AVANTI HYLAS 2 LIMITED

• ⚠

  Annual accounts overdue

  Due 2025-12-31.

• ⚠

  Material uncertainty over going concern

  The financial statements of Plate Newco 3 Limited included a material uncertainty related to going concern resulting from the uncertainty around securing an extension to the maturity of the Super Senior Facility, and, in the unlikely event that the debt is called, its ability to obtain alternative funding. This may have a direct impact on its ability to provide the required financial support to the Company and as a result this indicates that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern and therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

1. AVANTI HYLAS 2 LIMITED 2009-12-08 → present
2. AVANTI INDIGO LIMITED 2009-11-11 → 2009-12-08

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 Reduced Disclosure Framework

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The financial statements of Plate Newco 3 Limited included a material uncertainty related to going concern resulting from the uncertainty around securing an extension to the maturity of the Super Senior Facility, and, in the unlikely event that the debt is called, its ability to obtain alternative funding. This may have a direct impact on its ability to provide the required financial support to the Company and as a result this indicates that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern and therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.”

Group structure

1. AVANTI HYLAS 2 LIMITED · parent
   1. Avanti HYLAS 2 Cyprus Limited 100% · Cyprus · Satellite broadband services
   2. Avanti Communications Kenya Limited 99% · Kenya · Sales and marketing services
   3. Avanti HYLAS Services Limited 100% · Cyprus · Dormant
   4. Avanti Communications South Africa (Pty) Limited 100% · South Africa · Sales, marketing and ground earth station services
   5. Cyberdine Secure Internet Proprietary Limited 70% · South Africa · Ground earth station services
   6. Avanti HYLAS 2 Launch Services Limited 100% · Isle of Man · Dormant

Significant events

• “On 2 April 2024, the Super Senior Facility holder exercised a call option over the equity shares in an intermediate holding company of the Group, Plate Newco 3 Limited, which resulted in the acquisition of 100% of the shares of Plate Newco 3 Limited by Plate New Topco Limited, a company wholly owned and controlled by the Super Senior Facility holder. As a result, the sole Group debt provider is now also the 100% equity holder of the Group.”

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

Filings

4

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

  -6.2%

  £22,144,552 → £20,781,319

• Cash

  -59.8%

  £249,073 → £100,074

• Net assets

  -224.9%

  £29,020,015 → -£36,244,626

• Employees

  +18.6%

  140 → 166

• Operating profit

  +64.7%

  -£190,535,211 → -£67,169,755

• Profit before tax

  +67.4%

  -£209,875,463 → -£68,394,366

• Wages

  +35.1%

  £9,364,715 → £12,656,042

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