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Registered number:
FOR THE YEAR ENDED 31 MAY 2026
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NANO FIBRE UK LIMITED
COMPANY INFORMATION
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NANO FIBRE UK LIMITED
CONTENTS
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NANO FIBRE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2026
Nano Fibre UK Limited (“the Company”) presents its strategic report for the year ended 31 May 2026. The report provides a fair review of the business, an analysis of performance using financial and other key performance indicators, and outlines the principal risks and uncertainties facing the Company.
The Company continued to operate as a specialist provider of telecommunications infrastructure and engineering services across the United Kingdom. During the year, the business strengthened its market position through continued growth in installation and civil engineering activities, supported by long-term customer relationships and increased operational capacity.
Turnover increased to £24,124,352 (2025: £21,934,414), representing growth of approximately 10.0%. The increase in turnover was accompanied by an improvement in gross profit, which increased to £7,411,353 (2025: £5,589,448). The gross profit margin increased to 30.7% (2025: 25.5%). Other operating income increased to £74,891 (2025: £46,763), including insurance claims receivable, royalty income and recoveries. Operating profit increased to £1,984,766 (2025: £384,601). After interest receivable of £3,411 and interest payable of £348,895, profit before tax was £1,639,282 (2025: £144,758). The Company recognised a deferred tax charge of £441,950 (2025: credit of £313,072), resulting in a profit for the year of £1,197,332 (2025: £457,830). The directors consider the overall financial performance for the year to be positive, with improved turnover, gross margin and operating profitability compared with the prior year.
The directors continually assess the principal risks affecting the business and implement appropriate controls to mitigate those risks.
The principal risks facing the Company include: • Market risk – changes in demand within the telecommunications infrastructure sector and broader economic conditions. • Operational risk – maintaining service quality, operational efficiency and health and safety standards whilst supporting continued growth. • Credit risk – exposure to customer default, managed through ongoing credit assessments and monitoring of receivable balances. • Liquidity risk – maintaining adequate working capital and funding to support operations and meet financial obligations as they fall due. • Regulatory and compliance risk – ensuring continued compliance with telecommunications, employment, health and safety, environmental and data protection legislation. The directors regularly review financial performance, cash flow forecasts and operational metrics to ensure these risks remain appropriately managed.
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NANO FIBRE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2026
The directors monitor a range of financial measures to assess the Company's performance and financial position, including:
• Revenue - £24.12m (2025: £21.93m) • Revenue growth – 10% (2025: 121%) • Gross margin – 30.7% (2025: 25.5%) • Operating margin – 8.2% (2025: 1.8%) • Current ratio – 0.69 (2025: 0.70) • Employee growth – 4.4% (2025: 86.4%) These indicators demonstrate continued revenue growth, improved profitability, strengthened margins, prudent liquidity management and ongoing investment in the Company's workforce.
In addition to financial performance, the directors monitor several operational measures which support the long-term success of the business:
• Continued investment in employee training, development and professional competence; • Maintaining high standards of health, safety and regulatory compliance; • Improving operational efficiency through investment in equipment and technology; • Promoting employee engagement, diversity and equal opportunities throughout the organisation; and • Supporting sustainable business practices through responsible resource management and environmental awareness. The directors believe these measures contribute to the Company's long-term resilience and ability to deliver sustainable growth.
This report was approved by the board and signed on its behalf.
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NANO FIBRE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2026
The directors present their report and the financial statements for the year ended 31 May 2026.
The principal activity of the Company is the provision of telecommunications infrastructure services, including wireless telecommunications activities and engineering consultancy. The financial statements have been prepared in Pounds Sterling, being the functional currency of the Company. Monetary amounts are rounded to the nearest Pound.
The profit for the year, after taxation, amounted to £1,197,332 (2025 - £457,830).
Full details of the balance sheet, results of operations and cash flow of the company are set out in these financial statements.
During the year, the Company completed the redemption of the Redeemable Investors Share in accordance with the Shareholders' Agreement. As part of the year-end review, the directors reassessed the calculation of the preference dividend accrual recognised in prior periods. It was determined that the previous accrual exceeded the total return payable under the terms of the Shareholders' Agreement. Accordingly, the excess accrual was reversed during the year, resulting in a credit of £623,741 to retained earnings. Following this adjustment and the redemption of the investment, no dividend liability remained outstanding at 31 May 2026. Purchase and cancellation of shares During the year the Company redeemed and cancelled one Redeemable Investors Share with a nominal value of £500,000 in accordance with the relevant shareholder agreements. The Company also issued 500 ordinary shares of £1 each during the year. Further details of movements in share capital are set out in Note 12 to the financial statements.
The directors who served during the year and to date of this report were:
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NANO FIBRE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2026
The principal risks facing the Company include:
• Fluctuations in activity levels within the telecommunications sector; • Maintaining operational capacity whilst delivering high-quality services; • Customer credit risk; • Liquidity and working capital management; • Compliance with applicable legal and regulatory requirements. The Board reviews these risks regularly and maintains appropriate financial and operational controls designed to mitigate their potential impact.
Going Concern
The financial statements have been prepared on the going concern basis. The directors have considered the Company's current financial position, forecast cash flows, available funding facilities and future trading prospects. Based on this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing the financial statements.
The directors intend to continue expanding the Company's telecommunications infrastructure and engineering operations across the United Kingdom. Investment will remain focused on operational capability, skilled personnel, customer relationships and the delivery of high-quality engineering services to support sustainable long-term growth.
The Company continues to invest in improving operational processes, engineering methodologies and technical capabilities where appropriate to support efficiency and service delivery.
The directors recognise that employees are fundamental to the continued success of the business.
The Company remains committed to providing a safe working environment, promoting equal opportunities and investing in employee development through ongoing training and professional development. Regular communication with employees encourages engagement and supports the achievement of the Company's strategic objectives.
The Company seeks to maintain strong and collaborative relationships with its customers, suppliers and other stakeholders. The directors recognise that long-term business success depends upon maintaining these relationships through fair dealing, open communication and high standards of service delivery.
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NANO FIBRE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2026
There have been no material events since the reporting date requiring adjustment to, or disclosure in, these financial statements.
Under section 487(2) of the Companies Act 2006, Clive Owen LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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NANO FIBRE UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2026
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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NANO FIBRE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NANO FIBRE UK LIMITED
We have audited the financial statements of NANO FIBRE UK LIMITED (the 'Company') for the year ended 31 May 2026, which comprise the Statement of comprehensive income, the Analysis of net debt, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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NANO FIBRE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NANO FIBRE UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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NANO FIBRE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NANO FIBRE UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We undertake the following procedures to identify and respond to these risks of non-compliance: • Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, health & safety, and employment law. • Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance. • Review of board minutes and correspondence relevant to the audit. • Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed. • Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in Note 3. • Identifying and testing unusual journal entries, with a particular focus on manual journal entries. Through these procedures, we did not become aware of actual or suspected non-compliance. We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. 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. 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 concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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NANO FIBRE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NANO FIBRE UK LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants & Statutory Auditors
Oak Tree House, Harwood Road
Northminster Business Park
England
YO26 6QU
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NANO FIBRE UK LIMITED
REGISTERED NUMBER: 10174559
BALANCE SHEET
AS AT 31 MAY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 36 form part of these financial statements.
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NANO FIBRE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2026
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NANO FIBRE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2026
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NANO FIBRE UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2026
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NANO FIBRE UK LIMITED
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NANO FIBRE UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2026
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
Nano Fibre UK Limited is a private company limited by shares, incorporated and domiciled in England and Wales. The Company's registered office is The Granary, Lutterworth Road, Gilmorton, Lutterworth, Leicestershire, LE17 5NY.
The principal activity of the Company is the provision of telecommunications infrastructure services, including wireless telecommunications activities and engineering consultancy. The financial statements have been prepared in Pounds Sterling, being the functional currency of the Company. Monetary amounts are rounded to the nearest Pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.
The directors believe that the company has adequate financial resources to continue in operation for the foreseeable future and accordingly the financial statements have been prepared on a going concern basis. The directors have satisfied themselves that the company is in a sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements. The directors are not aware of any new material changes that may adversely impact the company. The directors are also not aware of any material non-compliance with statutory or regulatory requirements or of any pending changes to legislation which may affect the company.
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
2.Accounting policies (continued)
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
2.Accounting policies (continued)
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
2.Accounting policies (continued)
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Impairment
At each balance sheet date, the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. Right-of-use assets Right-of-use assets are recognised at the commencement date of a lease at cost, comprising the amount of the initial lease liability, any lease payments made at or before commencement, less any incentives received, plus any initial direct costs and estimated restoration costs. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset. Where a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects that a purchase option will be exercised, the asset is depreciated over its useful life. The right-of-use asset is reviewed for impairment in accordance with Section 27.
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
2.Accounting policies (continued)
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when 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 of the investment have been affected. For all other financial assets, objective evidence of impairment could include: • significant financial difficulty of the issuer or counterparty; or • breach of contract, such as a default or delinquency in interest or principal payments; or • it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or • the disappearance of an active market for that financial asset because of financial difficulties. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
2.Accounting policies (continued)
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
In the application of the company's accounting policies, which are described in 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Significant judgements in applying the company's accounting policies In preparing these financial statements the directors do not consider there were any significant area of judgement that were required in applying the company's accounting policies as set out in note 2. Key sources of estimation uncertainty Estimates included within these financial statements include depreciation and amortisation charges and asset impairments such as provisions against debtors and stock. None of these estimates are considered to carry significant estimation uncertainty, or to bear significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year.
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
The company has entered into a number of hire purchase and finance lease agreements in respect of commercial vehicles and specialist access equipment. These agreements are secured on the underlying assets, with legal title remaining with the finance providers until all contractual payments have been made in full.
The secured liabilities are repayable by fixed monthly instalments over the terms of the respective agreements. At the reporting date, the remaining repayment periods range up to five years. Interest charges are fixed and are included within the contractual monthly repayments. The secured liabilities are analysed between amounts due within one year and amounts due after more than one year and are shown within creditors in the balance sheet. The detailed movement and reconciliation of these balances are supported by the finance lease schedule. Unsecured loan (Related Party) Included within other loans is an unsecured loan of £1,663,055 (2025: £1,000,000) from Advencap Fibre Partnership 1LP. The loan bears interest in accordance with the terms of the loan agreement (15.5% per annum) and is repayable in accordance with the agreed contractual terms. No security has been provided in respect of the loan. Include in other creditors above are amounts payable to related parties amounting to £Nil (2025: £22,700) (see note 28).
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
The company has entered into a number of hire purchase and finance lease agreements in respect of commercial vehicles and specialist access equipment. These agreements are secured on the underlying assets, with legal title remaining with the finance providers until all contractual payments have been made in full.
The secured liabilities are repayable by fixed monthly instalments over the terms of the respective agreements. At the reporting date, the remaining repayment periods range up to five years. Interest charges are fixed and are included within the contractual monthly repayments. The secured liabilities are analysed between amounts due within one year and amounts due after more than one year and are shown within creditors in the balance sheet. The detailed movement and reconciliation of these balances are supported by the finance lease schedule.
Page 28
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
10.Deferred taxation (continued)
Page 29
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
Page 30
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
Profit and loss account
Page 31
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
Page 32
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
Page 33
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
Page 34
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
During the year, the directors identified that the preference dividend provision recognised in the prior year financial statements had been overstated. Following a review of the terms of the preference share arrangements, it was determined that the amount of preference dividend accrued in respect of the prior periods exceeded the amount required under the relevant agreement.
The prior year financial statements have therefore been restated to correct the preference dividend accrual. The adjustment reduced the opening preference dividend balance by £266,427 and reduced the preference dividend accrued during the year by £357,314, resulting in a total reduction of £623,741 in the preference dividend balance. The adjustment was accounted for as a balance sheet adjustment and did not affect the profit or loss for the year. The corresponding reduction was recognised in equity, with the preference dividend liability reduced by £623,741. The prior year comparative amounts have been restated accordingly. Effect of the prior year adjustment Reduction in opening preference dividend balance (£266,427) Reduction in preference dividend accrued during the year (£357,314) Total prior year adjustment (£623,741)
The Company had no capital commitments at 31 May 2026 (2025: £Nil).
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NANO FIBRE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2026
In the opinion of the directors, no single shareholder has ultimate control of the company. While Mr Wilhelm Petrus Strumpher is the registered holder of the majority of the Redeemable Preference Shares, an informal understanding exists between Mr Strumpher and Mr Mostert to share the economic interest in those shares equally. Taking this into account, the directors consider that strategic and financial control is shared, and no individual is regarded as having dominant influence over the company.
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