CB-SDG MIDCO LIMITED
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Next accounts due
2026-03-31
Overdue
Confirmation statement due
2026-06-29 (in 1mo)
Last made up 2025-06-15
Watchouts
Cash
£16M
+49% vs 2023
Net assets
-£11M
+90.9% vs 2023
Employees
430
-5.3% vs 2023
Profit before tax
£106M
+282.9% vs 2023
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Annual accounts overdue
Due 2026-03-31.
Net assets
2-year trend · vs Industrials median
Accounts
2-year trend · latest reflected 2024-03-31
| Metric | Trend | 2023-03-31 | 2024-03-31 |
|---|---|---|---|
| Turnover | £80,888,000 | £77,007,000 | |
| Operating profit | -£31,711,000 | -£31,900,000 | |
| Profit before tax | -£57,946,000 | £105,993,000 | |
| Net profit | -£58,032,000 | £106,073,000 | |
| Cash | £10,794,000 | £16,085,000 | |
| Total assets less current liabilities | £90,971,000 | £61,980,000 | |
| Net assets | -£119,702,000 | -£10,897,000 | |
| Equity | -£119,702,000 | -£10,897,000 | |
| Average employees | 454 | 430 | |
| Wages | £22,627,000 | £22,253,000 |
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
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-03-31 | 2024-03-31 |
|---|---|---|---|
| Operating margin | -39.2% | -41.4% | |
| Net margin | -71.7% | 137.7% | |
| Return on capital employed | -34.9% | -51.5% | |
| Current ratio | 2.07x | 1.65x | |
| Interest cover | -1.21x | -1.69x |
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.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- Grant Thornton UK LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“In determining the appropriate basis of preparation of the financial statements for the year ended 31 March 2024, the Board is required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future. The Board has concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, and sensitivities, as set out below. Accounting standards require that 'the foreseeable future' for going concern assessment covers a period of at least twelve months from the date of approval of these financial statements, although those standards do not specify how far beyond twelve months a Board should consider. In its going concern assessment, the Board has considered the period from the date of approval of these financial statements to 31 December 2025 which is more than twelve months from the date of approval of these financial statements ('the going concern period').”
Group structure
- CB-SDG MIDCO LIMITED · parent
- CB-SDG Limited 100%
- Six Degrees Holdings Limited 100%
- Six Degrees Technology Limited 100%
- Six Degrees Investments Limited 100%
- Six Degrees Property Limited 100%
- Six Degrees Technology Group Limited 100%
- BIS Limited 100%
- Carrenza B.V. 100%
- Convergent Network Solutions Limited 100%
- Convergent Holdings (London) Limited 100%
- C24 Ltd 100%
- Capital Support Group Limited 100%
- 04375903 Limited 100%
- Sunrise Associates Limited 100%
- Sunrise Group Holdings Limited 100%
- SKD 1 Limited 100%
- SKD 2 Limited 100%
- SKD 4 Limited 100%
- SKD 8 Limited 100%
- SKD 15 Limited 100%
- SKD 19 Limited 100%
- SKD 20 Limited 100%
- SKD 21 Limited 100%
Significant events
- “During the year, EBITDA has continued on a growth trajectory and has increased by £2.4m; however, this has been mainly achieved through cost-saving initiatives since revenue has further declined (by £3.9m) compared to prior year.”
- “The Group undertook a redundancy programme in FY24.”
- “Management has identified offshoring as a strategically viable option for Six Degrees as it allows the Group to maximise client experience and resourcing whilst operating within the limitation of its cost base.”
- “Critically, in FY24 the Group has undertaken a Capital Restructure, with the support of its stakeholders, to reset the level of external debt within the Group. This Capital Restructure has seen long term debt reduced to £100m, a reset of facility covenants and an injection of £10m of cash.”
- “The extinguishment of the previous debt has resulted in a credit to the profit and loss account of £124.0m in the current year and a fair valuation exercise of the new debt has also resulted in a credit to the profit and loss account of £32.7m.”
- “In June 2024, the Group CEO, Simon Crawley-Trice, informed the Board of his desire to leave the Group for personal reasons. Vince DeLuca joined the Group in June 2024 as CEO.”
