Company No:
Contents
| DIRECTORS | Simon Mark Peter Adcock (Resigned 15 May 2026) |
| Stephen John Best (Resigned 08 October 2025) | |
| Martin Harriman (Appointed 09 January 2025) | |
| Stevie Ingamells | |
| Jai Madhvani | |
| Mark Paddison | |
| Helen Rachael Wylde-Archibald (Resigned 31 March 2025) |
| REGISTERED OFFICE | Westbourne House |
| West Street | |
| Liskeard | |
| PL14 6BT | |
| United Kingdom |
| COMPANY NUMBER | 10586466 (England and Wales) |
| AUDITOR | PKF Francis Clark |
| Statutory Auditor | |
| Melville Building East | |
| Unit 18, 23 Royal William Yard | |
| Plymouth | |
| Devon | |
| PL1 3GW |
The directors present their Strategic Report for the financial year ended 31 December 2025.
The Company’s strategy is to provide high-quality, gigabit capable fibre-to-the-premises (“FTTP”) internet access for Cornwall and Devon, much of which remains either underserved or has no FTTP presence.
The Company believes that every person, community and business has the right to be part of the worldwide digital community, and to benefit from all the opportunities that it brings. As such, it is the intention of the Company to provide the fastest and the most reliable network for customers, targeting areas that are currently underserved, and furthering digital inclusion across the region.
REVIEW OF THE BUSINESS
The principal activity of the Company is the provision of internet services to residential and business customers.
Results for the year ending 31 December 2025 were as outlined by the following financial key performance indicators:
1) Revenue: £2,513,624 (2024: £1,757,580)
2) Adjusted EBITDA: profit of £4,277,220 (2024: loss of £4,306,836)
3) Loss after tax: £30,202,486 (2024: loss of £74,282,826)
4) Fixed assets: £45,482,871 (2024: £36,960,528)
5) Headcount: 179 (2024: 212)
Management also use other KPIs such as ready for service premises, cost per premises passed, cost per premises connected, penetration rates and average revenue per user.
The focus for the Company during the year has been to make progress in the build out of our FTTP network and connect new customers to this network. The revenue growth of £0.7m is due to the continued growth of our customer base. The losses are due to the expansion of the business operations and recognition of an impairment.
The business operates in a competitive landscape where companies are aiming to build out FTTP networks across the country to provide gigabit capable internet access to residential and business customers. While the Company has developed a strong regional presence which enables it to maintain a competitive position in Cornwall and Devon, it is still susceptible to competitive dynamics in the wider market which have put pressure on customer tariffs. Combined with withdrawing from completing 2 of its 3 contracts with BDUK, these changes in trading performance and forecasts led management to believe there were indicators of an impairment. Upon assessment management concluded that an impairment charge of £17,097,108 was required as at 31 December 2025. Further detail is provided in Note 1.
**OUTLOOK FOR TRADING IN 2026**
The Company expects the performance in 2026 to show a further growth of the business. The network build will continue, which will drive an increase in revenue as the business will have an increasing pool of potential customers who could be served with gigabit capable internet access.
The Company will continue to utilise Government support mechanisms to fund construction of the network, which will open up the region to the benefits of gigabit capable internet access.
However, these Government support mechanisms, as well as funding from the Company’s lenders and majority shareholders, are contingent on performance and, in particular, continued delivery of the FTTP network. Further detail is provided in Note 1.
**REGULATORY REGIME**
The Government has pledged to financially support the roll out of gigabit capable internet to the final 20% of the country through its Project Gigabit schemes, managed by Building Digital UK ("BDUK"). BDUK manage this process through a range of incentive schemes, with the Group partaking in 2 of these, namely the Gigabit Infrastructure Subsidy (GIS) scheme and the Gigabit Broadband Voucher Scheme (GBVS). The Group has 3 contracts with BDUK under the GIS scheme which are at differing stages of completion.
PRINCIPAL RISKS AND UNCERTAINTIES
The Directors recognise that the outlook for the Company is based on a number of key assumptions, some of which are outside the Company’s control. A detailed risk analysis has been undertaken, together with the development of appropriate plans to mitigate such risks. The Company maintains a schedule of revisiting and updating these risks on a continual basis.
