Registration number:
for the
Period from 29 March 2024 to 31 March 2025
Bowmoor Topco Limited
Contents
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Company Information |
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Directors' Report |
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Strategic Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Bowmoor Topco Limited
Company Information
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Directors |
S Adkin C P Lee R C R Pope A J Simpson S Jackson |
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Registered office |
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Auditors |
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Bankers |
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Bowmoor Topco Limited
Directors' Report for the Period from 29 March 2024 to 31 March 2025
The directors present their report and the for the period from 29 March 2024 to 31 March 2025.
Directors of the company
The directors who held office during the period were as follows:
The following director was appointed after the period end:
Research and development
The group's commitment to product development continues with a considerable investment being made into both product enhancements and new product development.
Future developments
It is believed that continued investment in developing both new products and enhancing existing products, together with particular emphasis on quality, design and customer service will enable the business to maintain and build on its market position.
Financial instruments
Objectives and policies
The board constantly monitors the group's trading results and revise projections as appropriate to ensure that the group can meet its future obligations as they fall due.
Price risk, credit risk, liquidity risk and cash flow risk
The group is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. The group's bank loans and loan stock are subject to price and liquidity risk as disclosed in the financial statements.
Disclosure of information to the auditor
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Bowmoor Topco Limited
Strategic Report for the period from 29 March 2024 to 31 March 2025
The directors present their strategic report for the period from 29 March 2024 to 31 March 2025. The comparative period is for the year ended 28 March 2024.
Principal activity
The principal activity of the company is a holding company and the group is principally engaged in the manufacture, supply and distribution of orthopaedic implants, orthopaedic sports medicine products, orthopaedic accessories and disposable cubicle and window curtains.
Fair review of the business
The results for the period, which are set out in the profit and loss account, show turnover of £23,893,454 (2024 - £23,994,162) and an operating profit before amortisation and depreciation of £3,975,748 (2024 - £3,479,767). At 31 March 2025, the group had total assets less current liabilities of £21,795,906 (2024 - £23,066,865). The directors consider the performance for the period and the financial position at the period end to be satisfactory.
The directors have monitored the overall group strategy by reference to certain financial key performance indicators, being turnover, gross profit and operating profit. The targets set for each year are challenging and the directors are satisfied that, in the current economic climate, the performance of the group is solid.
Principal risks and uncertainties
Price risk:
A small element of the group's product portfolio could be described as commoditised. As a result there is the risk of downward pressure on margins. Policies of constant price monitoring and the sourcing of components and materials from alternative lower cost economies are in place to mitigate such risk.
Interest rate risk:
The group finances its operations through a mixture of retained profits, cash, equity investments and bank borrowings. The Interest rates on the bank borrowings are linked to base rate.
Currency risk:
The group is exposed to foreign exchange translation risk. Foreign currency bank balances and exchange rates are regularly reviewed and, where appropriate, foreign currency is converted into sterling to minimise this risk. The group also arranges forward exchange contracts on certain currencies, where excess funds in these currencies can be reasonably foreseen.
Credit risk:
The group's principal financial assets are cash and trade debtors. In order to manage credit risk the directors set limits for certain customers based on a combination of payment history and third party credit references. The group also utilises a credit agency.
Liquidity risk:
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely. Short term flexibility is achieved by a revolving credit facility. The maturity of borrowings is set out in note 16 to the financial statements.
Non-financial and sustainability information
Future development of the business / future outlook
It is believed that continued investment in developing both new products and enhancing existing products, together with particular emphasis on quality, design and customer service will enable the business to maintain and build on its market position.
Overview
The group remains committed to growing its sales through the provision of products which meet customer requirements in the orthopaedic healthcare market. The Group has continued to expand its distributor network in key international markets across the portfolio.
