FOR THE YEAR ENDED 31 MARCH 2025
SHIELD TOPCO LIMITED
COMPANY INFORMATION
SHIELD TOPCO LIMITED
CONTENTS
SHIELD TOPCO LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Shield Topco Limited (the Group) is a market leading tech-enabled compliance maintenance services provider of fire life safety, security and electrical safety services headquartered in Bath.
The Group provides a full spectrum of fire life safety, security and electrical compliance solutions to domestic and commercial customers in and around the South-West. Client demand for services is predominantly compliance-led and of a non-discretionary nature. Earnings are well diversified, with the largest maintenance client representing less than 4% of revenues, so there is little to no client concentration. The Group has a broad commercial (~70%) and domestic (~30%) customer base across multiple sectors including public sector, retail, industrial, logistics, leisure, education, charity, financial & professional services and across multiple service lines including Maintenance & Monitoring (M&M), Reactive, Installations, and Test & Inspect.
The Group’s range of services includes:
The Group provides a full spectrum of fire life safety, security and electrical compliance solutions to domestic and commercial customers in and around the South-West. Client demand for services is predominantly compliance-led and of a non-discretionary nature. Earnings are well diversified, with the largest maintenance client representing less than 4% of revenues, so there is little to no client concentration. The Group has a broad commercial (~70%) and domestic (~30%) customer base across multiple sectors including public sector, retail, industrial, logistics, leisure, education, charity, financial & professional services and across multiple service lines including Maintenance & Monitoring (M&M), Reactive, Installations, and Test & Inspect.
The Group’s range of services includes:
∙Fire life safety: fire alarms and detection, portable fire extinguishers, aspirating fire detection, fire suppression systems, disabled refuge systems and induction loop systems.
∙Security systems: intruder alarms and detection, CCTV cameras & surveillance, access control and door entry, audio & video intercoms, 24/7 security monitoring, lockdown systems and nurse call systems.
∙Electrical: electrical installation condition reports, portable appliance testing and electrical safety works.
The Group is focused on delivering high quality service to its customer base. As a result, the Group maintains a disciplined geographic focus on servicing customers in Bath, Bristol and the South-West, to achieve economies of scale, efficient route density and quick response times.
During the year the Group acquired the entire share capital of Dorset Electrical & Fire Alarms Limited (including its subsidiaries Axis Dorset Limited and Axis Fire & Security Services Limited) and Dorset Fire Sprinkler Systems Limited (together "the Dorset Group") as part of its strategy to increase market share.
The Group owns several long-established brands, many of which have been successful trading for over 25 years. Group brands include BWS Standfast, Apex Alarms, AVG, John Hill Electrical, Dorset Electrical & Fire Alarms, Axis Fire & Security, and Axis Fire Sprinklers.
The Group has recently invested heavily in new best-in-class technology infrastructure to support the future scaling requirements of the business. This substantial investments will improve operational infrastructure, data reliability and enhance the customer experience moving forward.
The business is continuing to look for new growth opportunities across the South-West, whether via acquisition or organically.
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SHIELD TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Liquidity and cash flow risk
The Group regularly reviews its liquidity risk and has arranged appropriate facilities to be available. The Group also has the benefit of a supportive shareholder base who have the capacity to provide additional liquidity, should the Group require it.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer fails to meet its contractual obligations. The Group is not overly reliant on any one customer and there is close management of outstanding debt and debtor ageing.
Interest rate risk
The Group is exposed to interest rate risk on its borrowings, which are based on a margin over SONIA. A rise in interest rates could increase the cost of borrowings. The Group continually monitors interest rate risks. In the last 12 months to 31 March 2025, Bank of England base rate has continued to increase, increasing the Group’s interest burden. The Group forecasts forward based on the latest available SONIA curves and these forecasts confirm that the Group can continue to meet its obligations despite this increase in interest rates.
Price risk
Price risk is the risk of the product hardware increasing. The Group has strong relationships with several major suppliers to the sector and through its purchasing power, can achieve discounts to standard market pricing. The directors constantly monitoring pricing and will take appropriate action on products, pricing and suppliers when required.
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SHIELD TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group has detailed and extensive management controls. Key performance indicators include:
2025 2024
Revenue £9,280,958 £6,738,057
Gross margin 47% 48%
Operating profit £524,400 £687,095
Gross margin 47% 48%
Operating profit £524,400 £687,095
Adjusted EBITDA
As a result of the goodwill amortisation charge arising from acquisitions, related financing transactions and other non-recurring costs, the Board focuses, at the Group level, on Adjusted Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA).
The business monitors a range of operational KPIs, and is continually developing its IT infrastructure to help drive operational KPI performance.
The Group plans to continue it dual organic and inorganic growth strategy. The Group will continue to quote for new electrical safety tender contracts in its electrical division and focus on acquisitions in the fire & security division that bring synergies to the Group. Before acquisitions are made, thorough due diligence will be undertake to ensure that any such company is a good financial proposition and shares a similar philosophy and focus on customer service.
This report was approved by the board on 23 December 2025 and signed on its behalf.
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SHIELD TOPCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The loss for the year, after taxation, amounted to £559,901 (2024: loss £268,438).
The directors who served during the year were:
The company has included mandatory directors' report disclosures within the strategic report as they are considered by the directors to be of strategic importance; as permitted by the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.
