S4B (HOLDINGS) LIMITED

• ⚠

  Material uncertainty over going concern

  These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

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

Consolidated group

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.”

Group structure

1. S4B (HOLDINGS) LIMITED · parent
   1. S4B Limited 100% · England and Wales
   2. S4B (Issuer) PLC 100% · England and Wales

Significant events

• “In the previous financial year, two events of default arose due to ratios below the required levels in financial model submissions and the dissolution of S4B (Issuer) Plc, a group company. The waivers were granted for these instances of default in December 2024.”
• “On 2 May 2025, Moody's Ratings withdrew its Baa1 underlying rating on the Bonds issued by the Company. The withdrawal was due to the lack of audited accounts from Manchester City Council, a counterparty to S4B Limited under the Project Agreement.”

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

3

last 12 months

Officers resigned

4

last 12 months

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

• Turnover

  +12.5%

  £4,303,000 → £4,841,000

• Cash

  -3.1%

  £9,338,000 → £9,053,000

• Net assets

  +3.4%

  -£11,631,000 → -£11,232,000

• Employees

  —

  Not reported

• Operating profit

  +457.3%

  £103,000 → £574,000

• Profit before tax

  +293.7%

  -£271,000 → £525,000

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