- “The Group has continued to rationalise its property portfolio to reduce costs. In the current year, the Group exited its main head office space in London and relocated to a smaller office space that better aligns with current working styles and the business needs of the Group.”
- “Since the year end 04375903 Limited, a fixed asset investment, has been dissolved and a new company, 6DG US Inc, has been incorporated in Delaware, USA.”
- “In May 2024, the announcement was made that a second, and final, phase of offshoring and redundancies would occur in Q2 FY25.”
- “In FY25, the Group is looking to renew its existing Revolving Credit Facility of £15m beyond its current expiration date of April 2025. At the date of signing, these conversations are progressed, but an agreement is not yet finalised.”
- “After the year-end, the Group has been made aware that a compliance audit has been initiated in relation to a Service Provider Licence Agreement.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 12 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| MANUEL, David Colin | Secretary | 2024-12-20 | — | — |
| DELUCA, Vincent | Director | 2024-12-18 | Mar 1964 | American |
| MANUEL, David Colin | Director | 2022-05-11 | Oct 1969 | British |
| MCGUIRE, Mike | Director | 2022-03-29 | Dec 1987 | American |
Show 12 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| O'CONNOR, Caroline Sarah | Secretary | 2023-09-13 | 2024-12-19 |
| REDDING, Matthew | Secretary | 2019-10-28 | 2023-09-13 |
| CARROLL, Ryan | Director | 2015-06-16 | 2015-07-07 |
| CHAPMAN, Kirsty | Director | 2017-09-08 | 2018-03-06 |
| CHOE, Michael | Director | 2015-06-16 | 2015-07-07 |
| CRAWLEY-TRICE, Simon Richard | Director | 2021-05-12 | 2024-06-11 |
| HOWE, Adrian Trevor | Director | 2015-07-07 | 2016-10-07 |
| HOWSON, David Michael | Director | 2017-02-01 | 2021-05-12 |
| ING, Michael Andrew | Director | 2016-10-07 | 2017-09-08 |
| KARAOLIS, Stylianos | Director | 2021-12-15 | 2022-05-11 |
| MILLS, Alastair Richard | Director | 2015-07-07 | 2017-01-31 |
| MITCHELL, Steven Keith | Director | 2018-03-06 | 2021-12-23 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| 6dg Holdco Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2022-03-29 | Active |
| Cb-Sdg Holdco Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Ceased 2022-03-29 |
Filing timeline
Last 20 of 73 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-04-01 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2025-11-21 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-06-26 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-06-26 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2025-06-26 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2025-04-01 | SH19 | capital | Capital statement capital company with date currency figure | |
| 2025-04-01 | RESOLUTIONS | resolution | Resolution | |
| 2025-04-01 | CAP-SS | insolvency | Legacy | |
| 2025-04-01 | SH20 | capital | Legacy | |
| 2025-01-08 | AP03 | officers | Appoint person secretary company with name date | |
| 2025-01-08 | AP01 | officers | Appoint person director company with name date | |
| 2024-12-20 | TM02 | officers | Termination secretary company with name termination date | |
| 2024-12-17 | AA | accounts | Accounts with accounts type group | |
| 2024-06-26 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-06-17 | TM01 | officers | Termination director company with name termination date | |
| 2024-03-20 | AA | accounts | Accounts with accounts type group | |
| 2024-03-07 | SH01 | capital | Capital allotment shares | |
| 2023-09-26 | AP03 | officers | Appoint person secretary company with name date | |
| 2023-09-26 | TM02 | officers | Termination secretary company with name termination date | |
| 2023-06-29 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-04-14 | AAMD | accounts | Accounts amended with accounts type group |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 4
- Capital events
- 2
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.
Year-on-year
FY2023 → FY2024 · period ending 2024-03-31 vs 2023-03-31
-
Turnover
-4.8%
£80,888,000 £77,007,000
-
Cash
+49%
£10,794,000 £16,085,000
-
Net assets
+90.9%
-£119,702,000 -£10,897,000
-
Employees
-5.3%
454 430
-
Operating profit
-0.6%
-£31,711,000 -£31,900,000
-
Profit before tax
+282.9%
-£57,946,000 £105,993,000
-
Wages
-1.7%
£22,627,000 £22,253,000
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