The Directors consider that the primary risks to the business in the short to medium term are in relation to the ability to build out our network capacity in a safe, efficient and timely manner such that we meet our expected growth in customer numbers and associated revenue. Within infrastructure projects such as these there are a number of dependencies, from planning timing through to health and safety which need to be managed in order to meet time, quality and cost deliverables.
There are a number of uncontrollable risks that can affect the Company. The Directors aim to reduce the impact of these risks at all times by ensuring good controls are in operation within the business. The Board considers the principal risks to be as follows:
**Market conditions**
Close working relations are maintained with both the Company’s suppliers and customers in order to monitor market changes. Economic and interest rate changes are also monitored in relation to the impact they will have on the market conditions for the Company.
**Liquidity risk**
The Company is exposed to liquidity risk through its suppliers and contractors. Supplier and contractor risk, where staged payments may be made during the life of a contract before final delivery is concluded, is addressed through the active monitoring of credit status and the use of contractual mechanisms.
**Funding risk**
The Company is exposed to funding risk through its performance-linked funding from BDUK, lenders and its majority shareholder. Funding risk is addressed through active management of cash flows and forecasting to ensure sufficient funding is available to meet payments. Further details on the funding risks facing the group are provided in the going concern section of the Directors' report.
**Interest rate risk**
The Company is exposed to interest rate risk through its borrowings. This is addressed through entering into fixed-rate agreements where possible and where floating-rate agreements are in place utilising interest rate hedging if appropriate.
**Stockholding risk**
The Company is exposed to stock risk through the need to carry sufficient stock to service the needs of its roll-out programme. Stock risk is addressed through the active review of stock levels to meet forecast requirements.
**Regulatory risk**
The Company utilises various Government schemes in order to build out its fibre network to locations which would be uncommercial without such schemes. The schemes are covered by a combination of regulatory and contractual agreements. If the objectives of the Government change in the future these support mechanisms may become less attractive or be removed, which would represent a risk to future build plans. The Company actively engages with the Government directly and through industry bodies regarding future regulatory changes.
The Directors carefully monitor the potential impact of legislative changes which can impact operations, such as Health and Safety, Environmental and Telecommunications regulations.
Approved by the Board of Directors and signed on its behalf by:
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Martin Harriman
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2025.
GOING CONCERN
In reaching their conclusion, the directors considered a range of financial and operational risks, including sales volumes, pricing, build costs, supplier resilience and compliance with debt obligations. The Company benefits from a diversified customer base, with no single customer accounting for more than 1% of recurring revenue, limited exposure to interest rate and foreign exchange risk, and ongoing monitoring of key performance indicators, cash flow forecasts and budget performance. The directors also considered the Company’s dependence on Project Gigabit grant funding and debt facilities. While the directors believe adequate controls and contractual arrangements are in place to manage risks associated with Project Gigabit grant funding and debt facilities, the Company’s ability to drawdown on this funding is contingent on continued delivery against its build targets. Should the Company not meet these targets or other events transpire which impact the Company’s ability to hit its build targets, then there would be a material uncertainty in relation to the Company’s funding.
The directors are considering a variety of strategic options for the Company, each of which varies in terms of funding requirement, and the likely outcome cannot be predicted with certainty at the time of approval of the accounts. Certain options would potentially require funding in excess of that which is committed and there is no guarantee it would be forthcoming. Hence the directors believe a material uncertainty exists in relation to the Company’s future funding requirements, which are contingent on future performance and differing strategic options, and would potentially result in funding being withheld or its longer-term funding requirement increasing significantly. These circumstances indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern; however, the directors remain satisfied that it is appropriate to prepare the financial statements on the going concern basis.
DIVIDENDS
The directors do not recommend payment of a dividend (2024: £Nil).
