Company registration number 09187893 (England and Wales)
TRUESPEED COMMUNICATIONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
TRUESPEED COMMUNICATIONS LTD
COMPANY INFORMATION
Directors
Mr C A Osborne
Mr N Missier
(Appointed 30 April 2026)
Mr N Vautier
(Appointed 30 April 2026)
Mr D Woods
(Appointed 30 April 2026)
Company number
09187893
Registered office
Pinesgate East
Lower Bristol Road
Bath
BA2 3DP
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
TRUESPEED COMMUNICATIONS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
TRUESPEED COMMUNICATIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

During 2025, the company combined with County Broadband Limited, bringing both entities under common ownership. The combination forms part of a wider strategy to build scale within the UK full-fibre broadband market and to realise operational and commercial synergies across the enlarged group. The directors consider that bringing the two networks under common ownership strengthens the company's competitive position, expands its addressable footprint, and supports the long-term growth and sustainability of the business.

As shown in the profit and loss account on page 8, the company's revenue increased by 25% compared with 202 4, to £11,615,420 from £9,272,444.

The operating loss was £10,342,841 for the year to 31 December 202 5 compared to an operating loss of £10,409,272 for the year to 31 December 202 4.

At 31 December 202 5 the company had net liabilities of £135,824,403 (202 4: £109,938,945) as shown by the balance sheet on page 10.

The results and financial position are in line with the company's business plan. The company continues to receive the support of its financiers. Refer to Note 17 for details of borrowings.

Development and performance

The company operates in a highly competitive market which is a continuing risk to the company and could result in losing sales to its key competitors. The company manages this risk by focusing on quality of service.

The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The company does not use derivative financial instruments for speculative purposes.

Cash flow risk

The company's activities expose it to the financial risks of changes in foreign currency exchange rates. The company does not actively manage foreign currency exposure.

Credit Risk

The company's principal financial assets are cash, and trade and other receivables.

The company's credit risk is primarily attributed to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables.

The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long term equity and medium term debt finance.

On behalf of the board

Mr D Woods
Director
13 July 2026
TRUESPEED COMMUNICATIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company in the year under review was that of telecoms and provision of internet services.

Results and dividends

The results for the year are set out on page 8. A fair review of the business is set out in the strategic report on page 1.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C A Osborne
Mr A P M Jones
(Resigned 25 March 2026)
Mr E P Bruegger
(Resigned 25 March 2026)
Mr I Shervell
(Resigned 30 April 2026)
Mr P Burridge
(Resigned 25 March 2026)
Mr J Lowther
(Resigned 31 December 2025)
Ms L C Harrington
(Resigned 25 March 2026)
Ms M Torroais Albuquerque Leal
(Resigned 11 September 2025)
Mr N Missier
(Appointed 30 April 2026)
Mr N Vautier
(Appointed 30 April 2026)
Mr D Woods
(Appointed 30 April 2026)
Auditor

The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

TRUESPEED COMMUNICATIONS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Going concern

The company continues to see significant growth in customer connections on its full fibre network in line with its business plan. The directors are satisfied with progress to date, notwithstanding the loss sustained in the year to 31 December 2025 of £27,562,984 (2024: £25,039,256), the net current liabilities at 31 December 2025 of £969,301 (2024: £23,670,906) and the deficit on shareholders funds of £135,824,403 (2024: £109,938,945).

Net current liabilities includes £nil (2024: £1,987,000) of shareholder loans. The net deficit also includes gross borrowings of £nil (2024: £167,151,139) from Aviva Investors Infrastructure Income No. 6 Limited which owns shares in the company, refer to notes 17 and 21. It also includes associated accrued loan interest of £nil (2024: £23,886,146).

In the current year, as part of the group reorganisation, the shareholder loans, the borrowing from Aviva Investor Infrastructure No. 6 Limited and accrued interest payable were transferred to Truespeed Communications Group Limited creating an intercompany creditor.