Approved by the
Director
Bowmoor Topco Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report, Strategic 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 elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and of the company 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 and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bowmoor Topco Limited
Independent Auditor's Report to the Members of Bowmoor Topco Limited
Opinion
We have audited the financial statements of Bowmoor Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 29 March 2024 to 31 March 2025, which comprise the, Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Financial Statements, 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 our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's loss for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Bowmoor Topco Limited
Independent Auditor's Report to the Members of Bowmoor Topco Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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 auditor’s 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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 considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of its policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
Bowmoor Topco Limited
Independent Auditor's Report to the Members of Bowmoor Topco Limited
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our 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 auditor’s 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
Windsor House
Bayshill Road
GL50 3AT
Bowmoor Topco Limited
Consolidated Profit and Loss Account for the Period from 29 March 2024 to 31 March 2025
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Notes |
29 March 2024 to 31 March 2025 |
1 April 2023 to 28 March 2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Operating profit before amortisation and depreciation |
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|
|
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Amortisation expense |
(2,524,093) |
(2,328,705) |
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Depreciation and impairment expense |
(1,542,770) |
(986,315) |
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Operating (loss)/profit after amortisation and depreciation |
(91,115) |
164,747 |
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Interest payable and similar charges |
( |
( |
|
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Loss before tax |
( |
( |
|
|
Taxation |
|
|
|
|
Loss for the financial period |
( |
( |
|
Total comprehensive loss for the period |
( |
( |
The above results were derived from continuing operations.
The group has no recognised gains or losses for the period other than the results above.
Bowmoor Topco Limited
(Registration number: 11250968)
Consolidated Balance Sheet as at 31 March 2025
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Notes |
31 March 2025 |
28 March 2024 |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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|
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Debtors |
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|
|
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Cash at bank and in hand |
473,654 |
864,153 |
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|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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49,925,740 |
44,988,922 |
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Capital and reserves |
|||
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Called up share capital |
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Share premium reserve |
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Share based payment reserve |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
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Total equity and long-term liabilities |
21,795,906 |
23,066,865 |
Approved and authorised by the
Director
Bowmoor Topco Limited
(Registration number: 11250968)
Balance Sheet as at 31 March 2025
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Notes |
31 March 2025 |
28 March 2024 |
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Fixed assets |
|||
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Investments |
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|
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Current assets |
|||
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Debtors: Amounts falling due within one year |
455 |
455 |
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Debtors: Amounts falling due after more than one year |
6,988,055 |
6,988,055 |
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Cash at bank and in hand |
549 |
549 |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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|
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Capital and reserves |
|||
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Called up share capital |
|
|
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Share premium reserve |
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|
|
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Share based payment reserve |
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|
|
|
Profit and loss account |
( |
( |
|
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Total equity |
( |
( |
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Total equity and long-term liabilities |
7,131,976 |
7,131,976 |
The company made a loss after tax for the financial period of £1,278,983 (2024 - loss of £1,158,394).
Approved and authorised by the
Director
Bowmoor Topco Limited
Consolidated Statement of Changes in Equity for the Period from 29 March 2024 to 31 March 2025
|
Share capital |
Share premium |
Share based payment reserve |
Profit and loss account |
Total |
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At 29 March 2024 |
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|
|
( |
( |
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Loss for the period |
- |
- |
- |
( |
( |
|
At 31 March 2025 |
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|
|
( |
( |
|
Share capital |
Share premium |
Share based payment reserve |
Profit and loss account |
Total |
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At 1 April 2023 |
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|
|
( |
( |
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Loss for the period |
- |
- |
- |
( |
( |
|
At 28 March 2024 |
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|
( |
( |
Bowmoor Topco Limited
Statement of Changes in Equity for the Period from 29 March 2024 to 31 March 2025
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Share capital |
Share premium |
Share based payment reserve |
Profit and loss account |
Total |
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At 29 March 2024 |
|
|
|
( |
( |
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Loss for the period |
- |
- |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
( |
( |
|
Share capital |
Share premium |
Share based payment reserve |
Profit and loss account |
Total |
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At 1 April 2023 |
|
|
|
( |
( |
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Loss for the period |
- |
- |
- |
( |
( |
|
At 28 March 2024 |
|
|
|
( |
( |
Bowmoor Topco Limited
Consolidated Statement of Cash Flows for the Period from 29 March 2024 to 31 March 2025
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Notes |
29 March 2024 to 31 March 2025 |
1 April 2023 to 28 March 2024 |
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Cash flows from operating activities |
|||
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Loss for the period |
( |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation, amortisation and impairment |
|
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Finance costs |
|
|
|
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Income tax expense |
( |
( |
|
|
|
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Working capital adjustments |
|||
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Decrease/(increase) in stocks |
|
( |
|
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(Increase)/decrease in trade debtors |
( |
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Increase/(decrease) in trade creditors |
|
( |
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Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
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Acquisitions of tangible assets |
( |
( |
|
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Acquisition of intangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Repayment of bank loans |
(600,000) |
(14,621,875) |
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Proceeds from bank debt |
|
|
|
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Issue of loan notes |
- |
|
|
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Payments to finance lease creditors |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 29 March |
864,153 |
448,481 |
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Cash and cash equivalents at 31 March |
473,654 |
864,153 |
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Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the group operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 28 March 2025.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial period of £1,278,983 (2024 - £1,158,394).