FUTURE DEVELOPMENTS
Our overall objective is to continue to build out a high-quality, gigabit capable FTTP network across Cornwall and Devon. It is our intention to work with the UK Government, through their various schemes, to build a network which includes those hard-to-reach locations and deliver gigabit capable internet access to underserved areas. The Directors consider that as part of this we will need to ensure we have an appropriate mix of product offerings to ensure inclusivity and equality of access across the region, whilst ensuring we address the specific needs of different groups, for example residential and business customers. Our continued drive to ensure greater organisational efficiency and effectiveness will enable the business to achieve long term profitability.
EVENTS AFTER THE BALANCE SHEET DATE
Details of significant events since the balance sheet date are contained in note 22 to the financial statements.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Resigned 15 May 2026) |
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(Resigned 08 October 2025) |
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(Appointed 09 January 2025) |
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(Resigned 31 March 2025) |
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
- so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware; and
- the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that
information.
STRATEGIC REPORT
The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of future developments.
AUDITOR
The auditors, PKF Francis Clark, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Approved by the Board of Directors and signed on its behalf by:
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Martin Harriman
Director |
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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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. The directors 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.
Report on the audit of the financial statements
We have audited the financial statements of Wildanet Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, 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 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
**Material uncertainty in relation to going concern**
We draw attention to Note 1 in the financial statements, which indicates that the company’s future funding requirements are dependent upon future trading performance and the strategic options pursued by the company and the wider group. As described in Note 1, the directors are reliant upon Gresham House Sustainable Infrastructure strategy for future funding commitments and certain scenarios being considered by the directors may require funding in excess of that currently committed and there can be no certainty that such funding will be available if required. These events and conditions, along with the other matters set out in Note 1, indicate the existence of a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
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.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Report on other legal and regulatory requirements
Opinion on other matters prescribed by the Companies Act 2006
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 and the Directors' Report. 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.
As explained more fully in the directors' responsibilities statement set out on page 5, 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.
Auditors' 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.
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 as follows:
The objectives of our audit, in respect to 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; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company at the planning stage of the audit. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the company’s website for indication of any regulations and certification in place which are applicable to the company and discussed these with the relevant individuals responsible for compliance. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to The General Data Protection Regulation (“GDPR”), health and safety regulations, employment laws, the Communications Act 2003 where non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company’s licence to operate. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation.
We discussed with management how compliance with these laws and regulations is monitored and discussed the policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. The key incentives identified related to demonstrating the continued viability of the company, including maintaining confidence among shareholders, lenders and other stakeholders, and supporting ongoing funding requirements. We determined that the principal fraud risks were associated with the potential overstatement of revenue and other measures of financial performance, together with management bias in significant areas of judgement and estimation, particularly in relation to going concern and impairment assessments.
Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures included:
•Enquiries of management and those charged with governance regarding their knowledge of actual, suspected or alleged fraud, non-compliance with laws and regulations, litigation and claims.
•Reviewing board minutes, significant correspondence and legal and professional fees to identify any matters relating to actual or potential breaches of laws and regulations.
•Considering filings made at Companies House and reviewing compliance with relevant company law requirements.
•Reviewing and challenging significant accounting estimates and judgements, particularly those relating to the impairment assessment, recoverability of investments and intercompany balances, and the going concern assessment, to identify indicators of management bias.
•Testing journal entries and other adjustments, with a particular focus on unusual, manual or post-close journals, and assessing the business rationale for significant transactions outside the normal course of business.
•Performing substantive testing over revenue and grant income, including assessing whether income had been recognised in the appropriate accounting year and considering the risk of fraudulent revenue recognition.
•Assessing the company's compliance with the conditions attached to significant grant funding arrangements and considering the impact of these arrangements on the financial statements.
•Evaluating the directors' going concern assessment, including reviewing cash flow forecasts, available funding facilities, shareholder support arrangements, forecast covenant compliance and management's sensitivity analysis. We also assessed whether the related disclosures appropriately described the material uncertainty identified by the directors.
•Evaluating the assumptions underpinning the impairment review, including consideration of the external valuation report, forecast customer growth, expected cash flows and other key valuation assumptions.
•Evaluating the overall presentation, structure and content of the financial statements, including whether the disclosures appropriately reflect the significant judgements, estimates and funding uncertainties affecting the Group.
