DRAGON (HOLDCO) LIMITED
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Cash
£1.9m
-36.1% lowest in 3 filed years
Net assets
-£143m
-60.8% lowest in 3 filed years
Employees
202
-1.5% vs 2024
Profit before tax
-£54m
-63% lowest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
3-year trend · vs Financials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £4,205,000 | £7,805,000 | £9,856,000 | +26.3% | |
| Operating profit | -£16,168,000 | -£16,326,000 | -£3,326,000 | +79.6% | |
| Profit before tax | -£27,030,000 | -£33,051,000 | -£53,876,000 | -63% | |
| Net profit | -£27,049,000 | -£33,067,000 | -£53,912,000 | -63% | |
| Cash | £12,549,000 | £3,043,000 | £1,943,000 | -36.1% | |
| Total assets less current liabilities | £110,772,000 | £102,844,000 | £94,677,000 | -7.9% | |
| Net assets | -£55,563,000 | -£88,615,000 | -£142,511,000 | -60.8% | |
| Equity | -£55,563,000 | -£88,615,000 | — | — | |
| Average employees | 200 | 205 | 202 | -1.5% | |
| Wages | £10,185,000 | £10,692,000 | £9,650,000 | -9.7% | |
| Directors' remuneration | £644,000 | £617,000 | £673,000 | +9.1% | |
| Directors' pension contributions | £42,000 | £32,000 | £33,000 | +3.1% | |
| Highest paid director | £326,000 | £301,000 | £365,000 | +21.3% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | — | — | -33.7% | |
| Return on capital employed | -14.6% | -15.9% | -3.5% | |
| Gearing (liabilities / total assets) | 145.0% | 129.2% | 239.7% | |
| Current ratio | 1.38x | 0.03x | 0.68x | |
| Interest cover | -1.48x | -0.97x | -0.16x |
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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. 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
“These financial statements have been prepared on a going concern basis. ... the directors have a reasonable expectation that the company and the group have adequate resources to continue as a going concern and operate within the level of their available funding for at least the next 12 months”
Group structure
- DRAGON (HOLDCO) LIMITED · parent
- Spectrum Fibre Holdco Limited 71%
- Spectrum Fibre Midco Limited 100%
- Spectrum Fibre Limited 100%
- Spectrum Internet Ltd 100%
- Ogi Networks Limited 100%
- Real Fibre Limited 100%
- Ogi Fibre Limited 100%
Significant events
- “Since the Statement of Financial Position date, the group has received a further £4,000k of funding from its principal investor and has drawn down a further £2,000k under its £45,000k facility with Cardiff Capital Region.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
2 active · 5 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| ATANASOV, Kamen Radostinov | Director | 2024-10-21 | Dec 1989 | British |
| VARMA, Mohit | Director | 2021-06-03 | Apr 1991 | British |
Show 5 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| LESCH, Michelle | Secretary | 2021-01-08 | 2023-11-15 |
| FERNANDES, Milton Anthony | Director | 2020-09-07 | 2020-10-28 |
| HARRAWAY, James Keith | Director | 2020-09-07 | 2023-06-07 |
| WEGENER, Giorgiana Elena | Director | 2023-06-07 | 2024-09-18 |
| XU, Xiang | Director | 2020-09-07 | 2021-06-03 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Dragon Slp Lp | Corporate entity | Shares 75–100%, Voting 75–100% | 2023-09-13 | Active |
| Infracapital Greenfield Partners Ii Subholdings (Sterling) Gp Llp | Corporate entity | Shares 25–50%, Voting 25–50% | 2020-09-07 | Ceased 2023-09-13 |
| Infracapital Greenfield Partners Ii Subholdings (Euro) Gp Llp | Corporate entity | Shares 50–75%, Voting 50–75%, Appoints directors | 2020-09-07 | Ceased 2023-09-13 |
Filing timeline
Last 20 of 34 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-30 | AA | accounts | Accounts with accounts type group | |
| 2026-09-21 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-09-29 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-08-21 | AA | accounts | Accounts with accounts type group | |
| 2024-10-31 | CH01 | officers | Change person director company with change date | |
| 2024-10-28 | AP01 | officers | Appoint person director company with name date | |
| 2024-10-10 | AA | accounts | Accounts with accounts type group | |
| 2024-10-09 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-09 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-01-09 | RP04SH01 | capital | Second filing capital allotment shares | |
| 2024-01-09 | RP04SH01 | capital | Second filing capital allotment shares | |
| 2023-12-22 | SH01 | capital | Capital allotment shares | |
| 2023-12-22 | SH01 | capital | Capital allotment shares | |
| 2023-12-22 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2023-12-22 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2023-12-22 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2023-11-20 | TM02 | officers | Termination secretary company with name termination date | |
| 2023-09-19 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2023-06-13 | AP01 | officers | Appoint person director company with name date | |
| 2023-06-13 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 2
- Capital events
- 0
- 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.