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
Going concern
The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the Directors have considered the Group’s financial position, available facilities and forecast cash flows for a period of at least 12 months from the date of approval of these financial statements.
The Group experienced covenant breaches and missed debt service payments post year end. These breaches were formally waived by lenders and, on 7 May 2026, the Group entered into an amended and restated banking facility agreement, which formalised the waivers and revised the terms of the Group’s financing arrangements.
The Directors have prepared cash flow forecasts and covenant compliance projections under the revised facility. These forecasts include assumptions regarding trading performance, cash generation and working capital movements and have been subject to sensitivity analysis to reflect reasonably possible downside scenarios.
The Directors have assessed the impact of these scenarios on the Group’s liquidity and compliance with its financial covenants, which require an improvement in financial performance when compared to the results over the past two years. Whilst the assessment requires the exercise of judgement, the Directors consider the assumptions applied to be reasonable and supportable and note that the Group is expected to maintain adequate liquidity and remain in compliance with its covenants throughout the assessment period.
Accordingly, the Directors conclude that it is appropriate to adopt the going concern basis of accounting in preparing these financial statements and that no material uncertainty related to going concern has been identified.
Changes in accounting policy
The following have been applied for the first time from 1 April 2024 and have had an effect on the financial statements:
Early Adoption of Amendments to FRS102
The company has chosen to early adopt the amendments to FRS 102 issued in September 2024.
The amendments to FRS 102 have revised the accounting for leases and revenue recognition where the Company has opted to apply the practical expedient under paragraph 1.48 to all of its leases which has had the following impact;
Right of use assets as at 31 March 2025 - £947,604 (on transition as at 1 April 2024 - £966,675)
Lease Liabilities as at 31 March 2025 - £986,353 (on transition as at 1 April 2024 - £966,675)
Impact to profit and loss account for the period 1 April 2024 to 31 March 2025 - loss of £38,749
The amendments to FRS 102 have introduced changes to revenue recognition policies and fair value measurement requirements. The company has early adopted these amendments with them having no impact on the financial statements.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
Judgements and estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The main item in the financial statements where these judgements have been applied is capitalised development costs. |
Revenue recognition
In line with the companies application for early adoption of the amendments to FRS 102, the revenue recognition model for accounting has been amended to revenue from contracts with customers and applies the five step model to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods and services. Revenue from contracts with customers is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
There are five steps involved in applying this model:
•Step 1: Identify the contract(s) with a customer
•Step 2: Identify the performance obligations in the contract
•Step 3: Determine the transaction price
•Step 4: Allocate the transaction price to the performance obligations in the contract; and
•Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
Accordingly there was no material change in revenue recognition due to the transition.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold property |
Straight line over 50 years |
|
Plant and machinery |
15%, 20% or 33.3% straight line |
|
Fixtures and fittings |
15%, 20% or 33.3% straight line |
|
Instrumentation |
25% straight line |
|
Hardware |
50% straight line |
|
Right of use assets |
Over the term of the lease |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Patents are initially measured at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Development costs are recognised as an intangible asset when a number of criteria are demonstrated. These are the technical feasibility of completing the product so that it will be available for use or sale, the intention to complete the product and use or sell it, the ability to use the product or sell it, how the product will generate probable future economic benefits, the availability of adequate technical, financial and other resources to complete the development and to use or sell the product and the ability to measure reliably the expenditure attributable to the product during development.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
Straight line over 10 years |
|
Patents |
Straight line over 5 years |
|
Development costs |
Over useful life from launch of product |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Research and development
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Short term leases (up to one year) or leases of low value (up to £500) are recognised as an expense on a straight-line basis over the term of the lease.
