CONVERGENCE (GROUP NETWORKS) LIMITED

1. CONVERGENCE (GROUP NETWORKS) LIMITED 2005-12-15 → present
2. PEOPLE@WORK LIMITED 1999-07-28 → 2005-12-15

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 102

Reporting scope

Standalone (parent only)

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The company met its funding requirements during the year through a mixture of shareholders' funds, cash at Bank and an RCF bank facility. On 5th June 2025 Convergence (Group Networks) Limited also secured two additional bank loans to fund this acquisition. These new loans are repayable on 5th June 2028 and have financial covenant requirements. The RCF facility expired during the year and was paid in full. The director has prepared detailed financial forecasts for the period ended 31 March 2027, being the going concern period. The forecasts take into account reasonable possible sensitivities to trading performance, with due consideration to the economic environment, to risks regarding the timing and extent of cash flows and the impact on covenant compliance. More specifically, the director has tested various sensitivities regarding new business sales, customer churn rates and pay inflation. The company does also have access to a secured £3m overdraft facility should it be required. This overdraft has no expiry date and the bank may review the facility from time to time and at least annually. These forecasts show that the company has sufficient financial resources, to continue to operate for at least the going concern period. As such, the director considers it appropriate to adopt the going concern basis in preparing the financial statements.”

Group structure

1. CONVERGENCE (GROUP NETWORKS) LIMITED · parent
   1. Network First Limited 100% · England · Dormant
   2. Linchpin Networks Limited 100% · England · Provision of WAN network services
   3. Lan3 Ltd 100% · England · Provision of LAN network services
   4. AIT Partnership Group Ltd 100% · England · Provision of LAN network services
   5. Allfour Technologies Limited 100% · England · Provision of LAN network services

Significant events

• “On the 10 June 2025, Convergence (Group Networks) Limited acquired M247 UK Limited. M247 UK Limited brings £35m of predominantly WAN revenues (96% recurring), from approximately 2,000 customers, supported by circa 160 employees. As well as resell of third-party connectivity, M247 UK have a 130 strong Points of Presence wireless network. The business is Headquartered in Manchester.”

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

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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

• Turnover

  -11.7%

  £41,400,000 → £36,545,000

• Cash

  -43.8%

  £5,204,000 → £2,925,000

• Net assets

  +62.5%

  £5,531,000 → £8,987,000

• Employees

  -1.9%

  106 → 104

• Operating profit

  +1.8%

  £5,335,000 → £5,429,000

• Profit before tax

  +10.1%

  £4,833,000 → £5,323,000

• Wages

  +3.9%

  £5,577,000 → £5,792,000

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