financial statements

# CONNECT INFRACO LIMITED

## Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 13 November 2025
and signed on behalf of the board by:

Name: Nicholas James Dunn
Status: Director

The notes form part of these financial statements

# CONNECT INFRACO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 March 2025

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Network assets - 10% on cost Fixed assets held at the balance sheet date which were under construction have not been depreciated. At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss to recognise. If there is an indication of possible impairment this is recognised immediately in the income statement.

  Intangible fixed assets amortisation policy

  Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development costs are being amortised evenly over their estimated useful life of ten years.

  Other accounting policies

  Finance costs Finance costs comprise of interest payable on borrowings and are expensed in the year in which they are incurred. £3.2m was waived as part of the transaction under which the company was acquired by its new parent. Debtors Trade and other receivables are initially recorded at their fair value and subsequently carried at amortised cost. Creditors Trade and other payables are non-interest bearing and are stated at their fair value on initial recognition, and then subsequently at amortised cost. Share Capital Ordinary shares are classified as equity. Any amounts above the nominal amount of the share will be shown within share premium. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit or Loss and Other Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. There has been no tax recognised in the current year. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. There has been no deferred tax recognised in the current period. Deferred Tax asset exists in relation to brought forward losses however this has not been recognised. Pension costs and other post-retirement benefits The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

# CONNECT INFRACO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 March 2025

- ## 2. Employees

  | 18 months to 31 March 2025 | 2023
  --- | --- | ---
  Average number of employees during the period | 0 | 1

# CONNECT INFRACO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 March 2025

## 3. Intangible assets

| Goodwill | Other | Total
--- | --- | --- | ---
Cost | £ | £ | £
At 1 October 2023 | 0 | 817,435 | 817,435
Additions | 0 | 0 | 0
Disposals | 0 | 0 | 0
Revaluations | 0 | 0 | 0
Transfers | 0 | 0 | 0
At 31 March 2025 | 0 | 817,435 | 817,435
Amortisation |  |  |
At 1 October 2023 | 0 | 245,231 | 245,231
Charge for year | 0 | 116,908 | 116,908
On disposals | 0 | 0 | 0
Other adjustments | 0 | 0 | 0
At 31 March 2025 | 0 | 362,139 | 362,139
Net book value |  |  |
At 31 March 2025 | 0 | 455,296 | 455,296
At 30 September 2023 | 0 | 572,204 | 572,204

# CONNECT INFRACO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 March 2025

## 4. Tangible assets

| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total
--- | --- | --- | --- | --- | --- | ---
Cost | £ | £ | £ | £ | £ | £
At 1 October 2023 | 0 | 42,177,500 | 0 | 0 | 0 | 42,177,500
Additions | 0 | 22,865,408 | 0 | 0 | 0 | 22,865,408
Disposals | 0 | 0 | 0 | 0 | 0 | 0
Revaluations | 0 | 0 | 0 | 0 | 0 | 0
Transfers | 0 | 0 | 0 | 0 | 0 | 0
At 31 March 2025 | 0 | 65,042,908 | 0 | 0 | 0 | 65,042,908
Depreciation |  |  |  |  |  |
At 1 October 2023 | 0 | 2,973,570 | 0 | 0 | 0 | 2,973,570
Charge for year | 0 | 6,247,841 | 0 | 0 | 0 | 6,247,841
On disposals | 0 | 0 | 0 | 0 | 0 | 0
Other adjustments | 0 | 0 | 0 | 0 | 0 | 0
At 31 March 2025 | 0 | 9,221,411 | 0 | 0 | 0 | 9,221,411
Net book value |  |  |  |  |  |
At 31 March 2025 | 0 | 55,821,497 | 0 | 0 | 0 | 55,821,497
At 30 September 2023 | 0 | 39,203,930 | 0 | 0 | 0 | 39,203,930

# CONNECT INFRACO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 March 2025

## 5. Debtors

| 18 months to 31 March 2025 | 2023
--- | --- | ---
| £ | £
Trade debtors | 0 | 400,486
Prepayments and accrued income | 0 | 0
Other debtors | 195,690 | 885,831
Total | 195,690 | 1,286,317
Debtors due after more than one year: | 0 | 0

# CONNECT INFRACO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 March 2025

## 6. Creditors: amounts falling due within one year note

| 18 months to 31 March 2025 | 2023
--- | --- | ---
| £ | £
Bank loans and overdrafts | 0 | 0
Amounts due under finance leases and hire purchase contracts | 0 | 0
Trade creditors | 0 | 1,612,528
Taxation and social security | 0 | 0
Accruals and deferred income | 0 | 0
Other creditors | 1,772,072 | 1,802,412
Total | 1,772,072 | 3,414,940

# CONNECT INFRACO LIMITED

## Notes to the Financial Statements

for the Period Ended 31 March 2025

## 7. Creditors: amounts falling due after more than one year note

| 18 months to 31 March 2025 | 2023
--- | --- | ---
| £ | £
Bank loans and overdrafts | 0 | 0
Amounts due under finance leases and hire purchase contracts | 0 | 0
Other creditors | 3,434,392 | 63,028,082
Total | 3,434,392 | 63,028,082