The Group recognises right-of-use assets under lease agreements in which it is the lessee. The underlying assets comprise property, plant and machinery and motor vehicles, and are used in the normal course of business. The right-of-use assets comprise the initial measurement of the corresponding lease liability payments made at or before the commencement day as well as any initial direct costs and an estimate of costs to be incurred in dismantling the asset. Lease incentives are deducted from the cost of the right-of-use asset. The corresponding lease liability is included in the statement of financial position as a lease liability.
The right-of-use asset is depreciated on a straight-line basis over shorter of the asset’s useful life and the lease term and where impairment indicators exist, the right of use asset will be assessed for impairment.
The lease liability shall initially be measured at the present value of the lease payments that are not paid at that date, discounted using the rate implicit in the lease or, where this cannot be determined, the Group’s incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (application of the effective interest method) and by reducing the carrying amount to reflect the lease payments made. No lease modification or reassessment changes have been made during the reporting period from changes in any lease terms or rent charges.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
|
Revenue |
The analysis of the group's turnover for the period by market is as follows:
|
Year Ended 28 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating (loss)/profit |
Arrived at after charging
|
29 March 2024 to 31 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease rentals |
- |
|
|
Defined contribution pension cost |
205,685 |
207,375 |
|
Interest payable and similar charges |
|
Year Ended 28 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Bank interest payable |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Loan note and preference share interest payable |
|
|
|
Amortisation of debt costs |
|
|
|
Right-of-use lease interest expense |
|
- |
|
|
|
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
|
Staff costs |
Group
The aggregate payroll costs (including directors' remuneration) were as follows:
|
29 March 2024 to 31 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
|
29 March 2024 to 31 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Production |
|
|
|
Selling and distribution |
|
|
|
Administration |
|
|
|
Management |
|
|
|
|
|
Company
The company incurred no staff costs and had no employees other than the directors.
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
Year Ended 28 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
442,431 |
534,926 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
|
Year Ended 28 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
Year Ended 28 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Remuneration |
|
|
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
|
Auditor's remuneration |
|
£ |
£ |
|
|
Audit of these financial statements |
37,050 |
32,000 |
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
Other non audit related services |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
Year Ended 28 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
- |
(1,129) |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
Year Ended 28 March 2025 |
1 April 2023 to 28 March 2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Expenses not deductible for tax purposes |
|
|
|
Deferred tax expense/(credit) from unrecognised tax loss or credit |
|
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Total tax credit |
( |
( |
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
|
Accelerated capital allowances |
( |
|
Losses and other deductions |
|
|
Short term timing differences |
|
|
|
|
2024 |
Asset |
|
Accelerated capital allowances |
( |
|
Losses and other deductions |
|
|
Short term timing differences |
|
|
|
|
Intangible assets |
Group
|
Goodwill |
Patents |
Development costs |
Total |
|
|
Cost |
||||
|
At 29 March 2024 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
|
Amortisation and impairment |
||||
|
At 29 March 2024 |
|
|
|
|
|
Amortisation charge |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 28 March 2024 |
|
|
|
|
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
|
Tangible assets |
Group
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Hardware |
Instrumentation |
Right of use assets |
Total |
|
|
Cost |
|||||||
|
At 29 March 2024 |
|
|
|
|
|
- |
|
|
On transition to early adoption of amendments to FRS102 |
- |
- |
- |
- |
- |
|
|
|
Additions |
|
|
|
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
|
|
|
Depreciation |
|||||||
|
At 29 March 2024 |
|
|
|
|
|
- |
|
|
Charge for the period |
|
|
|
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
|
|
|
Carrying amount |
|||||||
|
At 31 March 2025 |
|
|
|
|
|
|
|
|
At 28 March 2024 |
|
|
|
|
|
- |
|
The amendments to FRS 102 have revised the accounting for leases. The company has early adopted these amendments, leading to the recognition of right of use assets with a net book value of £966,675 as at 1 April 2024 and subsequently £947,604 as at 31 March 2025. Right of use assets relate to freehold properties and motor vehicles which the company leases for use in its operations.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
|
Investments |
Company
|
31 March |
28 March |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost and carrying amount |
|
|
At 29 March 2024 and at 28 March 2025 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
|
|
England and Wales |
Ordinary |
|
|
* held directly.