We communicated with those charged with governance regarding, amongst other matters, the planned scope and timing of the audit, significant audit findings, significant deficiencies in internal control identified during the audit, and significant judgements relating to going concern and impairment.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also 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.
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.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Statutory Auditor
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Other operating income | 4 |
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| Exceptional items and fair value movements | (
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| Operating loss | (
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| Interest receivable and similar income | 5 |
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| Interest payable and similar expenses | 5 | (
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| Loss before taxation | 6 | (
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| Tax on loss | 10 |
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| Loss for the financial year/period | (
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| Other comprehensive income | 0 | 0 | ||
| Total comprehensive loss | (
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Within exceptional items and fair value movements, there is an impairment loss being recognised in the year of £17,097,108 (2024: £55,614,596).
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 11 |
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| Tangible assets | 12 |
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| 45,482,871 | 36,960,528 | |||
| Current assets | ||||
| Debtors | 13 |
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| Cash at bank and in hand | 14 |
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| 15,121,132 | 8,977,853 | |||
| Creditors: amounts falling due within one year | 15 | (
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| Net current liabilities | (30,959,350) | (27,038,163) | ||
| Total assets less current liabilities | 14,523,521 | 9,922,365 | ||
| Creditors: amounts falling due after more than one year | 16 | (
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| Net liabilities | (115,264,682) | (85,062,196) | ||
| Capital and reserves | 19 | |||
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| Total shareholder's deficit | (115,264,682) | (85,062,196) |
The financial statements of Wildanet Limited (registered number:
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Martin Harriman
Director |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Wildanet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Westbourne House, West Street, Liskeard, PL14 6BT, United Kingdom.
The principal activity of the Company is the provision of internet services to residential and business customers within the South West of England.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
Wildanet Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to share-based payments, financial instruments, presentation of a Cash Flow Statement and remuneration of key management personnel.
The directors have assessed the Company’s ability to continue as a going concern through review of detailed budgets, cash flow forecasts and sensitivity analysis covering a period of at least 12 months from the date of approval of the financial statements. The forecasts are updated regularly to reflect current trading and incorporate all known operating costs, capital expenditure, debt servicing obligations, grant funding receipts and customer revenues. Based on these forecasts, the directors consider the Company to be adequately funded through to March 2027, with funding beyond this date being contingent on future performance and differing strategic options. In light of this, the majority shareholder of the ultimate parent company, Gresham House Investment Management (Guernsey) Limited, has provided a letter of support which the directors believe demonstrates its intention to make funding available as required for at least 12 months from the date of signing the financial statements.
In reaching their conclusion, the directors considered a range of financial and operational risks, including sales volumes, pricing, build costs, supplier resilience and compliance with debt obligations. The Company benefits from a diversified customer base, with no single customer accounting for more than 1% of recurring revenue, limited exposure to interest rate and foreign exchange risk, and ongoing monitoring of key performance indicators, cash flow forecasts and budget performance. The directors also considered the Company’s dependence on Project Gigabit grant funding and debt facilities. While the directors believe adequate controls and contractual arrangements are in place to manage risks associated with Project Gigabit grant funding and debt facilities, the Company’s ability to drawdown on this funding is contingent on continued delivery against its build targets. Should the Company not meet these targets or other events transpire which impact the Company’s ability to hit its build targets, then there would be a material uncertainty in relation to the Company’s funding.
The directors are considering a variety of strategic options for the Company, each of which varies in terms of funding requirement, and the likely outcome cannot be predicted with certainty at the time of approval of the accounts. Certain options would potentially require funding in excess of that which is committed and there is no guarantee it would be forthcoming. Hence the directors believe a material uncertainty exists in relation to the Company’s future funding requirements, which are contingent on future performance and differing strategic options, and would potentially result in funding being withheld or its longer-term funding requirement increasing significantly. These circumstances indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern; however, the directors remain satisfied that it is appropriate to prepare the financial statements on the
going concern basis.
**Rendering of services**
Income is generated from customers either from up front installation and connection charges, or from an ongoing contract subject to monthly fees.