On 2 May 2025 the Group repaid its bank loans owed to Shawbrook Bank and received new loans totaling £4.8m from ThinCats.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 23 December 2025 and signed on its behalf.
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SHIELD TOPCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SHIELD TOPCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHIELD TOPCO LIMITED
We have audited the financial statements of Shield Topco Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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 Group's or the Parent 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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.
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SHIELD TOPCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHIELD TOPCO LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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SHIELD TOPCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHIELD TOPCO LIMITED (CONTINUED)
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 Group financial statements.
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:
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management, and those charged with governance about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and potential indicators of fraud.
fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud, and incorrect recognition of revenue and was identified as the greatest potential area for
fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to
the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
included the UK Companies Act, FRS 102, and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial statements but compliance with which may be fundamental to the Company’s ability to operate or to
avoid a material penalty. These included:
∙Health and safety; and
∙Employment legislation
Audit response to risks identified
Our procedures to respond to risks identified included the following:
∙Performing various substantive tests of detail related to the recognition of revenue.
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management concerning actual and potential litigation claims;
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SHIELD TOPCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHIELD TOPCO LIMITED (CONTINUED)
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement
team members and remained alert to any indications of fraud or non-compliance with laws and regulations
throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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SHIELD TOPCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
REGISTERED NUMBER:13559284
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.
The notes on pages 17 to 38 form part of these financial statements.
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SHIELD TOPCO LIMITED
REGISTERED NUMBER:13559284
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025 .
The notes on pages 17 to 38 form part of these financial statements.
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SHIELD TOPCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Shield Topco Limited is a private limited company which is incorporated in England and Wales. The address of the registered office is Unit 11, Church Farm Business Park, Bath, BA2 9AP.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Company, and the Group it heads, to continue as a going concern. The Directors make this assessment in respect of a period of 12 months from the date of approval of the financial statements.
During the year ended 31 March 2025 the Group headed by Shield Topco Limited made a loss of £559,901 and as at 31 March 2025 had net current liabilities of 2,621,886.
Since the year end the Group has refinanced its senior bank debt with an alternative lender, with the majority of the lending due on as a bullet repayment more than 5 years from the balance sheet date of these financial statements.
The Directors have prepared forecasts that show the Group is able to operate within its committed facilities, realising its assets and discharging its liabilities as they fall due in the normal course of business, for a period more than 12 months from the date of approval of these financial statements.
The Directors believe that, taken as a whole, the factors described above enable the Group and the Company to continue as a going concern for the foreseeable future.
During the year ended 31 March 2025 the Group headed by Shield Topco Limited made a loss of £559,901 and as at 31 March 2025 had net current liabilities of 2,621,886.
Since the year end the Group has refinanced its senior bank debt with an alternative lender, with the majority of the lending due on as a bullet repayment more than 5 years from the balance sheet date of these financial statements.
The Directors have prepared forecasts that show the Group is able to operate within its committed facilities, realising its assets and discharging its liabilities as they fall due in the normal course of business, for a period more than 12 months from the date of approval of these financial statements.
The Directors believe that, taken as a whole, the factors described above enable the Group and the Company to continue as a going concern for the foreseeable future.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Goodwill and other intangible assets
Positive goodwill acquired on each business combination is capitalised, classified as an asset on the statement of financial position and amortised on a straight line basis over its useful life.
The Group establishes an estimate of the useful life of goodwill and intangibles assets arising on business combination. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the asset is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar business.
The Group determines whether leases entered into by the Group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Impairment of fixed assets
The Group determines whether there are indicators of impairment of tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The whole of the turnover is attributable to the group's principal activity.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There are no known factors expected to materially affect future tax charges.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15.DEBTORS (CONTINUED)
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Bank loans are secured by way of a fixed and floating charge over the assets of the company in favour of Shawbrook Bank Limited.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Bank loans are secured by way of a fixed and floating charge over the assets of the company in favour of Shawbrook Bank Limited.
Other loans are secured by way of a fixed and floating charge over the assets of the company in favour of Shield Security Trustee Limited.
Other loans are secured by way of a fixed and floating charge over the assets of the company in favour of Shield Security Trustee Limited.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
21.SHARE CAPITAL (CONTINUED)
A Ordinary shares carry all rights. Each share is entitled to one vote in any circumstances, is entitled to dividend payments or any other distribution and is entitled to participate in a distribution arising from a winding up of the company as described in the articles.
B Ordinary shares carry all rights. Each share is entitled to one vote in any circumstances, is entitled to dividend payments or any other distribution and is entitled to participate in a distribution arising from a winding up of the company as described in the articles.
C Ordinary shares do not carry a right to attend or vote at meetings but are entitled to dividend payments or any other distribution and is entitled to participate in a distribution arising from a winding up of the company as described in the articles.
B Ordinary shares carry all rights. Each share is entitled to one vote in any circumstances, is entitled to dividend payments or any other distribution and is entitled to participate in a distribution arising from a winding up of the company as described in the articles.
C Ordinary shares do not carry a right to attend or vote at meetings but are entitled to dividend payments or any other distribution and is entitled to participate in a distribution arising from a winding up of the company as described in the articles.
Share premium account
Profit and loss account
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
24.BUSINESS COMBINATIONS (CONTINUED)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £131,210 (2024: £114,035). Contributions totaling £7,148 (2024: £2,616) were payable to the fund at the balance sheet date and are included in creditors.
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SHIELD TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The ultimate controlling party is Mr H W Khan.
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