The directors present the strategic report for the period ended 31 August 2025.
The principal activity of the group was that of Architectural Visualisation.
In July 2024, Project Iridium Topco Limited acquired the entire share capital of Clearwater Topco Limited, the ultimate parent company of Boundary Visualisation Limited, The Boundary, Inc and Boundary Visualisation APAC Limited (together, “The Boundary”) through a subsidiary company, Project Iridium Bidco Limited. The acquisition was structured to facilitate private equity investment from Kester Capital LLP, who join the founders and senior management of The Boundary as shareholders of the group, replacing Mobeus Equity Partners after a successful investment journey which has seen The Boundary grow significantly in revenue, people and technological capability.
In the period to 31 August 2025, the newly formed group has achieved revenue of £18.9m, operating loss of £11.8m and operating loss excluding the exceptional item of £1.9m and will be building across all areas of the business into 2026.
Research and development
The group invests significant resource in enhancing it’s technological capabilities to retain its competitive position. This investment results in new product offerings, or enhancements and efficiencies to off the shelf products.
The Group is exposed to geopolitical and macroeconomics factors. Since the year-end, the Group has experienced a decrease in customer demand from the Gulf Cooperation Council (GCC) region as a direct result of the wider crisis in the Middle East. The Group continues to diversify its customer base and product and service offerings to provide better insulation against external factors impacting specific markets.
Objectives and policies
The group is exposed to a variety of financial risks. The group's overall risk management programme seeks to minimise potential risks for the group. The board reviews and agrees policies for managing risks. The most important components of financial risk affecting the group are as follows:
Operational risk
Operational risk is the risk of losses stemming from inadequate or failed internal processes, people and systems or from external events. The group has created a strong governance structure with robust controls, and has made considerable investment in business continuity through the period.
Exchange rate risk
The group is subject to FX risk on revenues and costs generated overseas, primarily in US dollars. The group will take advantage of natural hedges in overseas expenditure, and utilise FX forwards to hedge future cashflows to the extent that there are material residual FX exposures.
Liquidity and interest rate risk
The group manages its cash and borrowing requirements in order to ensure the group has sufficient liquid resources to meet the operating needs of the business. The majority of the group’s interest bearing loans are fixed rates until 2029 so do not create any near term risk despite changes in interest rates through the period. The group’s bank loans are denominated in a mix of USD and GBP and are variable rated. The group currently does not consider an interest rate hedge to be necessary based on the size of the loans and the current interest rate sentiment in the UK and US.
Credit risk
Aged receivables and the credit profile of our customer base is monitored regularly, and provisions are made for doubtful debts where necessary.
The group has defined its key performance indicators to align performance and accountability to its strategic plan. The key focus of KPI's is on a number of financial and operational performance measures, designed to ensure that the strategy successfully ensures that the business continues to thrive.
KPI | Year ended 31 August 2025 |
Revenue | 18,931,882 |
Cash at period end | 937,396 |
Number of staff at period end | 142 |
Going concern
As noted in Note 1.5 in the financial statements, the directors have a reasonable expectation the company has adequate resources to continue in operational existence from at least one year from the date of approval of these financial statements. The directors have concluded that there are no material uncertainties that lead to significant doubt upon the company’s ability to continue as a going concern.
On behalf of the board
The directors present their annual report and financial statements for the period ended 31 August 2025.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
No ordinary dividends were paid. Within the group, distributions to the parent were made via a debt waiver of £4,933,885 (2024: £nil).
Moore Kingston Smith were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom 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 group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Project Iridium Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 August 2025 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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).
Basis for 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial period 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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered 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.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £79,743.
Project Iridium Topco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Kester Capital Llp, 14-16 Bruton Place, London, United Kingdom, W1J 6LX.
The group consists of Project Iridium Topco Limited and all of its subsidiaries.
The company was incorporated on 4 July 2024. Therefore, the company and the group's financial statements are presented for the period from incorporation to 31 August 2025.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Project Iridium Topco Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The group made a loss for the period of £19,456,435 and as at the balance sheet date had net liabilities of £24,293,021. During the period the business has been cash generative from operations within the group and generated positive Adjusted Earnings before Interest, Tax, Depreciation, Amortisation and Exceptional costs of £2,735,189.
At the balance sheet date, the group has net current liabilities of £7,151,427. As stated in note 19 to the financial statements, this is due to certain terms and conditions in existence at 31 August 2025 in relation to the group’s secured bank loans. Since the year end, the terms and conditions have been revised and the secured bank loans are repayable on 17 July 2029.
For the going concern assessment, management has prepared financial forecasts for the period ending 31 August 2027 which have been built up from business plans for the group, all of which have been subject to review and challenge by management and the directors. The directors have approved the projections, which include sales growth and margin improvements arising from investments and initiatives implemented by the group. The financial forecasts indicate that the group will generate sufficient cash flows from operating activities to meet all of the its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The group are financed through a combination of equity, loan notes and secured bank loans. The financial forecasts and sensitivity analysis of the group indicate that it will continue to meet all financial covenants under the secured bank loans.
After making appropriate enquiries, the directors have a reasonable expectation the group have adequate resources to continue in operational existence from at least one year from the date of approval of these financial statements. The directors have concluded that there are no material uncertainties that lead to significant doubt upon the group’s ability to continue as a going concern. Accordingly, the directors continue to adopt the going concern basis in the preparation of these financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable 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 costs of short-term employee benefits are recognised as a liability and 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones and percentage completion. Estimates of the progress required to undertake the contracts are made on a regular basis and subject to management review.
