The directors present their Strategic Report together with the audited financial statements for the period ended 31 December 2025.
The Flint Group ('Group') supports companies who face challenges from regulatory, policy and political change in national, European and international markets. We are experts in policy, politics, regulation and competition.
During 2025 the Group was pleased to announce the completion of the sale process to Cinven Limited. This is an important chapter in the Group’s history and marks the start of the next stage of maturity.
Throughout 2025, the Group delivered strong financial performance. The markets in which Flint operates are growing, as governments become ever more involved in the private sector and geopolitical uncertainty becomes more important to companies.
Flint has capitalised on those trends, by continuing to invest in hiring experts and developing our staff, ensuring we have a differentiated, high-quality proposition.
That competitive edge allowed us to grow overall trading Group revenue by 32.7%, including a significant increase in revenue from retainers.
New investments this year supported further expansion in European markets, with the opening of an office in Netherlands and continued investment in Germany.
Even with these new investments, a steady EBITDA margin has been maintained in the year. EBITDA for the 12 months ending 31 December 2025 was £13.9m (2024 overall: £9.6m).
During the year employee numbers increased and at the year-end we had 153 FTE (2024: 138).
During the period, cash generation continued to be strong, and the Group was able to pay down £4.0m of loan notes and accrued interest.
The directors consider earnings before interest, tax, depreciation and amortisation (EBITDA), turnover and employee numbers to be the principal measures of performance.
The trading Group results for the 12-month periods ending 31st December:
| 2025 | 2024 | 2023 |
Turnover | 45.5 | 34.3 | 31.6 |
EBITDA | 13.9 | 9.7 | 8.6 |
Employee numbers | 153 | 138 | 134 |
EBITDA is before one-off costs relating to legal and professional costs, costs of a discontinued service and deal-related costs.
These key performance indicators are managed through weekly and monthly reporting, covering all operations of the business. The partner group and Board review this information regularly in detail, including, revenue, costs, and profitability. As well as winning new clients we have seen strong retention of existing clients and organic revenue growth of many of them. We have a clear strategic plan for growth through the expansion of services in wider markets in 2026 and beyond.
The Group operates in competitive markets for the provision of consultancy services and for highly qualified and experienced people. The profitability of the Group depends upon matching the supply of high-quality staff to the needs of our clients. We ensure appropriate profitability by managing costs of retained staff against revenues and other costs on a weekly basis and seeking to ensure our cost base is covered by our recurring retainer revenues.
The wider contextual risk has been the evolving political and economic situation following the pandemic, inflation and heightened geopolitical tension, which creates uncertainties and could have an adverse impact on client demand across the consultancy sector. However, given our core expertise in political, regulatory, and competition advisory, we are not only attuned to these developments but actively support clients in responding to them on a daily basis. As a result, management considers Flint will see further opportunities to work with clients on these potentially difficult issues which will help the company to be relatively more resilient to these external risks. During our day-to-day operations, we face several other risks and uncertainties.
The Board considers the matters described below to be the other principal risks that currently face Flint and that could also affect the business, its results and the delivery of its long-term strategy.
Market risk
Economic uncertainties in many of the major markets could have an adverse impact on client demand and hence profitability and cash flow. We have sought to mitigate this risk by broadening the services we offer, increasing our geographic coverage and maintaining close weekly scrutiny of our performance metrics.
People and employees
High-quality staff are vital for our success and ensuring their recruitment, development, and retention addresses a key risk in the business. We strive to create a diverse, supportive, and positive working environment within the company. During early 2024 the Group introduced an annual staff survey, and the results were used to make Flint an even better place to work.
We are committed to providing a positive working environment for all our staff and supporting their professional development.
The Group is committed to employment policies which follow best practices and are based on equal opportunities for all employees, irrespective of sex, race, colour, disability or marital status.
Tracking and reporting on gender balance
Supporting staff networks and events
We have robust recruitment policies and performance appraisal processes that establish objectives and accountabilities.
We provide training and a positive workplace environment that is attractive to staff.
The Group gives full and fair consideration to applications for employment from disabled persons, having regard for their aptitude and abilities.
Reputational risk
Our reputation for excellence and integrity is central to our performance and brand. We are careful to consider reputational risk in all our commercial and management decision-making, including through consultation with our Ethics and Reputation Committee.
Liquidity risk
To maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group's senior management team in this period applied close scrutiny to revenues, payments and cash flow on a weekly basis.
Credit risk
The Group's principal financial assets are bank balances and cash, trade and other receivables.
The Group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
Foreign exchange currency exposure
The Group is exposed to currency exchange risk due to a proportion of its revenue and expenditure being denominated in euros. The Company monitors this exposure to maintain a natural hedge by ensuring that, as far as possible, the exposure on receivables is offset by the exposure on payables. There is additional exposure on other non-sterling currencies, but the transactional values are not significant, and the risk is considered low.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Saffery be reappointed as auditor of the group will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.
