GALILEO HOLDCO 2 LIMITED

• ⚠

  Material uncertainty over going concern

  As a consequence of the deterioration in trading performance, the forecast covenant breaches, the company subsidiary Galileo Global Technologies Limited's liquidity requirements and the implementation of the restructuring, the directors have determined, subsequent to the reporting date, that it is no longer appropriate for the Company to prepare its financial statements on a going concern basis. The financial statements have therefore been prepared on a basis other than going concern with assets written down to recoverable based on conditions that existed at the balance sheet date.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  +350%

  £5,980 → £26,912

  highest in 3 filed years

• Net assets

  —

  Not reported

• Employees

  —

  Not reported

• Operating profit

  +97.8%

  -£376,019 → -£8,223

• Profit before tax

  +30.4%

  -£42,474,396 → -£29,549,226

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 101

Reporting scope

Standalone (parent only)

Auditor

Moore Kingston Smith LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“As a consequence of the deterioration in trading performance, the forecast covenant breaches, the company subsidiary Galileo Global Technologies Limited's liquidity requirements and the implementation of the restructuring, the directors have determined, subsequent to the reporting date, that it is no longer appropriate for the Company to prepare its financial statements on a going concern basis. The financial statements have therefore been prepared on a basis other than going concern with assets written down to recoverable based on conditions that existed at the balance sheet date.”

Group structure

1. GALILEO HOLDCO 2 LIMITED · parent
   1. Galileo Global Technologies Limited 100% · United Kingdom · Subsidiary
   2. Galileo Technologies S.A. 100% · Argentina · Indirectly held subsidiary
   3. GNC Galileo Venezuela S.A. 100% · Venezuela · Indirectly held subsidiary
   4. Gaz Naturel Incorporated 100% · United States of America · Indirectly held subsidiary
   5. Comusa Incorporated 100% · United States of America · Indirectly held subsidiary
   6. Galileo Technologies Corporation 100% · United States of America · Indirectly held subsidiary
   7. Methax UK Limited 100% · United Kingdom · Indirectly held subsidiary
   8. Galileo Technologies SAS 100% · France · Indirectly held subsidiary
   9. Edge Europe Holdco Limited 100% · United Kingdom · Subsidiary
   10. Edge Holdco UK Limited 100% · United Kingdom · Subsidiary
   11. Edge International Holdings 2 inc 100% · United States of America · Indirectly held subsidiary
   12. Galileo Tecnologia Gas Limited 100% · Brazil · Indirectly held subsidiary

Significant events

• “On November 4, 2024, the Group sold its participation in EDGE. Following this assessment, the Company recognized a full impairment of its investment in subsidiary, amounting to US$ 6,422.”
• “Following the year end, the directors resolved to wind up the Company in an orderly and solvent manner.”
• “In August 2025, group management commenced negotiations with the bondholders of the group and presented a stabilisation plan indicating that an immediate liquidity injection of approximately $20 million was required. Following extensive negotiations, a consensual restructuring was agreed and has been implemented.”
• “On August 27, 2024 the Board of Directors of Galileo Holdco 2 held a meeting to consider the debt restructuring of the company, approving the novation of certain loan notes into shares.”
• “On August 08, 2024 Galileo Technologies Corporation (GTC), Galileo Holdco I Limited (GHI), Galileo Holdco 2 Limited (GH2), Galileo Guernsey Limited (GGL), Galileo Guernsey II Limited (GG2) and Galileo Global Technologies Limited (GGT) submitted an irrevocable offer to enter into a Separation and Release Agreement (the Agreement), which was accepted on the same date.”

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

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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