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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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OTG MIDCO LIMITED
COMPANY INFORMATION
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OTG MIDCO LIMITED
CONTENTS
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OTG MIDCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report for the year ended 31 December 2025.
The Company is an intermediate holding company for its subsidiary undertaking, the principal activities of which are that of a travel tour operating service with branches in the UK, Australia, New Zealand, Canada and South Africa.
The results of the Company are set out on page 9. They show a loss on ordinary activities before taxation of £224,765 (2024 - £500,841). Owing to the Company's activities as a holding company, the Company does not have any external trading activity and therefore considers there to be no other key performance indicators. The directors consider the Company's performance to be satisfactory during the year.
Interest rate and cash flow risk
The Company has interest bearing liabilities comprising a third party loan, which attracts interest at a fixed rate. The Company addresses interest rate and cash flow risks via the ongoing support of its fellow group undertakings. Financing risk The Company is partly funded through a debt facility, which, in line with standard facilities of this nature have certain covenants attached. The Company manages this risk through regular analysis of the group's performance relative to covenants, as well as looking at both historic and forecast periods. Following a renegotiation of loan covenants in May 2024, the Company has remained in compliance with all covenants up to the date of approval of these financial statements.
This report was approved by the board on 29 June 2026 and signed on its behalf.
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OTG MIDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £224,765 (2024 - loss £500,841).
No interim dividends were paid during the year ended 31 December 2025.
The directors do not recommend a final dividend for the year, making the total distribution of dividends for the year ended 31 December 2025 £Nil (2024 - £Nil).
The directors who served during the year were:
During 2026, the Company will continue to focus on servicing its debts and delivering value to its fellow group companies.
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OTG MIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's loan covenants were renegotiated in May 2024 in response to the adverse trading impact from conflicts in the Middle East. The Company has been in compliance with all new covenants up to the date of approval of these financial statements.
In September 2025, the directors refinanced the bullet payment that was due to be paid on the loan facility on 31 December 2025. The new loan was agreed with the existing loan provider, Thincats, and has a repayment period of two years to 31 December 2027, which will result in the full loan repayment at the end of the two year period. As part of the refinancing the interest rate has increased from 8.25% to 9.25%. Sales volumes to the Middle East are recovering but continue to be below pre-conflict levels (pre-October 2023), however the expansion of our tour portfolio into new regions and further penetration into existing regions has fully mitigated the impact. The directors of the Company's subsidiary expect to receive an offer from the CAA in respect of its ATOL renewal from 1 October 2026 for the following 12 months. The cash flow forecasts compiled by the Board indicate that the Company's group has sufficient financial resources to continue in operation for the foreseeable future and, as a minimum, meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors have also considered the relationship with bankers and the Group's position in respect of expected future compliance with financial covenants. This includes stress testing the forecasts to demonstrate that covenants will still be complied with where the required growth levels are substantially below the base case scenario and without requiring further mitigating actions. At the time of approving the financial statements, the directors therefore have a reasonable expectation that the Company and its group have adequate resources to continue in operational existence for the foreseeable future, and consequently the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
The directors have chosen, in line with the Companies Act 2006, to show the review of the business (including events since the date of the statement of financial position) and the principal risks and uncertainties in the Strategic Report to the financial statements.
During 2026, the Company will continue to operate as outlined in the principal activity note above.
There have been no significant events affecting the Company since the year end.
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OTG MIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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OTG MIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OTG MIDCO LIMITED
We have audited the financial statements of OTG Midco Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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.
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OTG MIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OTG MIDCO LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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OTG MIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OTG MIDCO LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgment and maintain professional scepticism throughout the audit; - We 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 deliberate override of internal control; - We obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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OTG MIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OTG MIDCO LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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OTG MIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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OTG MIDCO LIMITED
REGISTERED NUMBER: 13311529
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 24 form part of these financial statements.
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OTG MIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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OTG MIDCO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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OTG MIDCO LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of a holding company.
The Company is a private company limited by shares and is incorporated in England and Wales. The address of the Company's principal place of business, being the same as the registered office stated on the Company Information page, is: Delphian House New Bailey Street Salford M3 5FS
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company's loan covenants were renegotiated in May 2024 in response to the adverse trading impact from conflicts in the Middle East. The Company has been in compliance with all new covenants up to the date of approval of these financial statements.
In September 2025, the directors refinanced the bullet payment that was due to be paid on the loan facility on 31 December 2025. The new loan was agreed with the existing loan provider, Thincats, and has a repayment period of two years to 31 December 2027, which will result in the full loan repayment at the end of the two year period. As part of the refinancing the interest rate has increased from 8.25% to 9.25%. Sales volumes to the Middle East are recovering but continue to be below pre-conflict levels (pre-October 2023), however the expansion of our tour portfolio into new regions and further penetration into existing regions has fully mitigated the impact. The directors of the Company's subsidiary expect to receive an offer from the CAA in respect of its ATOL renewal from 1 October 2026 for the following 12 months. The cash flow forecasts compiled by the Board indicate that the Company's group has sufficient financial resources to continue in operation for the foreseeable future and, as a minimum, meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors have also considered the relationship with bankers and the Group's position in respect of expected future compliance with financial covenants. This includes stress testing the forecasts to demonstrate that covenants will still be complied with where the required growth levels are substantially below the base case scenario and without requiring further mitigating actions. At the time of approving the financial statements, the directors therefore have a reasonable expectation that the Company and its group have adequate resources to continue in operational existence for the foreseeable future, and consequently the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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. There were no estimates or assumptions that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Critical judgments in applying the Company’s accounting policies The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Recoverability of amounts owed by group undertakings At each reporting date an assessment is made of the recoverability of group debtors. The amount of £1,717,884 owed to the Company at 31 December 2025 (2024 - £1,682,900) is considered recoverable on the basis of the forecasted future profitability of the subsidiary undertaking, Go Travelling Limited. Consequently no impairment provision has been recognised (2024 - no impairment). Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
7.Taxation (continued)
There were no factors that may affect future tax charges at 31 December 2025. The Company had unrelieved tax losses of £1,951,769 carried forward at 31 December 2025 (2024 - £1,727,004), against which no deferred tax asset has been recognised. These losses can be utilised against future profits as they arise and do not have a limited lifespan.
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
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OTG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant events affecting the Company since the year end.
The Company's immediate holding company is Red OTG Bidco Limited, a company registered in England and Wales. Copies of the financial statements of Red OTG Bidco Limited can be obtained from Delphian House, New Bailey Street, Salford, M3 5FS.
The Company's ultimate holding company is Beauport Nine Limited, a company registered in Jersey. However, the smallest and largest group for which consolidated accounts are drawn up is that headed by Red OTG Bidco Limited, a company registered in England and Wales. Copies of the financial statements of Red OTG Bidco Limited can be obtained from Delphian House, New Bailey Street, Salford, M3 5FS. The ultimate beneficial owners of the Company are Gregory and Nichola Wills.
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