IRIS INFRA MASTER HOLDCO LIMITED

• ⚠

  Material uncertainty over going concern

  The Group operates as a holding company, and consequently, the assessment of the Group's going concern is contingent upon the future trading capabilities of its subsidiaries. As of 31 December, the Group reported a loss of £53.4 million (2023: £46.5 million) and net liabilities amounting to £132.6 million (2023: £79.2 million), attributed to losses incurred that align with the current financial plan. Short to medium term funding for the business is reliant on the continued support of the group's shareholders, who have continued to fund the business throughout 2025, in accordance with the financial plan and have committed to support funding for the business through 2026 and 2027. Shareholders have already provided additional funding post-year-end and have expressed their intention to continue providing financial support. Consequently, the Directors conclude that, whilst there remains a reliance on continued shareholder support to finance business operations in the medium term, it is appropriate to adopt the going concern basis in preparing the financial statements for the period ending 31 December 2024.

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

  +266.9%

  £1,403,195 → £5,148,960

• Cash

  +20.2%

  £8,318,734 → £10,003,108

• Net assets

  -66.3%

  -£79,166,614 → -£131,656,473

  lowest in 4 filed years

• Employees

  -27.7%

  412 → 298

• Operating profit

  -2.4%

  -£31,070,751 → -£31,804,118

• Profit before tax

  -12.9%

  -£46,477,006 → -£52,489,859

• Wages

  +6.4%

  £15,069,271 → £16,028,417

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. IRIS INFRA MASTER HOLDCO LIMITED 2023-08-18 → present
2. FULL FIBRE MASTER HOLDCO LIMITED 2020-12-01 → 2023-08-18

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Bishop Fleming Audit Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Group operates as a holding company, and consequently, the assessment of the Group's going concern is contingent upon the future trading capabilities of its subsidiaries. As of 31 December, the Group reported a loss of £53.4 million (2023: £46.5 million) and net liabilities amounting to £132.6 million (2023: £79.2 million), attributed to losses incurred that align with the current financial plan. Short to medium term funding for the business is reliant on the continued support of the group's shareholders, who have continued to fund the business throughout 2025, in accordance with the financial plan and have committed to support funding for the business through 2026 and 2027. Shareholders have already provided additional funding post-year-end and have expressed their intention to continue providing financial support. Consequently, the Directors conclude that, whilst there remains a reliance on continued shareholder support to finance business operations in the medium term, it is appropriate to adopt the going concern basis in preparing the financial statements for the period ending 31 December 2024.”

Group structure

1. IRIS INFRA MASTER HOLDCO LIMITED · parent
   1. Iris Infra Holdco Limited 100% · England
   2. Full Fibre Limited 100% · England
   3. Iris Infra Limited 100% · England
   4. Digital Master Holdco Limited 100% · England
   5. Digital Holdings Limited 100% · England
   6. Digital Infrastructure Services Limited 100% · England
   7. Digital Infrastructure Limited 100% · England
   8. BeFibre Limited 100% · England

Significant events

• “In January 2025 the Group announced a merger with the Zzoomm Group of companies, which completed in March 2025 following regulatory approval.”
• “As at 27 January 2025 the transaction had completed with the creation of a new intermediate parent company Altnet Partners Limited, owned 71% by Iris Infra Holdco Limited and 29% by Zzoomm Group Limited.”
• “In March 2025 Iris Infra Limited group of companies announced a merger with Zzoomm group of companies, creating a new parent Company, Altnet Partners Holdco Limited”
• “During 2025, £18,750,000 of cash was injected to the new enlarged Group. Iris Infra Holdco Limited issued £13,458,869 of unsecured loan notes as part of this cash injection.”

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

Filings

18

last 12 months

Capital events

9

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.