Connection and installation charges are recognised as invoiced as the obligation to the user is extinguished once the connection has taken place. These charges include the recovery of cost for administration in providing service to the customer, including the activation of the service from the network to the customer, as well as providing the final connection to the network.
Income from the service contract is recognised evenly over the life of the contract irrespective of when invoicing takes place. Typically customers are invoiced monthly as the service is consumed.
**Government subsidy**
Income can also be earned from subsidies provided by either local or central government sources as part of the drive towards improved broadband provision across the United Kingdom. Where such income is derived as part of our service, the income received is recognised over the life of the obligation behind the subsidy received.
**Government grants**
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the Company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Where the support mechanism is derived from an underlying grant from a government body to the customer, with all or a proportion invoiced by us to the customer, the revenue is recognised in full at the time of invoicing.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Statement of Financial Position.
**Borrowing costs**
All other borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Statement of Financial Position date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date that are expected to apply to the reversal of the timing difference.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Assets under construction are accounted for at cost. They are not depreciated until the accounting period in which they are brought into use. The Company brings the assets into use only once the system is live.
Amortisation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
| Computer software |
|
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Assets under construction are accounted for at cost. They are not depreciated until the accounting period in which they are brought into use. The Company brings the assets into use only once the fibre cables being laid become live.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
| Leasehold improvements | depreciated over the life of the lease |
| Vehicles |
|
| Fixtures and fittings |
|
| Office equipment |
|
| Other property, plant and equipment |
|
| Assets in the course of construction |
not depreciated |
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.
The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit ("CGU") to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
**Impairment of tangible fixed assets**
During the year, management identified indicators of impairment relating to the Company's network infrastructure and related assets. These indicators included historical trading performance which have put pressure on customer tariffs, leading to changes in forecasts, due to withdrawing from 2 contracts with BDUK, assessments of valuation and uncertainty regarding the timing and level of future economic benefits expected to be generated from the Group's fibre network assets.
The valuation in use was assessed using a discounted cash flow model, while the fair value less costs to sell was assessed using market-based valuation techniques, supported with input from an independent valuation prepared by a third party. Management concluded the recoverable amount was determined by reference to the higher of value in use and fair value less costs to sell. Management concluded that Fair value less selling costs was higher.
Having considered all relevant factors, management concluded that an impairment charge of £17,097,108 was required as at 31 December 2025 (2024: £55,614,596).
The impairment charge has been allocated across all relevant asset classes within the CGU in proportion to their carrying values immediately before impairment.
Carrying value before impairment: £60,617,471
Impairment charge recognised in 2025: (£17,097,108)
Carrying value after impairment: £43,520,363
The principal assets affected by the impairment assessment comprise network infrastructure, fibre assets, plant and equipment and associated assets under construction.
Financial assets
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.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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 subsequently 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 through 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
Critical judgements in applying the Company’s accounting policies
**Depreciation rates**
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The bases for depreciation charges are detailed in note 1 and are reviewed and adjusted prospectively if appropriate or if there is a significant change since the last reporting date. Useful lives are estimated by management with reference to manufacturers guidelines and existing knowledge and experience.
**Impairment assessment**
During the year, management identified indicators of impairment relating to the Company's network infrastructure and related assets. These indicators included historical trading performance which have put pressure on customer tariffs, leading to changes in forecasts, due to withdrawing from 2 contracts with BDUK, assessments of valuation and uncertainty regarding the timing and level of future economic benefits expected to be generated from the Group's fibre network assets.
Management considered the requirements of FRS 102 and assessed the recoverable amount of the relevant cash-generating unit ("CGU"). Given the integrated nature of the Group's operations, network infrastructure, customers, workforce and cash flow generation, management concluded that Wildanet Limited's operations represent a single CGU for impairment assessment purposes.
The valuation in use was assessed using a discounted cash flow model, while the fair value less costs to sell was assessed using market-based valuation techniques, supported with input from an independent valuation prepared by a third party. Management concluded the recoverable amount was determined by reference to the higher of value in use and fair value less costs to sell. Management concluded that Fair value less selling costs was higher.
