The director presents the strategic report for the period ended 31 December 2025.
Truespeed Holdings Limited was incorporated on 23 May 2025 as part of a new group to combine Truespeed Communications Limited with County Broadband Limited, bringing both entities under common ownership. The combination forms part of a wider strategy to build scale within the UK full-fibre broadband market and to realise operational and commercial synergies across the enlarged group. The director considers that bringing the two networks under common ownership strengthens the company's competitive position, expands its addressable footprint, and supports the long-term growth and sustainability of the business.
As shown in the profit and loss account on page 8, the group's revenue was £2,540,256.
The operating loss was £3,532,306 for the period to 31 December 2025.
At 31 December 2025 the group had net assets of £33,834,168 as shown by the balance sheet on page 10.
The results and financial position are in line with the group's business plan. The group continues to receive the support of its financiers. Refer to Note 17 for details of borrowings.
The group operates in a highly competitive market which is a continuing risk to the group and could result in losing sales to its key competitors. The group manages this risk by focusing on quality of service.
The group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The group does not use derivative financial instruments for speculative purposes.
Cash flow risk
The group's activities expose it to the financial risks of changes in foreign currency exchange rates. The group does not actively manage foreign currency exposure.
Credit Risk
The group's principal financial assets are cash, and trade and other receivables.
The group's credit risk is primarily attributed to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables.
The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long term equity and medium term debt finance.
On behalf of the board
The director presents his annual report and financial statements for the period ended 31 December 2025.
The results for the period are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
The director who held office during the period and up to the date of signature of the financial statements was as follows:
UHY Hacker Young were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
The group continues to see significant growth in customer connections on its full fibre network in line with its business plan. The director is satisfied with progress to date, notwithstanding the loss sustained in the period to 31 December 2025 of £7,869,723 and the net current liabilities at 31 December 2025 of £13,254,611.
Net current liabilities includes £1,922,000 of loan note holder loans. The net assets also includes gross borrowings of £205,856,934 from Aviva Investors Infrastructure Income No. 6 Limited which is the parent undertaking of the group. It also includes associated accrued loan interest of £8,985,186.
The director has prepared a detailed business plan and rolling cash flow forecasts. The group (as part of the new Freedom Truespeed Group) has secured shareholder funding which will fund the operations of the group to the point that it is expected to become cash generative. On this basis the director has concluded that the group will be able to meet its liabilities as they fall due for the foreseeable future and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.
Demand for gigabit-capable broadband services continues to increase, driven by higher-quality video streaming, more connected devices per home, and new use cases such as Cloud services, smart-home devices, and gaming.
Subsequent to the year end, the group combined with the Freedom Holdco 1 Limited group, a further full-fibre broadband provider, to create the Freedom Truespeed Group. This transaction further extends the group's network reach and customer base, and is consistent with the directors' strategy of consolidation within the sector. As the combination occurred after the reporting date, it is treated as a non-adjusting post balance sheet event and has had no impact on the amounts recognised in these financial statements.
United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Truespeed Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director 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 director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the group and parent company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent company, including the Companies Act 2006;
we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group and parent company's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £54,369.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Truespeed Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 80 Fenchurch Street, London, EC3M 4AE.
The group consists of Truespeed Holdings Limited and all of its subsidiaries.
The parent company was incorporated on 23 May 2025. The reporting period is from 23 May 2025 to 31 December 2025.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Truespeed Holdings 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 director has a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The group continues to see significant growth in customer connections on its full fibre network in line with its business plan. The director is satisfied with progress to date, notwithstanding the loss sustained in the period to 31 December 2025 of £7,869,723 and the net current liabilities at 31 December 2025 of £13,254,611.
Net current liabilities includes £1,922,000 of loan note holder loans. The net assets also includes gross borrowings of £205,856,934 from Aviva Investors Infrastructure Income No. 6 Limited which is the parent undertaking of the group. It also includes associated accrued loan interest of £8,985,186.
The director has prepared a detailed business plan and rolling cash flow forecasts. The group (as part of the new Freedom Truespeed Group) has secured shareholder funding which will fund the operations of the group to the point that it is expected to become cash generative. On this basis the director has concluded that the group will be able to meet its liabilities as they fall due for the foreseeable future and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.
Demand for gigabit-capable broadband services continues to increase, driven by higher-quality video streaming, more connected devices per home, and new use cases such as Cloud services, smart-home devices, and gaming.
Revenue comprises sales of 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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
The component parts of compound instruments issued by the group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
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 costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’s accounting policies, the director is 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.
The group continues to see significant growth in customer connections on its full fibre network in line with its business plan. The director is satisfied with progress to date, notwithstanding the loss sustained in the period to 31 December 2025 of £7,869,723 and the net current liabilities at 31 December 2025 of £13,254,611.
The director has prepared a detailed business plan and rolling cash flow forecasts. The group (as part of the new Freedom Truespeed Group) has secured shareholder funding which will fund the operations of the group to the point that it is expected to become cash generative. On this basis the director has concluded that the group will be able to meet its liabilities as they fall due for the foreseeable future and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.
Demand for gigabit-capable broadband services continues to increase, driven by higher-quality video streaming, more connected devices per home, and new use cases such as Cloud services, smart-home devices, and gaming.
As set out in the notes to these financial statements the group has invested in a number of subsidiaries during the current period which created significant cost of goodwill in the group balance sheet.
Management considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires the estimation of the future cash flows of the CGUs and also selection of an appropriate discount rate in order to calculate the net present value of those cash flows. This involves significant judgement and estimation.
The director is required to determine the fair value of the consideration paid and the assets acquired as part of business combinations and hence the value of goodwill; they are also required to estimate the useful economic life of the goodwill in order to determine appropriate amortisation rates. Both the initial fair values and the assessment of the goodwill's useful economic life require significant assumptions to be made. Changes in these underlying assumptions could have a significant impact on the carrying value.
