INMARSAT NAVIGATION VENTURES LIMITED

• ⚠

  Annual accounts overdue

  Due 2026-03-31.

1. INMARSAT NAVIGATION VENTURES LIMITED 2006-11-21 → present
2. GALILEO VENTURES LIMITED 2003-08-07 → 2006-11-21

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)

Abridged

Yes — abridged accounts (limited disclosure)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In determining whether the Company's financial statements can be prepared on a going concern basis, the Directors' have considered all the factors likely to affect its future development, performance and its financial position. At 31 December 2023, the Company has positive net assets of $11.1m (2022: $10.3m) and generated a profit after tax of $0.8m for the year then ended (2022: $0.6m). The financial report has been prepared on the going concern basis. The Company has performed an assessment of whether the going concern assumption is appropriate in the light of current economic conditions and all available information about future risks and uncertainties. The Company is part of the Connect Bidco Limited Group ('Bidco'), ultimately owned by Viasat, Inc. from 30 May 2023 after the acquisition of the Inmarsat Group by Viasat Inc. The going concern review completed at the date of signing the Bidco accounts is set out within the Connect Bidco Limited 2023 annual report with relevant extract below. The Group has a robust and resilient business model, positive free cash flow generation, and is compliant with all banking covenants. As at 31 December 2023, the Group has $1,014.6m of liquid resources (Cash: $284.6m, short-term deposits: $30.0m, undrawn revolving credit facility (RCF): $700.0m) and a continued expectation that the Group will generate positive free cash flow and reduce leverage over the medium to long term. Subsequent to year end, the Group renegotiated the RCF which resulted in a downsize from $700m to $550m and extended 3 years with a new maturity date of 28 March 2027. As of 30 June 2024, there were no outstanding balances under the revolving credit facility. As at 30 June 2024, the Group has $1,231.2m of liquid resources (Cash: $681.2m, undrawn RCF: $550.0m). At the date of signing these financial statements the Directors of Inmarsat Navigation Ventures Ltd have considered all the factors impacting the Company and Bidco's business, including downside sensitivities. The Directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Based on the above, the Company continues to adopt the going concern basis in preparing the 2023 financial statements.”

Significant events

• “On 30 May 2023 Viasat, Inc. completed the acquisition of the Company which resulted in Viasat, Inc. acquiring control of the Group.”

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

  +8.3%

  £7,116,383 → £7,709,414

• Cash

  —

  Not reported

• Net assets

  +7.8%

  £7,635,285 → £8,228,317

• Employees

  —

  Not reported

• Operating profit

  +75%

  £296,516 → £518,903

• Profit before tax

  +37.5%

  £593,032 → £815,419

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