The principal activity of Summit Medical Limited, Summit Medical UK Limited and Marlux Medical Limited is the manufacture, supply and distribution of medical devices. The principal activity of all other subsidiaries, except where denoted as being dormant, is that of non-trading intermediate parent companies.
The registered office address of all subsidiaries is Bourton Industrial Park, Bourton-On-The-Water, Cheltenham, England, GL54 2HQ.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
|
Stocks |
|
Group |
Company |
|||
|
28 March |
28 March |
31 March |
28 March |
|
|
Raw materials and consumables |
|
|
- |
- |
|
Work in progress |
|
|
- |
- |
|
Finished goods and goods for resale |
|
|
- |
- |
|
|
|
- |
- |
|
|
Debtors |
|
Group |
Company |
||||
|
Note |
28 March |
28 March |
31 March |
28 March |
|
|
Trade debtors |
|
|
- |
- |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
Deferred tax assets |
|
|
- |
- |
|
|
Amounts owed by group undertakings |
- |
- |
6,988,055 |
6,988,055 |
|
|
|
|
|
|
||
Details of non-current trade and other debtors
Company
£6,988,055 (2024 - £6,988,055) of amounts due from group undertakings is classified as non-current.
|
Creditors |
|
Group |
Company |
||||
|
Note |
28 March |
28 March |
31 March |
28 March |
|
|
Due within one year |
|||||
|
Lease liabilities |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
|
|
- |
- |
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
28 March |
28 March |
31 March |
28 March |
|
|
Lease liabilities |
|
|
- |
- |
Non-current loans and borrowings
|
Group |
Company |
|||
|
28 March |
28 March |
31 March |
28 March |
|
|
Bank borrowings |
|
|
- |
- |
|
Lease liabilities |
|
|
- |
- |
|
Loan notes |
|
|
- |
- |
|
Preference share dividends & equity |
|
|
|
|
|
|
|
|
|
|
Total bank debt at 31 March 2025 gross of capitalised debt costs was £14,514,974 (2024 - £14,519,271).
As at the year end, the total bank loan facility available was split into four facilities. Facility A of the bank loan amounting to £3,437,500 is repayable in full as a bullet payment in February 2028. Interest is levied at a rate of 6.75% over base rate. Facility B1 of the bank loan amounting to £5,312,500 is repayable in full as a bullet payment in February 2028. Interest is levied at a rate of 6.75% over base rate. Facility B2 of the bank loan amounting to £5,000,000 is repayable in full as a bullet payment in February 2028. Interest is levied at a rate of 7.00% over base rate. The final facility available is a £2,000,000 revolving cash facility, of which £700,000 is drawn at the balance sheet date, and is repayable in full in February 2028 and attracts interest at a levied rate of 6.75% over base rate. These debt facilities were updated after the balance sheet date as disclosed in note 24.
The above loans are secured by way of a debenture, including a fixed mortgage charge over all property and a fixed first charge over all assets of the group, excluding assets held by Bowmoor Topco Limited and Bowmoor Bidco Limited directly, as well as an additional floating charge over all assets both present and future of the group, excluding those held by Bowmoor Topco Limited and Bowmoor Bidco Limited directly.
8,609,111 (2024 - 8,609,111) loan notes of £1 each and which accrue interest on a compound basis at 10.5% p.a remain in place at the year end. The interest is rolled up into the outstanding value and accrues interest. The loan notes are due for repayment on 28 May 2028.
4,211,284 (2024 - 4,211,284) loan notes of £1 and which accrue interest on a compound basis at 25% p.a are in place at the year end. The interest is rolled up into the outstanding value and accrues interest. The loan notes are due for repayment on 28 May 2028.
