VERASTAR LIMITED

• ⚠

  Material uncertainty over going concern

  The group's latest forecasts indicate that an amendment or waiver of the EBITDA covenant is likely to be required from potentially as early as the end of October 2026 onwards. If the group is unable to obtain such waivers or secure a reset of the covenant, one possible outcome is that the lender may demand full repayment of the SFA, and the group does not have sufficient cash on hand to make this repayment, which would have consequences for the company as an Obligor. These conditions, along with the other matters explained in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.

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

• Turnover

  -7.5%

  £45,097,000 → £41,724,000

• Cash

  -33.2%

  £13,497,000 → £9,022,000

• Net assets

  -37%

  -£68,393,000 → -£93,697,000

• Employees

  -35.7%

  586 → 377

• Operating profit

  +75.9%

  -£45,587,000 → -£10,988,000

• Profit before tax

  +21.3%

  -£32,937,000 → -£25,936,000

• Wages

  -23.6%

  £19,214,000 → £14,686,000

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

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.

1. VERASTAR LIMITED 2015-10-09 → present
2. UNIVERSAL UTILITIES LIMITED 2011-04-07 → 2015-10-09
3. UNIVERSAL UTILITIES PUBLIC LIMITED COMPANY 2006-12-06 → 2011-04-07
4. UNIVERSAL UTILITIES LIMITED 1998-11-13 → 2006-12-06

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The group's latest forecasts indicate that an amendment or waiver of the EBITDA covenant is likely to be required from potentially as early as the end of October 2026 onwards. If the group is unable to obtain such waivers or secure a reset of the covenant, one possible outcome is that the lender may demand full repayment of the SFA, and the group does not have sufficient cash on hand to make this repayment, which would have consequences for the company as an Obligor. These conditions, along with the other matters explained in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.”

Group structure

1. VERASTAR LIMITED · parent
   1. Clear Business Water Limited 1% · United Kingdom
   2. Economy Gas Limited 1% · United Kingdom
   3. Sinq Power Limited 1% · United Kingdom
   4. TBO Services Limited 1% · United Kingdom
   5. LittleNLarge.com Limited 1% · United Kingdom
   6. Inspire Group Services Limited 1% · United Kingdom
   7. Inspire Merchant Services Limited 1% · United Kingdom
   8. Inspire Payment Services Limited 1% · United Kingdom

Significant events

• “During 2025, the company incurred exceptional costs of £7,171k (2024: £23,697k) including a loss of £4,414k on sale of assets. The company also had non-recurring administrative expenses of £1,646k relating to consultancy and advisor fees for financial restructuring and £1,099k in relation to operational restructuring and remuneration costs.”
• “Exceptional costs incurred during the year ended 30 April 2024 included £3,562k relating to consultancy and advisor fees for strategic projects and £1,631k in relation to restructuring and remuneration costs. The company also made a contribution of £18,503k to the employee benefit trust during 2024.”

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

1

last 12 months

Officers resigned

1

last 12 months

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