VIRGIN MOBILE TELECOMS LIMITED

1. VIRGIN MOBILE TELECOMS LIMITED 1999-08-25 → present
2. JV NEWCO LIMITED 1999-01-29 → 1999-08-25

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate for the following reasons: It is not VMED O2's practice to prepare forecasts and projections for individual entities that are wholly-owned by the group, as operational and financial management is undertaken at a group level. Treasury operations and cash management for all of VMED O2's wholly-owned subsidiaries are managed on a group basis. As part of normal business practices, regular cash flow forecasts for both short and long term commitments are undertaken at the group level. Forecasts and projections which take into account of reasonably possible downsides in trading performance, prepared for the group as a whole, indicate that cash on hand, together with cash from operations and the revolving credit facility, are expected to be sufficient for the group and hence the Company's cash requirements through to at least 12 months from the approval of these financial statements. The group has indicated its intention to continue to make such funds available to the Company as are needed. In addition, VMED O2 UK Limited has formally indicated, through a letter of intent, its intention to support the Company financially for at least this period. Whilst the detailed cash flow forecasts are prepared at the group level, the directors have also assessed the position of the Company. This assessment indicates that, taking account of reasonably possible downsides, the Company will have sufficient resources, through funding from fellow subsidiary companies, to meet its liabilities as they fall due for that period. As with any Company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements and have prepared the financial statements on a going concern basis.”

Significant events

• “In January 2023, it was announced that Virgin Mobile customers would migrate to 02 plans (serviced by Telefonica UK Limited, a fellow related-party group undertaking) by the end of the year, with VMED O2 simplifying the group's mobile offerings. Migrations started in Q1 2023 and completed in Q4 2023. From 31 August 2023, no new contracts were offered, nor any handset sales made through the Company. While existing customers are now on 02 plans with associated services such as billing and cash collection similarly performed by 02, the existing customers remain contracted to Virgin Mobile Telecoms Limited. Accordingly all revenue and expenses for this trade still belong to and are accounted for by the Company, albeit are now recognised via intercompany from the point of migration.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

10

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -38.6%

  £381,974,000 → £234,367,000

• Cash

  -17.9%

  £419,000 → £344,000

• Net assets

  +13.5%

  £425,406,000 → £483,032,000

• Employees

  —

  Not reported

• Operating profit

  +180.4%

  £26,585,000 → £74,538,000

• Profit before tax

  +372.8%

  £12,481,000 → £59,005,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers