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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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FIBRE ASSETS LIMITED
COMPANY INFORMATION
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FIBRE ASSETS LIMITED
CONTENTS
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FIBRE ASSETS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their strategic report for the year ended 31 March 2025.
Connect Fibre, which is the trading name of Fibre Assets Limited, is a broadband network operator known commonly as an altnet. Our business is to build and operate fully optical fibre networks that delivers very high speed and reliable broadband to homes and businesses. Our network is also capable of providing services wholesale to other ISPs.
Our principal area of operation is the North East Midlands, where we are expanding greatly with the aid of government subsidies. We also have networks in parts of Cambridgeshire and Essex. The business is in the capital investment and customer growth stage and so is loss making. We have a clear path to cashflow breakeven over time as we grow our customer base. To date the sole source of investment in building up the business has been a fund managed by the Foresight Group, which is a leading UK infrastructure investor. The Company also benefits from certain Government subsidies which are driving growth in our infrastructure (see the section on BDUK below). To support this during the year we have strengthened the organisation and increased relevant headcount. In FY25, we had an average of 175 headcount compared to 139 for the previous year.
Construction risk and market risk
The two main risks faced by the company are construction risk and market risk. The funding envelope provided by Foresight Group LLP should allow us to: • Construct additional premises in and around the BDUK subsidy areas and; • Gain customers to grow revenue on both the existing networks and the newly built (BDUK partly subsidised) infrastructure. Construction Risk Earlier this year we completed our original construction programme. In the latter part of FY25 we started the deployment of networks in the BDUK areas that benefit from the government subsidy. The nature of these areas pose material construction risk in terms of cost and time. Market Risk The second main risk is market risk, meaning that relating to customer demand, prices and our achievement of market share (and revenue) in the areas we serve in the face of growing competition. Other Risks Credit risk The principal credit risk arises from suppliers and contractors, where stage payments may be made during the life of a contract before final delivery is concluded. This risk is mitigated through the active monitoring of credit status of suppliers and the use of contractual mechanisms, such as retention payments. Stockholding risk The Company is aware of the need to carry sufficient stock to service the needs of its build programme, without exposing the company to undue stockholding risks. Stock risk is minimised through the active review of stock levels to meet forecast requirements.
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FIBRE ASSETS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Foreign exchange risk
The Company has a minimal exposure to foreign exchange risk, due to the location of customers and suppliers being within the UK and transacting in Pounds Sterling. Should the need occur in future to transact in other currencies the company would seek to put in place suitable forward exchange contracts to minimise the effects of exchange rate movements. Regulation risk The telecommunications industry is regulated by Ofcom. The regulatory measures imposed on the sector include requirements to ensure that a broadband network is safe and secure given that it is an important infrastructure, as well as various consumer protections. From our economic and business point of view, the most important regulations allow us to construct our network using certain the physical assets of BT Openreach, providing access to, and use of, such infrastructure at regulated costs. BDUK The government has, for some years, subsidised the deployment of full-fibre broadband networks in rural areas. This programme is run by BDUK (Building Digital UK) which is a government executive agency responsible for delivering fast and reliable broadband and mobile coverage in hard-to-reach and rural areas. Connect Fibre has secured two contracts as part of this programme, subsidising the deployment of modern networks in the Staffordshire Moorlands and substantial parts of Derbyshire. These contracts were won through competitive tenders, and the total value of the subsidies, if fully utilised by us, would amount to £50 million. We started the deployment of these networks in this financial year and have recruited a dedicated project team, developed administrative procedures, and put in place processes to build & operate under what is a comprehensive and somewhat complicated contractual and subsidy control regime.
The directors' use many key performance indicators (KPIs) throughout the running of the Company.
Financial KPI's include: 2025 2024 Turnover £1.4m £0.2m Loss for the Year £17.3m £12.2m Net Liabilities £35.6m £18.2m Fixed Asset Spend £37.1m £29.0m These KPI's assist in understanding performance and measured against forecasts to implement improvement plans going forward.
Other non-financial KPI's include: customer numbers, employee retention, health and safety compliance and meeting construction timetables.
These KPI's assist in understanding performance.
This report was approved by the board on 23 December 2025 and signed on its behalf.
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FIBRE ASSETS 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 directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £17,353,744 (2024 - loss £12,247,365).
The directors who served during the year were:
The Company expects to continue growing significantly in financial year 2026. The network build will continue and that, together with our improved sales and marketing approach, will result in continued customer acquisition and revenue growth.
In the latter half of the year, we greatly strengthened the commercial team adding various experienced practitioners and began to develop the additional workflows and processes that will support our growth. We continue to develop a rounded set of customer propositions to drive take-up whilst defending a reasonable average revenue per user (ARPU). The Company will continue to utilise the government support mechanisms to fund the construction of our rural fibre networks in the Staffordshire Moorlands and Derbyshire. Newly built networks in these areas will contribute significantly to our customer growth in the forthcoming year.
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FIBRE ASSETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Post balance sheet events are set out in note 23 to the financial statements.