The impairment review required significant judgement and estimation. For the value in use these were forecast growth rates and average revenues per user, operating costs, build and installation costs and volumes, and the discount rate. For the fair value less costs to sell this was the range of comparable valuations focusing mainly on enterprise value to ready for service premises ratios, which are based on independent third party sales data obtained from comparable transactions within the relevant industry and market. Management performed a sensitivity analysis on this key assumption, being the value attributed to a ready-for-service premises in the third-party valuation.
Having considered all relevant factors, management concluded that an impairment charge of £17,097,108 was required as at 31 December 2025 (2024: £55,614,596).
The impairment charge has been allocated across all relevant asset classes within the CGU in proportion to their carrying values immediately before impairment.
Carrying value before impairment: £60,617,471
Impairment charge recognised in 2025: (£17,097,108)
Carrying value after impairment: £43,520,363
The principal assets affected by the impairment assessment comprise network infrastructure, fibre assets, plant and equipment and associated assets under construction.
Breakdown by business class
An analysis of the Company's turnover by class of business is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| Turnover | 2,513,624 | 1,757,580 |
Turnover is wholly attributable to the principal activity of the Company and arises solely within the United Kingdom.
| 2025 | 2024 | ||
| £ | £ | ||
| Government grants receivable |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income |
|
|
|
| Interest payable and similar expenses | (
|
(
|
|
| (15,748,895) | (11,041,440) |
Interest receivable and similar income
| 2025 | 2024 | ||
| £ | £ | ||
| Bank interest |
|
|
|
| Other interest receivable and similar income |
|
|
|
|
|
|
Interest receivable and similar income also includes other interest of £660 (2024: £4,879).
Interest payable and similar expenses
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans and overdrafts | (
|
(
|
|
| Finance leases and hire purchase contracts | (
|
(
|
|
| Other interest payable and similar expense | (
|
(
|
|
| (
|
(
|
Loss before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 12) |
|
|
|
| Impairment of tangible fixed assets (note 12) |
|
|
|
| Amortisation of intangible assets (note 11) |
|
|
|
| Operating lease rentals |
|
|
An analysis of the auditor's remuneration is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 73,116 | 52,500 | |
| Total audit fees |
|
|
|
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Construction & Fibre Delivery |
|
|
|
| Exco |
|
|
|
| Finance |
|
|
|
| HR/Health & Safety |
|
|
|
| Operation |
|
|
|
| Sales & Marketing |
|
|
|
| IT/Network |
|
|
|
| Planning & Wayleaves |
|
|
|
| Projects |
|
|
|
|
|
|
Their aggregate remuneration comprised:
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs |
|
|
|
| 5,281,842 | 6,799,666 |
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
| 532,575 | 535,653 |
Remuneration of the highest paid director
| 2025 | 2024 | ||
| £ | £ | ||
| Director's emoluments | 204,043 | 199,618 | |
| Company contributions to money purchase schemes | 10,265 | 5,932 | |
| 214,308 | 205,550 |
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on loss | |||
| UK corporation tax |
|
|
|
| Adjustments in respect of prior years | |||
| UK corporation tax |
|
(
|
|
| Total current tax |
|
(
|
|
| Total tax on loss |
|
(
|
The tax assessed for the year is the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Loss before taxation | (30,202,486) | (74,304,963) | |
| Tax on loss at standard UK corporation tax rate of 25% (2024: 25%) | (
|
(
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Income not taxable in determining taxable profit | (
|
(
|
|
| Adjustments in respect of prior years |
|
(
|
|
| Deferred tax not recognised | 8,636,256 | 18,991,404 | |
| Total tax credit for year/period | 0 | (22,137) |
Following the substantive enactment of the Finance Act 2021, effective 1 April 2023 the applicable corporation tax rate is now 25% (for companies with profits over £250,000) and continues to be 19% (for companies with profits of £50,000 or less). Companies with profits between £50,000 and £250,000 pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. As a result, deferred tax would be calculated at 25% (2024: 25%).