Should management's assessment of useful life of goodwill shorten then amortisation charges in the financial statements would increase and carrying amounts of intangible fixed assets would reduce accordingly.
Management has decided to pause its build programme of its Network until further funding is secured. As a result, management has assessed that this constitutes a potential indicator of impairment for the group's fibre network. To determine whether impairment was required on the Network as a whole, the expected value in use was calculated using projections on a discounted cash flow basis. As the Net Present Value of the Network exceeded the carrying value of the assets, no impairment was deemed necessary.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending in a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
The group has capitalised £1,155,267 of internally generated software development costs. The director believes that the technical, commercial and financial feasibility can be demonstrated.
The costs are being amortised over 4 years.
The assessment of technical, commercial and financial feasibility involves significant judgement. The choice of useful economic life also includes significant judgement and the choice of life can have a significant effect on the company's results.
The group has approximately £8 million of tax losses carried forward. A deferred tax asset has not been recognised in the financial statements because there is currently insufficient certainty on the reversal of the asset.
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
During the period the company and its parent Aviva Investors Infrastructure Income No. 6 Limited made an offer to legacy shareholders in Truespeed Communications Limited to acquire the shares not owned by Aviva Investors Infrastructure Income No. 6 Limited. This consisted of £5.1m paid by Aviva Investors Infrastructure Income No. 6 Limited and loan notes issued by the company of £10.0m. Subsequently Aviva Investors Infrastructure Income No. 6 Limited transferred its interest in Truespeed Communications Limited to the company via a "permitted transfer". No cost was recorded.
The company's interest in Truespeed Communications Limited was subsequently transferred to its subsidiary Truespeed Communications Group Limited via a share for share exchange.
Details of the company's subsidiaries at 31 December 2025 are as follows:
The registered office of Truespeed Communications Group Limited is 80 Fenchurch Street, London, EC3M 4AE.
The registered office of Truespeed Communications Limited is Pinesgate East, Lower Bristol Road, Bath, BA2 3DP.
The registered office of County Broadband Limited is Old Bourchiers Hall, New Road, Aldham, Colchester, Essex, CO6 3QU.
Included within other creditors are loans totalling £1,922,000 from certain holders of the loan notes issued in the period.
Included within accruals, is accrued interest payable of £8,985,186 on the Aviva Investors Infrastructure Income No. 6 Limited loan.
In the current period, as part of the group reorganisation, the loan note holder loans and accrued interest payable balances were transferred from Truespeed Communications Limited via Truespeed Communications Group Limited.
In the current period, as part of the group reorganisation, the other borrowings relating to finance from Aviva Investors Infrastructure Income No. 6 Limited were transferred from Truespeed Communications Limited via Truespeed Communications Group Limited.
The company has access to an existing facility with Avivia Investors Infrastructure Income No. 6 Limited. The overall facilities agreed are up to £175 million with a fixed interest rate of 8.75% to 9.25% per annum.
Repayments amounts will be based on "excess cash" determined in accordance with the criteria set out in the loan facility.
The loan is secured against the assets of the group.
See note 17 for details of borrowings.
The convertible loan notes were part of the consideration that Truespeed Holdings offered to acquire the remaining shareholding of Truespeed Communications Limited from the minority shareholders.
Total consideration of £15,147,859 of the shares acquired in Truespeed Communications Limited was split between £5,135,487 of cash and £10,012,372 of loan notes.
The loan note value is set at £2.26 as the loans are not interest-bearing for a period of 18 months and the 26 pence represents the period of 18 months accrued interest at the rate of 8.75% based on an initial value of the loan note being £2 per share in Truespeed Communications Limited acquired.
The loan notes cannot be redeemed, or converted into equity, for a period of 6 months.
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.
At the period end, there were outstanding contributions of £114,263.
On incorporation, the company issued 1,000 Ordinary class £1 shares at par value.
On 4 November 2025, the group acquired 80% of the issued share capital of Truespeed Communications Limited for consideration of £63,247,846.
On 3 December 2025 the group acquired 80% percent of the issued capital of County Broadband Limited for consideration of £15,811,961.
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:
Amounts contracted for but not provided in the financial statements:
Group
During the period, the group incurred interest payable of £366,472 to County Broadband Holdings Limited, the 20% minority shareholder of the group. At the period end, the group owed £56,665,499 to County Broadband Holdings Limited. Of this balance, £764,658 is included in other creditors within creditors: amounts falling due within one year and £55,900,841 is included in other borrowings within creditors: amounts falling due after more than one year.
During the period, the group received finance from Aviva Investors Infrastructure Income No.6 Limited as detailed in note 16. Aviva Investors Infrastructure Income No. 6 Limited owns 100% of shares in Truespeed Holdings Limited. At the period end, the group owed £205,856,934 to Aviva Investors Infrastructure Income No.6 Limited. Interest of £5,697,487 was incurred during the period of which £nil was paid during the period.
Company
During the period, the company received interest of £1,379,047 from Truespeed Communications Group Limited, its subsidiary company. At the period end, the company was owed £231,857,610 by Truespeed Communications Group Limited. Also at the period end, the company owed £1,000 to Truespeed Communications Group Limited.
Also during the period, the company received interest of £4,318,440 from Truespeed Communications Limited, its subsidiary company.
Subsequent to the year end, the group combined with the Freedom Holdco 1 Limited group, a further full-fibre broadband provider, to create the Freedom Truespeed Group. This transaction further extends the group's network reach and customer base, and is consistent with the directors' strategy of consolidation within the sector. As the combination occurred after the reporting date, it is treated as a non-adjusting post balance sheet event and has had no impact on the amounts recognised in these financial statements.