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FIBRE ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIBRE ASSETS LIMITED
We have audited the financial statements of Fibre Assets Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including 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 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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FIBRE ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIBRE ASSETS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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FIBRE ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIBRE ASSETS 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 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements through: • our knowledge and sector experience; and • discussion with the Directors. The Company is subject to laws and regulations that directly affect the financial statements including the Companies Act 2006 and tax legislation. The significant laws and regulations identified were communicated to the engagement team who remained alert to any indications of non-compliance throughout the audit. The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. These include: employment law, the Companies Act 2006, health and safety regulations, tax legislation, and Ofcom regulations. The entity ensures compliance with the legal and regulatory framework through the use of third party experts, technical research and Government guidance. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. We considered the opportunities and incentives that may exist within the organisation for fraud and identified management override as the area with the greatest potential for fraud. Our procedures to respond to the risk of fraud included: • challenging management and those charged with governance on whether any instances of fraud had occurred. • reviewing directors’ board minutes to understand if any instances of fraud have occurred; • reviewing legal expenditure to ensure no instances of fraud; • meeting a sample of employees to ensure they are genuine; • obtained a payroll BACs run and confirmed no duplicated bank accounts; • reviewing a sample of expenditure to ensure authorised in accordance with Company’s authorisation policy; • obtaining confirmations of accounts and balances directly from the bank; and • testing journal entries and other adjustments for appropriateness. Following detailed team briefings, the responsible individual has assessed that the audit engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with applicable laws and regulation.
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FIBRE ASSETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIBRE ASSETS LIMITED (CONTINUED)
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
Anglia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andrew
Norfolk
NR7 0HR
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FIBRE ASSETS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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FIBRE ASSETS LIMITED
REGISTERED NUMBER: 11156085
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 27 form part of these financial statements.
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FIBRE ASSETS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Fibre Assets Limited is a private company, limited by shares and incorporated in the England & Wales. The Company's registration number is 11156085. The Company's registered office address is Second Floor Sundial House, 114 Kensington High Street, London, W8 4NP.
These financial statements are rounded to the nearest £1.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Fibre Assets Holdco Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company holds an agreement with investors to provide loan funding up to a prescribed amount. The cash flow projections show that this additional investment will support the Company for the next twelve months and beyond.
The negative equity position on the balance sheet reflects the on-going development of the business and the capital-intensive nature of the industry. As we move forward, the Directors anticipate a reversal of this situation through a combination of increased revenues and prudent cost management. During the financial year, the Company continued its Full Fibre build in selected parts in the UK and gradually accelerated its rollout plans via operational efficiencies and increases in resources. The growth in the customer base has continued who are enjoying the high-quality fibre broadband service. The management team has demonstrated its commitment to fiscal responsibility and adaptability by implementing cost-saving measures without compromising the quality of service. The Company was awarded two UK government BDUK contracts to design and deliver fibre broadband services in selected areas of Staffordshire and Derbyshire. Furthermore, the Company is actively exploring partnerships and collaborations that will help optimise operational efficiencies and expand market reach. The Company anticipates that losses will continue at a similar level for upcoming two years whilst the BDUK contract is fulfilled, before decreasing and ultimately reaching a breakeven point (positive EBITDA). Ongoing support has been secured and receipt of grant funding on delivery of BDUK premises will help maintain operations and allow the Company to strategically navigate the competitive landscape in the UK. The Directors believe that these strategies, along with the Company's financial resources and operational performance, will enable the Company to continue as a going concern for the foreseeable future. The Directors have reviewed the Company's cash flow projections for the next 12 months and beyond and have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future.
Functional and presentation currency
Transactions and balances
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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:
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
Assets under construction are not depreciated.
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 Company'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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The nature of estimation means that the actual outcome could differ from those 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. The critical accounting estimates or judgments applied by the directors which have a significant impact on the amounts disclosed in the financial statements are as follows: Depreciation Management have estimated the useful economic life of fixed assets and depreciation has in turn been calculated on this basis. During the year, Management have reassessed the useful economic life of the fixed asset class, Fibre Network and changed the depreciation policy from 5 to 40 years to 5 to 25 years. All the necessary adjustments were made to reflect this change in estimate. Capitalisation of labour Management have considered employees individually based on their job role and salary, and have allocated a percentage of time spent on building the Fibre Network. Capitalisation of interest Management have estimated capitalised loan interest, using the year end percentage of total net book value of fixed assets over loans and preference shares due. Impairment of fixed assets Management have made an assessment as to the carrying value of total fixed assets to ensure there are no indications of impairment. Asset under construction accruals Management have made an assessment based on total expected build cost of a fibre network based on detailed budgets, assigned a percentage completion based on their assessment criteria, then less costs incurred up to the year end. All accounting estimates are encompassed within fixed assets, which the accounting policies assigned and breakdown can be found on note 2.11 and 12 respectively.
Turnover is entirely attributable to the principle activity of the Company, in which all arose within the United Kingdom.
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company has incurred significant corporation tax losses which will either be carried forward or surrendered as group relief. At the balance sheet date, it was not appropriate to recognise these corporation tax losses.
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FIBRE ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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