| Computer software | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2025 |
|
|
|
| Additions |
|
|
|
| Transfer to tangible assets |
|
|
|
| At 31 December 2025 |
|
|
|
| Accumulated amortisation | |||
| At 01 January 2025 |
|
|
|
| Charge for the financial year |
|
|
|
| At 31 December 2025 |
|
|
|
| Net book value | |||
| At 31 December 2025 |
|
|
|
| At 31 December 2024 |
|
|
| Leasehold improve- ments |
Vehicles | Fixtures and fittings | Office equipment | Other property, plant and equipment |
Assets in the course of construction |
Total | |||||||
| £ | £ | £ | £ | £ | £ | £ | |||||||
| Cost | |||||||||||||
| At 01 January 2025 |
|
|
|
|
|
|
|
||||||
| Additions |
|
|
|
|
|
|
|
||||||
| Disposals |
|
|
|
|
(
|
|
(
|
||||||
| Transfers |
|
|
|
|
|
(
|
(
|
||||||
| At 31 December 2025 |
|
|
|
|
|
|
|
||||||
| Accumulated depreciation | |||||||||||||
| At 01 January 2025 |
|
|
|
|
|
|
|
||||||
| Charge for the financial year |
|
|
|
|
|
|
|
||||||
| Impairment losses |
|
|
|
|
|
|
|
||||||
| At 31 December 2025 |
|
|
|
|
|
|
|
||||||
| Net book value | |||||||||||||
| At 31 December 2025 | 982,501 | 2,836 | 3,101 | 189,142 | 41,333,406 | 2,186,957 | 44,697,943 | ||||||
| At 31 December 2024 | 1,114,907 | 7,476 | 4,955 | 388,742 | 31,660,958 | 3,057,086 | 36,234,124 |
Other property plant and equipment relates to the network and items required for the network build.
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by Group undertakings (note 21) |
|
|
|
| VAT recoverable |
|
|
|
| Corporation tax |
|
|
|
| Other debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Cash at bank and in hand |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
|
|
|
| Other loans |
|
|
|
| Trade creditors |
|
|
|
| Amounts owed to Group undertakings (note 21) |
|
|
|
| Corporation tax |
|
|
|
| Other taxation and social security |
|
|
|
| Accruals and deferred income |
|
|
|
| Derivative financial instruments (note 18) |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Other loans |
|
|
On 8 May 2024 a deed of novation was entered into to transfer the existing loan notes between Gresham House BSI Infrastructure LP/Gresham House British Sustainable Infrastructure Fund II LP and Wildanet Limited in consideration for the issue of new loan notes between Gresham House BSI Infrastructure LP/Gresham House British Sustainable Infrastructure Fund II LP and Wildanet Holdco Limited. On that date, loan notes with the same terms were entered into between Wildanet Holdco Limited and Wildanet Limited.
Subsequent to this, on 20 December 2024, a further deed of novation was entered into to exchange the existing loan notes for new loan notes issued between Gresham House BSI Infrastructure LP/Gresham House British Sustainable Infrastructure Fund II LP and Wildanet Midco 1 Limited. On that date, loan notes with the same terms were entered into between Wildanet Midco 1 Limited and Wildanet Limited.
During the period 1 January 2024 to 7 May 2024, the Company made drawdowns of £14.8m from its funding agreement with Gresham House British Sustainable Infrastructure Fund II LP. The loan bears an interest rate of 13% per annum and was repayable by 30 June 2033.
During the period 8 May 2024 to 20 December 2024, the Company made drawdowns of £1.2m from its funding agreement with Wildanet Holdco Ltd. The loan bears an interest rate of 13% per annum and was repayable by 30 June 2033.
During the period 1 January 2025 to 31 December 2025, Wildanet Midco 1 Limited made drawdowns of £22.8m from its funding agreement with Wildanet MidCo 1 Ltd. The loan bears interest at 13% per annum and was repayable by 30 June 2033.
During the year, Wildanet Midco 1 Limited made a drawdown from its funding agreements with Gresham House BSI Infrastructure LP/Gresham House British Sustainable Infrastructure Fund II LP/Gresham House British Sustainable Infrastructure Fund III LP. The loans bear interest at rates of 10%,12%, 13% and 13% per annum respectively and are repayable by 21 December 2030, 23 June 2033, 23 June 2033 and 23 June 2033 respectively. At 23 December 2024, these 3 loan notes were listed on the International Stock Exchange by Wildanet Midco 1 Limited.
