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Registered number: 15977432 DERWENT BIDCO LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 MARCH 2025
DERWENT BIDCO LIMITED CONTENTS
| Page
Statement of financial position | 1
Statement of changes in equity | 2
Notes to the financial statements | 3 - 7
DERWENT BIDCO LIMITED REGISTERED NUMBER: 15977432 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Investments | 4 |  | 9,835,244
|  |  | 9,835,244
Current assets |  |  |
Debtors: amounts falling due within one year | 5 | 397,335 |
|  | 397,335 |
Creditors: amounts falling due within one year | 6 | (4,931,279) |
Net current (liabilities)/assets |  |  | (4,533,944)
Total assets less current liabilities |  |  | 5,301,300
Net assets |  |  | 5,301,300
Capital and reserves |  |  |
Called up share capital | 7 |  | 5,551,929
Profit and loss account | 8 |  | (250,629)
|  |  | 5,301,300
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
C N Tate
Director
Date: 10 March 2026
The notes on pages 3 to 7 form part of these financial statements. Page 1
DERWENT BIDCO LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 25 September 2024 | 5,551,929 | - | 5,551,929
Comprehensive income for the period |  |  |
Loss for the period | - | (250,629) | (250,629)
Other comprehensive income for the period | - | - | -
Total comprehensive income for the period | - | (250,629) | (250,629)
Total transactions with owners | - | - | -
At 31 March 2025 | 5,551,929 | (250,629) | 5,301,300
| The notes on pages 3 to 7 form part of these financial statements.
Page 2
DERWENT BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
1. | General information
Derwent Bidco Limited (company number 15977432) is a private company limited by shares and is incorporated in England and Wales. The registered office is 5 Marble Arch, London, United Kingdom, W1H 7EJ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 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. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company is an intermediate holding company which is dependent on working capital provided to it by Condatis Group Limited, another subsidiary of Derwent Topco Limited, the company’s ultimate parent company. Condatis Group Limited has indicated that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company and will not seek repayment until free cashflow is available. The company also has a receivables balance with another group company as well as a payables balance with its parent company. The parent company has confirmed in writing that no inter-company loans will be required for payment unless free cashflow is available. The Directors have concluded that this will allow the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due thus the financial statements have been prepared on a going concern basis.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 3
DERWENT BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any new 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.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.8 | Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS102 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. 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.
| 2.9 | 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. Page 4
DERWENT BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
| 2.11 | Employee benefits
The costs of short-term employee benefits are recognised as a liability as an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
| 2.12 | Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3. | Employees
| The Company has no employees other than the directors.
Page 5
DERWENT BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
4. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| Additions | 9,835,244
| At 31 March 2025 | 9,835,244
5. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Amounts owed by group undertakings | 287,335
| Other debtors | 4,579
| Deferred transaction fees | 105,421
|  | 397,335
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Amounts owed to group undertakings | 4,924,427
| Other taxation and social security | 6,595
| Other creditors | 257
|  | 4,931,279
Page 6
DERWENT BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
7. | Share capital
|  |  |  |  | 2025
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 5,551,929 Ordinary shares of £1.00 each | 5,551,929
Each share has full rights in the company with respect to voting, dividends and distributions.
8. | Reserves
Profit and loss account Profit and loss account includes all current and prior period retained profits and losses, less distributions to shareholders.
9. | Pension commitments
The company operates a defined contribution scheme for all qualifying employees. The pension cost charge represents contributions payable by the company to the funds and amounted to £1,345. Contributions totalling £257 were payable to the fund at the reporting date and are included in other creditors.
10. | Controlling party
The immediate parent company is Derwent Midco 2 Limited The ultimate parent company in which these financial statements are consolidated is Bridgepoint Group PLC, a company registered within the UK. Copies of the consolidated group financial statements may be obtained from the parent company at 5 Marble Arch, London, United Kingdom, W1H 7EJ. The ultimate controlling party is Bridgepoint Group PLC, a company registered within the UK.
11. | Auditor's information
The auditor's report on the financial statements for the period ended 31 March 2025 was unqualified. The audit report was signed on 11 March 2026 by Nicola MacLennan (Senior statutory auditor) on behalf of AAB Audit & Accountancy Limited.
Page 7