Preference shares accrue dividends, classifies as interest at 10.5% p.a. The dividends are rolled up into the outstanding value. All issued preference shares will be redeemed immediately on the date of a realisation or on notice served by no less than 75% of holders requiring them to be redeemed.
The amendments to FRS 102 have revised the accounting for leases. The company has early adopted these amendments, leading to the recognition of lease liabilities with a carrying value of £966,675 on transition as at 1 April 2024 and subsequently £986,353 as at 31 March 2025. Interest of £100,219 has been recognised for the period 1 April 2024 to 31 March 2025 using an interest rate of 11% with a cash outflow for the same period of £318,804. A lease liability of £273,740 is due within one year and £712,613 is due in 1-5 years. See note 2 for more details.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
31 March 2025 |
28 March 2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
921 |
|
921 |
|
|
|
1,800 |
|
1,800 |
|
|
|
154 |
|
154 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
All shares rank pari passu in all respects. |
|
Reserves |
Share based payment reserve
Certain members of the management team own B1 and B2 share options in the company. The share options start to vest after 12 months on an agreed scale and are redeemable on the proceeds of the future sale of the business. There have been no movements this year. The fair value of the equity granted has been modelled using the discounted model which is deemed most appropriate.
Profit and loss reserve
This reserve is the accumulated profits and losses of the group.
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
31 March |
28 March |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
- |
|
Later than five years |
|
- |
|
|
- |
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
Operating leases
The total of future minimum lease payments is as follows:
|
31 March 2025 |
28 March 2024 |
|
|
Not later than one year |
- |
|
|
Later than one year and not later than five years |
- |
|
|
Later than five years |
- |
|
|
- |
|
The amendments to FRS 102 have revised the accounting for leases. The company has early adopted these amendments, leading to there being £nil operating leases as at 31 March 2025 with these instead being included in the lease liabilities note. See note 2 for more details.
|
Contingent liabilities |
At 28 March 2025, there was an unlimited cross-guarantee between OrthoD Midco Limited, Summit Medical Limited, Summit Medical UK Limited and Marlux Medical Limited in favour of TC Loans Limited. The amount guaranteed is £14,450,000 (2024 - £14,450,000).
|
Related party transactions |
The company has taken an exemption from disclosing transactions with its subsidiaries on the basis that it holds 100% of the shares in these entities.
Other than directors' remuneration, disclosed in note 7, there were no other related party transactions in the year.
|
Statement of changes in net debt |
|
As at 29 |
Cash flows |
Other non cash flows |
As at 28 March 2025 |
|
|
Cash and cash equivalents |
||||
|
Cash at bank |
864,153 |
(390,499) |
- |
473,654 |
|
Borrowings |
||||
|
Bank loans |
(13,810,397) |
- |
(177,318) |
(13,987,715) |
|
Lease liabilities |
(248,565) |
423,269 |
(1,325,117) |
(1,150,413) |
|
Loan notes |
(18,823,728) |
- |
(2,838,790) |
(21,662,518) |
|
Preference shares |
(12,180,794) |
- |
(1,278,983) |
(13,459,777) |
|
(45,063,484) |
423,269 |
(5,620,208) |
(50,260,423) |
|
|
Total net debt |
(44,199,331) |
32,770 |
(5,620,208) |
(49,786,769) |
Other non-cash changes include accrued interest, amortisation of debt costs and on transition to early adoption of amendments to FRS102.
|
Non adjusting events after the financial period |
After the balance sheet date, the Group refinanced its debt facilities with its current lender. The Group also entered into a sale and leaseback arrangement in respect of the Bourton property. The transaction involved the disposal of the asset for net proceeds of £1.7m and the immediate leaseback of the same asset under a 15 year lease.
In addition, the Group obtained further funding of £0.9m in the form of loan notes from its majority shareholder.
Bowmoor Topco Limited
Notes to the Financial Statements for the Period from 29 March 2024 to 31 March 2025
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Parent and ultimate parent undertaking |
The ultimate parent undertaking and controlling related party of this company is Apposite Capital LLP, by virtue of its majority shareholding in Bowmoor Topco Limited. The largest group of undertakings for which group accounts have been drawn up is that headed by Bowmoor Topco Limited.