Interest totalling £12,803,643 (2024: £10,021,532) has been added to the balance of the loans during the year.
The loan notes payable between two and five years are £55,505,004 (2024: £Nil) and above five years £74,283,199 (2024: £94,984,561).
**Bank loans**
The Revolving Credit Facility was repayable by 23 May 2027. During the year, the Company made repayments of £3,903,974 to its Revolving Credit Facility. Interest totalling £633,395 (2024: £453,875) has been charged to the Statement of Comprehensive Income during the year.
During the year the Company made drawdowns of £9.0m from its Term Loan Facility. The Term Loan was repayable by 23 May 2029. Interest totalling £2,152,052 (2024: £535,141) has been charged to the Statement of Comprehensive Income during the year.
There are fixed and floating charges over all the property and undertakings of the Company.
| Bank loans | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 30,891,276 | 25,430,565 |
The carrying values of the Company’s financial assets and liabilities are summarised by category below:
| 2025 | 2024 | ||
| £ | £ | ||
| Financial liabilities | |||
| Measured at fair value and designated in an effective hedging relationship | |||
| Derivative financial liabilities (note 18) | (
|
(
|
The Company uses derivative financial instruments to limit the effect of floating rate interest rate movements. The fair value is determined by mark-to-market valuations provided by the issuing financial institution.
| Due within one year | Due after one year | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Liabilities | |||||||
| Interest rate swaps | (
|
(
|
|
|
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 2,518,573 | 2,518,573 |
Commitments
As at 31 December 2025 the Company had contracted to purchase software amounting to £Nil (2024: £84,897).
**Commitments under operating leases**
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Within one year |
|
|
|
| Between one and five years |
|
|
|
| After five years |
|
|
|
|
|
|
Operating leases primarily relate to vehicles, computer and property.
Pensions
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £208,837 (2024: £259,889). Contributions totaling £45,927 (2024: £52,896) were payable to the fund at the reporting date and are included in creditors.
The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.
The directors of the Company are deemed to be the key personnel of the Company as defined in Section 33 of FRS 102. Directors' remuneration paid during the current financial year was £532,575 (2024: £535,653).
**Transactions with directors**
During the year, the Company maintained a loan account with the directors. The loan accrues interest at 1.0% per annum and is repayable on demand. At the year end, the amount owed by the Directors to the Company is £69,358 (2024: £68,698).
**Transactions with related companies**
Purchases totalling £Nil (2024: £24,840) were made from companies controlled by directors of the Group. At the year end, no amounts were owed (2024: £Nil).
On 16 March 2026 and 18 March 2026 Wildanet Limited, also entered into change requests with BDUK that descoped its remaining build on 2 contracts covering southwest Cornwall (Lot 32.02) and central Cornwall (Lot 32.03) respectively. Wildanet had delivered around 13,200 premises under these contracts but descoped the remaining 7,700 contracted premises. The contracts with BDUK remain in place and transition from their build phase into their operational phase.
On 23 April 2026 Wildanet Limited entered into an amendment agreement with its senior lenders to extend the maturity date to 24 May 2030, reduce the overall interest cost on a tranche of its Term Loan and convert its revolving credit facility into a Term Loan Facility. Concurrently, on 23 April 2026, Wildanet Midco 1 Limited, a parent of the Company, entered into an agreement for further funding with the Gresham House British Sustainable Infrastructure Fund III LP for continued funding of capital and operating expenditure.
The immediate parent undertaking is Wildanet Midco 2 Limited.
The ultimate parent and the largest and smallest group financial statements that consolidate this Company is Wildanet Holdco Limited. These accounts are available to the public from Westbourne House, West Street, Liskeard, Cornwall, United Kingdom, PL14 6BT.
The ultimate controlling party is Gresham House Investment Management (Guernsey) Limited (as general partner for the funds ultimately holding majority ownership of the Company) which are referred to along with other Gresham House companies and funds, in these accounts for simplicity as Gresham House Sustainable Infrastructure strategy.