We have audited the financial statements of Project Spark Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group income statement, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial 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.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operate.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications with component auditors included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Project Spark Topco Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is The Met Building, 22 Percy Street, London, England, W1T 2BU.
The group consists of Project Spark Topco Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Project Spark Topco Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors, 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
At year end, the Group held goodwill of £33.5m. Impairment assessments on this balance requires the Board to make judgements about the future performance of group entities. The Board performs a formal assessment at each reporting date to determine if any impairment is required. That assessment applies judgements about the recoverable amounts, including in respect of the future growth of the business. The Board determined that no impairment goodwill was required based on forecasts.
The intercompany debtor balance is reviewed annually by management to determine if it's likely that the balances due to the parent from its subsidiaries are recoverable.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
No employees of the company (including directors) were remunerated during the period. Directors were remunerated by a fellow group undertaking during the period.
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Investments relate to equity received by Flint Ventures Limited in exchange for services rendered.
Investments in Project Spark Midco Limited are held directly. All other investments are held indirectly.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Included in other creditors are loan notes with a total value of £Nil (2024: £45,827,529). The loan notes were fully repaid as part of the acquisition by Fox UK Bidco Limited. Please see related party disclosure in note 24 for details of the principal terms.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The company adopted an EMI approved share option plan from 1 June 2022. The plan granted option holders EMI Options to acquire a total of 20,450,000 C1 class ordinary shares of £0.0001 each in the capital of the Company. At the year end no options remained outstanding as these were all exercised as part of the acquisition by Fox UK Bidco Limited.
The company granted unapproved options of 1,700,000 C1 class ordinary shares of £0.0001 each in the capital of the Company. At the year end no options remained outstanding as these were all exercised as part of the acquisition by Fox UK Bidco Limited.
A, B, C and D Ordinary shares hold full voting and dividend rights.
The Company re-purchased and subsequently cancelled 250,000 C ordinary shares of £0.0001 each in the Company during 2024.
The Company issued a further 17,000,000 C ordinary shares of £0.0001 each in the Company during 2025, at an issue price of £0.024398 per share.
On 14 December 2022, Project Spark Topco Limited provided a guarantee and debenture to National Westminster Bank PLC. The guarantee and debenture were secured by fixed and floating charges over the assets of the companies within the group, which was fully discharged before year end.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The Group has taken the exemption detailed in Section 33 of FRS 102 "Related Party Disclosures" to not disclose details of transactions undertaken between companies within a wholly owned group.
During the period to 31 December 2022, the Group received a loan from Growth Capital Partners Fund V LP, a connected entity. The total value of the loan was £31,900,000 and at this year end, the loan was fully repaid and nil amounts remain outstanding (2024: £21,946,020) (included within other creditors in note 17). The interest rate attached to these loan notes is 8% and the interest expense incurred on the loan during the year was £1,682,737 (2024: £1,903,998) and £Nil (2024: £727,284) was outstanding as at the balance sheet date.
During the year to 31 December 2023, the Group received a PIK note from Growth Capital Partners Nominees Limited, a connected entity. The total value of the PIK note was £980,961. During the period to 31
December 2024, the company received a further PIK note from Growth Capital Partners Nominees Limited. The total value of the PIK note was £952,000. At this period end, the loan was fully repaid and nil amounts remain outstanding. (2024: £1,932,690).
During the period to 31 December 2022, the Group received a loan from connected investors. The total value of the loan was £23,750,000 and at the year end, the loan was fully repaid and nil amounts remain outstanding (2024: £21,948,819 ) (included within other creditors in note 17). The interest rate attached to these loan noted is 6% and the interest expense incurred on the loan during the year was £1,259,085 (2024: £1,426,993) and £Nil (2024: £1,378,039) was outstanding as at the balance sheet date.
Following the acquisition of Project Spark Topco, an intercompany creditor balance arose with Fox UK Bidco Limited, a fellow group undertaking. As part of the acquisition process, Fox UK Bidco Limited settled all outstanding external loan notes on behalf of the Project Spark Topco group.
As a result, an amount equivalent to the loan notes settled, £42,447,809, is now payable by the Group to Fox UK Bidco Limited and is included within other creditors in note 16.
During the year, directors of Flint Europe Ltd have received fees from other group companies. In the accounts of Flint Europe SRL are consultant fees payable to Soluzione Settembrini SPRL, a company controlled by Gregor Kreuzhuber. The profit and loss account includes fees payable to Soluzione Settembrini SPRL of £251,994 (2024 - £248,957) and at the year end there were unpaid fees of £23,598 (2024 - £22,934) which are included in trade creditors.