S4B 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

Standalone (parent only)

Abridged

Yes — abridged accounts (limited disclosure)

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.”

Significant events

• “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.”
• “As a result of the withdrawal of the underlying rating, several breaches of the Senior Finance Documents occurred which creates a risk to the bond being recalled by the lender. As at date of signing, the bond has not been recalled. However, the event of default exists as no waiver has been received. A draft waiver has been agreed in principle by all parties, including the lender, and is expected to be signed after the approval date of the financial statements.”

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%

  -£11,691,000 → -£11,292,000

• Employees

  —

  Not reported

• Operating profit

  +574.4%

  £82,000 → £553,000

• 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