The directors have prepared a detailed business plan and rolling cash flow forecasts. The company (as part of the new Freedom Truespeed Group) has the support of its new investor, Infrabridge, which has committed to fund the company through to cash breakeven. On this basis the directors have concluded that the company will be able to meet its liabilities as they fall due for the foreseeable future and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.

Demand for gigabit-capable broadband services continues to increase, driven by higher-quality video streaming, more connected devices per home, and new use cases such as Cloud services, smart-home devices, and gaming.

Post balance sheet events

Subsequent to the year end, the group to which the company belongs combined with Freedom Fibre Limited, a further full-fibre broadband provider, to create the Freedom Truespeed Group. This transaction further extends the group's network reach and customer base, and is consistent with the directors' strategy of consolidation within the sector. As the combination occurred after the reporting date, it is treated as a non-adjusting post balance sheet event and has had no impact on the amounts recognised in these financial statements.

On behalf of the board
Mr D Woods
Director
13 July 2026
TRUESPEED COMMUNICATIONS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company 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; 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRUESPEED COMMUNICATIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRUESPEED COMMUNICATIONS LTD
- 5 -
Opinion

We have audited the financial statements of Truespeed Communications Ltd (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. O ur 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 this gives rise a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

TRUESPEED COMMUNICATIONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRUESPEED COMMUNICATIONS LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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 directors' r esponsibilities s tatement, 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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006;

- we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

TRUESPEED COMMUNICATIONS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRUESPEED COMMUNICATIONS LTD
- 7 -

To address risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
13 July 2026
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
TRUESPEED COMMUNICATIONS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
11,615,420
9,272,444
Cost of sales
(794,843)
(792,928)
Gross profit
10,820,577
8,479,516
Administrative expenses including exceptional costs totalling £832,124 (2024: £4,116,213)
4
(21,998,918)
(19,091,288)
Other operating income
835,500
202,500
Operating loss
5
(10,342,841)
(10,409,272)
Interest receivable and similar income
8
55,406
49,534
Interest payable and similar expenses including exceptional costs totalling £472,830 (2024: £nil)
9
(17,275,549)
(14,679,518)
Loss before taxation
(27,562,984)
(25,039,256)
Tax on loss
11
-
0
-
0
Loss for the financial year
(27,562,984)
(25,039,256)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TRUESPEED COMMUNICATIONS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
£
£
Loss for the year
(27,562,984)
(25,039,256)
Other comprehensive income
-
-
Total comprehensive income for the year
(27,562,984)
(25,039,256)
TRUESPEED COMMUNICATIONS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
1,359,936
1,656,253
Tangible assets
13
78,627,082
78,445,065
79,987,018
80,101,318
Current assets
Stocks
14
2,054,395
2,563,295
Debtors
15
2,030,614
1,561,185
Cash at bank and in hand
1,056,694
2,119,684
5,141,703
6,244,164
Creditors: amounts falling due within one year
16
(6,111,004)
(29,915,070)
Net current liabilities
(969,301)
(23,670,906)
Total assets less current liabilities
79,017,717
56,430,412
Creditors: amounts falling due after more than one year
17
(214,842,120)
(166,369,357)
Net liabilities
(135,824,403)
(109,938,945)
Capital and reserves
Called up share capital
21
175,754
156,308
Share premium account
22
1,262,691
309,846
Profit and loss reserves
(137,262,848)
(110,405,099)
Total equity
(135,824,403)
(109,938,945)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 13 July 2026 and are signed on its behalf by:
Mr D Woods
Director
Company registration number 09187893 (England and Wales)
TRUESPEED COMMUNICATIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
156,308
309,846
(85,365,843)
(84,899,689)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(25,039,256)
(25,039,256)
Balance at 31 December 2024
156,308
309,846
(110,405,099)
(109,938,945)
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(27,562,984)
(27,562,984)
Issue of share capital
21
19,446
952,845
-
972,291
Capital contribution
-
-
705,235
705,235
Balance at 31 December 2025
175,754
1,262,691
(137,262,848)
(135,824,403)
The capital contribution in the year relates to a contribution received from Aviva PLC to pay for surrendered share options.
TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Truespeed Communications Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pinesgate East, Lower Bristol Road, Bath, BA2 3DP.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Truespeed Holdings Limited. These consolidated financial statements are available from its registered office, 80 Fenchurch Street, London, United Kingdom, EC3M 4AE.

TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

The company continues to see significant growth in customer connections on its full fibre network in line with its business plan. The directors are satisfied with progress to date, notwithstanding the loss sustained in the year to 31 December 2025 of £27,562,984 (2024: £25,039,256), the net current liabilities at 31 December 2025 of £969,301 (2024: £23,670,906) and the deficit on shareholders funds of £135,824,403 (2024: £109,938,945).true

Net current liabilities includes £nil (2024: £1,987,000) of shareholder loans. The net deficit also includes gross borrowings of £nil (2024: £167,151,139) from Aviva Investors Infrastructure Income No. 6 Limited which owns shares in the company, refer to notes 17 and 21. It also includes associated accrued loan interest of £nil (2024: £23,886,146).

In the current year, as part of the group reorganisation, the shareholder loans, the borrowing from Aviva Investor Infrastructure No. 6 Limited and accrued interest payable were transferred to Truespeed Communications Group Limited creating an intercompany creditor.

The directors have prepared a detailed business plan and rolling cash flow forecasts. The company (as part of the new Freedom Truespeed Group) has the support of its new investor, Infrabridge, which has committed to fund the company through to cash breakeven. On this basis the directors have concluded that the company will be able to meet its liabilities as they fall due for the foreseeable future and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.

Demand for gigabit-capable broadband services continues to increase, driven by higher-quality video streaming, more connected devices per home, and new use cases such as Cloud services, smart-home devices, and gaming.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of services is recognised on an accruals basis based on the contractual terms and amounts.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
4 years
IP addresses
4 years
Website costs
4 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
Motor vehicles
25% straight line
Network infrastructure
4% & 12.5% straight line

Assets in the course of construction are not depreciated.

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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.7
Stocks

Stock comprises consumables. Stock is valued at the lower of cost and recoverable amount, being the higher of value in use or realisable amount.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its recoverable amount is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.14
Leases

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 lease s asset are consumed.

1.15
Foreign exchange

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.

TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

The company continues to see significant growth in customer connections on its full fibre network in line with its business plan. The directors are satisfied with progress to date, notwithstanding the loss sustained in the year to 31 December 2025 of £27,562,984 (2024: £25,039,256), the net current liabilities at 31 December 2025 of £969,301 (2024: £23,670,906) and the deficit on shareholders funds of £135,824,403 (2024: £109,938,945).

The directors have prepared a detailed business plan and rolling cash flow forecasts. The company (as part of the new Freedom Truespeed Group) has the support of its new investor, Infrabridge, which has committed to fund the company through to cash breakeven. On this basis the directors have concluded that the company will be able to meet its liabilities as they fall due for the foreseeable future and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.

In making their judgement, the directors have prepared a detailed business plan and rolling cash flow forecasts and in conjunction with the company's resources and obligations, have concluded that the company will be able to meet its liabilities as they fall due for the foreseeable future. Further detail is provided in note 1.2.

Impairment of fixed assets

Management has decided to pause its build programme of its Network until further funding is secured. As a result, management has assessed that this constitutes a potential indicator of impairment for Truespeed's fibre network. To determine whether impairment was required on the Network as a whole, the expected value in use was calculated using projections on a discounted cash flow basis. As the Net Present Value of the Network exceeded the carrying value of the assets, no impairment was deemed necessary. However, management decided that unused build materials recognised as fixed assets that were not used and wasted build costs where parts of the networks would become dead ends as a result of the decision to stop building, would have to be impaired. An impairment charge of £nil (2024: £1,971,501) was made.

TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending in a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Software development

The company has capitalised £2,607,645 of internally generated software development costs. T he directors believe that the technical, commercial and financial feasibility can be demonstrated.

The costs are being amortised over 4 years.

The assessment of technical, commercial and financial feasibility involves significant judgement. The choice of useful economic life also includes significant judgement and the choice of life can have a significant effect on the company's results.

Deferred tax

The company has approximately £114 million of tax losses carried forward. A deferred tax asset has not been recognised in the financial statements because there is currently insufficient certainty on the reversal of the asset.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
ISP and ancilliary services
11,615,420
9,272,444
2025
2024
£
£
Other revenue
Interest income
55,406
49,534
TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
4
Exceptional items
2025
2024
£
£
Expenditure included within administrative expenses
NTA shareholder payments
705,235
-
Staff restructure
126,889
-
Impairment of fixed assets
-
1,971,501
Additional depreciation
-
2,144,712
832,124
4,116,213
Expenditure included within interest payable and similar expenses
Write off of capitalised fundraising costs
472,830
-
1,304,954
4,116,213

NTA shareholder payments in the current year relates to a compensation package to existing share options holders to cancel their share options as part of the group reorganisation. However this payment was covered by a capital contribution from Aviva.

Staff restructure costs in the current year relates to staff costs following the reorganisation of the group.

The write off of capitalised fundraising costs in the current year relates to the write off of previously capitalised fundraising costs as the other borrowings relating to finance from Aviva Investors Infrastructure No. 6 Limited were transferred to Truespeed Holdings Limited.

Impairment costs in the prior year are in relation to the impairment of unused building materials and wasted build costs recognised as fixed assets due to management's decision in the year to pause its build programme.

The additional depreciation in the prior year relates to a change in accounting estimate which has seen Active Network items included within the Network Infrastructure be depreciated over 8 years instead of 25 years.

5
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Exchange losses
1,327
7,561
Fees payable to the company's auditor for the audit of the company's financial statements
23,200
19,485
Depreciation of tangible fixed assets
5,218,134
5,384,659
Impairment of tangible fixed assets
-
0
1,971,501
Loss on disposal of tangible fixed assets
120,027
339,574
Amortisation of intangible assets
817,031
739,658
Operating lease charges
1,296,348
1,151,137
TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Engineering
67
70
Sales & Marketing
37
35
IT
5
8
Management
7
8
Admin
14
11
Total
130
132

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
7,908,760
4,781,737
Social security costs
1,353,394
883,011
Pension costs
305,686
294,280
9,567,840
5,959,028
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
2,038,998
717,040
Company pension contributions to defined contribution schemes
22,237
21,537
2,061,235
738,577

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
1,110,731
382,763
Company pension contributions to defined contribution schemes
13,989
13,568
TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
55,406
49,534
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
10,649,270
14,115,130
Interest payable to group undertakings
5,698,446
-
0
Other interest on financial liabilities
927,833
564,388
17,275,549
14,679,518
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Assets under construction and Network infrastructure
13
-
0
1,971,501
Recognised in:
Administrative expenses
-
1,971,501

In the prior year, management decided to pause its build programme of its Network until further funding is secured. As a result, management decided in the prior year that unused build materials recognised as fixed assets that were not used and wasted build costs where parts of the networks would become dead ends as a result of the decision to stop building, would have to be impaired.

TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
11
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(27,562,984)
(25,039,256)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(6,890,746)
(6,259,814)
Unutilised tax losses carried forward
6,890,746
6,259,814
Taxation charge for the year
-
-

The company has approximately £114 million (2024: £86 million) of tax losses carried forward. A deferred tax asset has not been recognised because there is currently insufficient certainty on the reversal of the asset.

12
Intangible fixed assets
Software
IP addresses
Website costs
Total
£
£
£
£
Cost
At 1 January 2025
2,176,995
928,556
41,243
3,146,794
Additions - internally developed
430,650
-
0
12,450
443,100
Additions - separately acquired
-
0
77,614
-
0
77,614
At 31 December 2025
2,607,645
1,006,170
53,693
3,667,508
Amortisation and impairment
At 1 January 2025
968,789
509,005
12,747
1,490,541
Amortisation charged for the year
590,238
215,179
11,614
817,031
At 31 December 2025
1,559,027
724,184
24,361
2,307,572
Carrying amount
At 31 December 2025
1,048,618
281,986
29,332
1,359,936
At 31 December 2024
1,208,206
419,551
28,496
1,656,253
TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
13
Tangible fixed assets
Assets under construction
Plant and machinery
Motor vehicles
Network infrastructure
Total
£
£
£
£
£
Cost
At 1 January 2025
1,575,282
4,558,171
323,290
86,713,040
93,169,783
Additions
-
0
1,215,783
4,975
4,231,288
5,452,046
Disposals
-
0
(163,444)
(62,612)
-
0
(226,056)
At 31 December 2025
1,575,282
5,610,510
265,653
90,944,328
98,395,773
Depreciation and impairment
At 1 January 2025
1,575,282
2,329,423
177,797
10,642,216
14,724,718
Depreciation charged in the year
-
0
1,115,244
74,282
4,028,608
5,218,134
Eliminated in respect of disposals
-
0
(128,248)
(45,913)
-
0
(174,161)
At 31 December 2025
1,575,282
3,316,419
206,166
14,670,824
19,768,691
Carrying amount
At 31 December 2025
-
0
2,294,091
59,487
76,273,504
78,627,082
At 31 December 2024
-
0
2,228,748
145,493
76,070,824
78,445,065

More information on impairment movements in the year is given in note 10.

14
Stocks
2025
2024
£
£
Network consumables
2,054,395
2,563,295
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
18,068
56,074
Amounts owed by group undertakings
1,213,347
-
0
Other debtors
7,162
565,845
Prepayments and accrued income
792,037
939,266
2,030,614
1,561,185
TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
-
0
3,835
Trade creditors
692,020
1,499,350
Amounts owed to group undertakings
1,867,631
-
0
Taxation and social security
424,726
213,984
Other creditors
196,650
2,334,891
Accruals and deferred income
2,929,977
25,863,010
6,111,004
29,915,070

Included within other creditors are shareholder loans totalling £nil (2024: £1,987,000) from certain holders of Ordinary A or Ordinary C shares.

Included within accruals, is accrued interest payable of £nil (2024: £23,886,146) on the Aviva Investors Infrastructure Income No.6 Limited loan.

In the current year, as part of the group reorganisation, the shareholder loans and accrued interest payable balances were transferred to Truespeed Communications Group Limited creating an intercompany creditor.

17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
18
214,842,120
166,369,357

In the current year, as part of the group reorganisation, the other borrowings relating to finance from Aviva Investors Infrastructure Income No. 6 Limited were transferred to Truespeed Communications Group Limited creating an intercompany creditor.

18
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
-
0
3,835
Loans from group undertakings
214,842,120
-
0
Other loans
-
0
166,369,357
214,842,120
166,373,192
Payable within one year
-
0
3,835
Payable after one year
214,842,120
166,369,357
TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Loans and overdrafts
(Continued)
- 25 -

See note 17 for details of borrowings.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
305,686
294,280

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end the company had outstanding pension contributions of £85,935 (2024: £58,217), this amount being included within creditors due within one year.

20
Share-based payment transactions
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 January 2025
3,261,577
4,132,077
0.50
0.50
Forfeited
(1,226,495)
0
-
0
-
0
-
0
Exercised
(1,944,582)
0
-
0
0.50
-
0
Expired
(90,500)
0
(870,500)
0
-
0
0.50
Outstanding at 31 December 2025
-
0
3,261,577
-
0
0.50
Exercisable at 31 December 2025
-
0
1,214,477
-
0
0.50

During the year 90,500 share options expired, 1,944,582 share options were exercised for £0.50 each and 1,226,495 share options were surrendered for £0.50 each.