The group recognised an impairment loss of £9,634,616 arising from the rationalisation of the Group’s structure in July 2024 and the liquidation of the Clearwater entities. As part of the restructuring, intra‑group loans and other balances were settled or modified through debt‑for‑equity swaps and novation arrangements. Following these transactions, the Clearwater entities were liquidated and their share capital reduced to nil, resulting in the derecognition of the related carrying value.
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 August 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
All of the above subsidiaries have been included within the consolidated results however Project Iridium Midco, Project Iridium Bidco Limited, and Boundary Visualisation Holdings Limited were exempt from an audit by virtue of s479A of Companies Act 2006.
In July 2024 the company entered into a Senior Multicurrency Facilities Agreement with Oaknorth Bank PLC. The facility A commitment is $15,588,000 (£11,982,199) and a further Revolving Facility commitment of £3,000,000. At the period end the value of the Facility Commitment was £11,543,417, and the Revolving Facility Commitment was £1,100,000. The non current portion of the commitment is £10,729,633, including loan arrangement and borrowing costs at amortised cost. The loan is repayable in full on the termination date of 17 August 2030, and the Revolving Facility is repayable in full on 17 July 2029. Interest is charged at 5.25% + SOFR1M - 2DLBP per quarter on the outstanding balance.
Due to certain terms and conditions on the facilities at 31 August 2025, the bank loan has been
classified within amounts falling due within one year at the balance sheet date.
Since the year end, the terms and conditions giving rise to the classification of the bank loans as falling due within one year have been revised, and the loan remains repayable on its maturity date of 17 July 2029.
In July 2024 the company issued A Loan Notes of £29,287,200 to Kester Capital III GP LLP, a limited partnership related to shareholders of the ultimate parent company. The loan notes accrue 12% interest per annum and the maturity date of the loan notes and interest is 17 July 2029.
In July 2024 the company issued B Loan Notes of £12,489,473 to Kester Capital III GP LLP, a limited partnership related to shareholders of the ultimate parent company. The loan notes accrue 12% interest per annum and the maturity date of the loan notes and interest is 17 July 2029.
In August 2025 the company issued PIK Loan Notes of £2,200,000 to Kester Capital III GP LLP, a limited partnership related to shareholders of the ultimate parent company. The loan notes accrue 12% interest per annum and the maturity date of the loan notes and interest is 17 July 2030.
Total interest charged in the period amounted to £5,954,502, with £3,754,502 outstanding at the period end.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
On 17 July 2024, the company issued the following shares:
57,482 A Ordinary of £0.01 each were issued at £0.91 per share which resulted to a share premium of £51,734.
24,518 B Ordinary of £0.01 each were issued at £1.00 per share which resulted to a share premium of £24,273.
7,550 C1 Ordinary of £0.01 each were issued at £1.66 per share which resulted to a share premium of £12,458.
2,900 D1 Ordinary of £0.01 each were issued at £1.00 per share which resulted to a share premium of £2,871.
On 30 September 2024, 2,550 D1 Ordinary of £0.01 each were issued at £1.00 per share which resulted to a share premium of £2,525.
On 10 June 2025, 1,500 C1 Ordinary of £0.01 each were issued at £1.66 per share which resulted to a share premium of £2,475.
On 10 June 2025, 196 A Ordinary shares changed designation of class of share to 196 B Ordinary shares.
The above transactions gave rise to an aggregate total share premium of £96,335.
Ordinary A shareholders are entitled to dividends and rights to capital for any distribution made on winding up.
Ordinary B, C1, and D1 shareholders are entitled to attend general meetings and dividends from the company. These shares rank in pari passu in all respects.
On 17 July 2024 the group acquired the business of Clearwater Topco Limited.
On 22 July 2025, Clearwater Topco has been dissolved making the company the main shareholder of Boundary Visualisation Holdings Limited and its subsidiaries as at that date through a series of restructuring steps.
A composite guarantee has been given to the group's bank loan lenders in respect of any debtors or liabilities owing to the lenders by any party to the guarantee. The parties to the guarantee are the companies listed below:
Boundary Visualisation Limited
Boundary Visualisation Holdings Limited
Boundary Visualisation APAC Limited
Boundary Inc.
Project Iridium Bidco Limited
Project Iridium Midco Limited
Project Iridium Topco Limited
At the balance sheet date, the group's indebtedness to its lenders was £12,797,626.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The group has taken the exemption available in section 33 of FRS 102 from disclosing transactions with wholly-owned group companies.
In July 2024 the company issued A Loan Notes of £29,287,200 to Kester Capital III GP LLP, a limited partnership related to shareholders of the ultimate parent company. The loan notes accrue 12% interest per annum and the maturity date of the loan notes and interest is 17 July 2029.
In July 2024 the company issued B Loan Notes of £12,489,473 to Kester Capital III GP LLP, a limited partnership related to shareholders of the ultimate parent company. The loan notes accrue 12% interest per annum and the maturity date of the loan notes and interest is 17 July 2029.
In August 2025 the company issued PIK Loan Notes of £2,200,000 to Kester Capital III GP LLP, a limited partnership related to shareholders of the ultimate parent company. The loan notes accrue 12% interest per annum and the maturity date of the loan notes and interest is 17 July 2030.
Total interest charged in the period amounted to £5,954,502, with £3,754,502 outstanding at the period end.