PYRAMID SCHOOLS (HADLEY) LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1.2 in the financial statements concerning the company's ability to continue as a going concern, arising from events of default under the combined Construction and Facilities Management contract, Project Agreement and Credit Agreement. This default under the Project Agreement gives Telford and Wrekin Council the right to cancel the contract as a result of the FM Provider failing to have an effective parent company guarantee in place due to the liquidation of Interserve Group Limited. In addition, the default under the Credit Agreement gives the lender the right to recall the senior debt currently on demand. As stated within note 1.2 of the financial statements, these events or conditions, along with other matters as set forth, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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

  +16.4%

  £5,925,000 → £6,897,000

• Cash

  +22.3%

  £11,274,000 → £13,787,000

  highest in 3 filed years

• Net assets

  +32%

  £7,629,000 → £10,074,000

  highest in 3 filed years

• Employees

  —

  Not reported

• Operating profit

  -56.2%

  £665,000 → £291,000

• Profit before tax

  -15.1%

  £1,857,000 → £1,577,000

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.

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

“We draw attention to note 1.2 in the financial statements concerning the company's ability to continue as a going concern, arising from events of default under the combined Construction and Facilities Management contract, Project Agreement and Credit Agreement. This default under the Project Agreement gives Telford and Wrekin Council the right to cancel the contract as a result of the FM Provider failing to have an effective parent company guarantee in place due to the liquidation of Interserve Group Limited. In addition, the default under the Credit Agreement gives the lender the right to recall the senior debt currently on demand. As stated within note 1.2 of the financial statements, these events or conditions, along with other matters as set forth, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Significant events

• “On 5 October 2023 IGL appointed liquidators under a Creditors Voluntary Liquidation. IGL is a Major Project Party as it provides a PCG for Tilbury Douglas Construction Limited ("TDCL") in relation to the Construction and FM Contract (combined contract) between the Company and TDCL.”
• “As a result of IGL's liquidation, the combined Construction and FM Contract has become terminable. This insolvency event has also triggered a technical default in the Credit Agreement.”
• “The defect liability period expired on the construction of the project on 30 November 2023 therefore no new PCG will be required in relation to the construction obligations.”
• “The Company issued a Reservation of Rights letter to IGL and notice of this was issued to the lenders and Telford and Wrekin Council in October 2023 in respect of the technical default.”
• “From 5 October 2023 to the date of signing there has been no formal waiver put in place from the lenders relating to the EoD, and there is no evidence that Telford and Wrekin Council intends to terminate the Project Agreement.”
• “Due to the Event of Default referred to in accounting policy note 1.2, and with no waiver being received by the lenders at the signing date, the senior loan is classified as due within one year in the balance sheet.”

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

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

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