There were no options outstanding at 31 December 2025.

TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
21
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
130,807 Ordinary A shares of £1 each
130,807
130,807
130,800 Ordinary B shares of 1p each
1,308
1,308
2,419,167 Ordinary C shares of 1p each
43,638
24,192
100 Ordinary D1 shares of 1p each
1
1
30 Redeemable E1 of 1p each
-
0
-
0
175,754
156,308

The Ordinary A and Ordinary B shares carry one vote per share; the Ordinary C shares carry 1/4 vote per share. The Ordinary D1 shares as a class carry 45% of the voting rights of all shares in issue at any time. The Redeemable E1 shares have no voting rights.

The Ordinary D1 shares have the right to 45% of any profits available for distribution and are entitled to 45% of any surplus on a wind up. The Redeemable E1 shares are entitled to 1% of any profits available for distribution for each Redeemable E1 share held and are entitled to 1% of any surplus on a wind up for each Redeemable E1 share held. The Ordinary A shares, Ordinary B shares and Ordinary C shares rank pari passu with regards to distributions.

The Redeemable E1 shares are redeemable at par based on predetermined criteria set out in a shareholders agreement.

During the year, 1,944,582 £0.01 Ordinary C shares were issued for share options that were exercised for consideration of £972,291 including share premium of £952,845.

22
Share premium account

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

23
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
278,564
259,441
Years 2-5
858,649
124,669
After 5 years
162,500
192,500
1,299,713
576,610
TRUESPEED COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
1,309,118
1,580,100
25
Related party transactions
Transactions with related parties

The company has taken advantage of exemption, under the terms of FRS 102, Section 33.1A, from disclosing related party transactions with wholly owned subsidiaries within the group.

At the year end, the company was owed £1,213,347 (2024: £258,088) by County Broadband Limited, a fellow subsidiary.

In the current year, as part of the group reorganisation, the other borrowings relating to finance from Aviva Investors Infrastructure Income No. 6 Limited, the shareholder loans and accrued interest payable balances were transferred to Truespeed Communications Group Limited creating an intercompany creditor.

Therefore, at the year end, the company owed £216,709,751 (2024: £nil) to Truespeed Communications Group Limited, its immediate parent company.

26
Ultimate controlling party

The company's immediate parent company is Truespeed Communications Group Limited, a company registered in England and Wales.

Truespeed Holdings Limited is the parent of the smallest and largest group of which the company is a member and for which consolidated financial statements are prepared.

Copies of the consolidated financial statements of Truespeed Holdings Limited are available from the company's registered office 80 Fenchurch Street, London, United Kingdom, EC3M 4AE.

The company's ultimate parent undertakings and controlling party is Aviva Investors Infrastructure Income No.6 Limited.

Aviva Investors Infrastructure Income No.6 Limited is an investment fund entity which holds its investment in Truespeed Holdings Limited as part of an investment portfolio hence it is required to record its investment at fair value through profit or loss rather than consolidating.

Aviva Investors Infrastructure Income No.6 Limited is legally owned by Aviva Plc, but it is a fund entity that whilst managed by Aviva Investors is beneficially owned by external parties; therefore it is not consolidated in the Aviva Plc group accounts.

27
Post balance sheet events

Subsequent to the year end, the group to which the company belongs combined with Freedom Fibre Limited, a further full-fibre broadband provider, to create the Freedom Truespeed Group. This transaction further extends the group's network reach and customer base, and is consistent with the directors' strategy of consolidation within the sector. As the combination occurred after the reporting date, it is treated as a non-adjusting post balance sheet event and has had no impact on the amounts recognised in these financial statements.

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