IRIS INFRA MASTER HOLDCO LIMITED
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Cash
£1.9m
-81% lowest in 3 filed years
Net assets
-£74m
+44% highest in 3 filed years
Employees
370
+24.2% vs 2024
Profit before tax
-£73m
-39.7% lowest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
These circumstances indicate that a material uncertainty exists that may cast significant doubt on the Group's and the Company's ability to continue as a going concern
-
Going-concern uncertainty disclosed
-
Negative shareholders' funds
Net assets
3-year trend · vs Telecommunications 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 | £1,403,195 | £5,149,000 | £21,731,000 | +322% | |
| Operating profit | -£31,070,751 | -£31,804,000 | -£41,483,000 | -30.4% | |
| Profit before tax | -£46,477,006 | -£52,490,000 | -£73,350,000 | -39.7% | |
| Net profit | -£46,477,006 | -£52,490,000 | -£72,140,000 | -37.4% | |
| Cash | £8,318,734 | £10,003,000 | £1,898,000 | -81% | |
| Total assets less current liabilities | £158,865,858 | £169,028,000 | £368,175,000 | +117.8% | |
| Net assets | -£79,166,614 | -£131,656,000 | -£73,676,000 | +44% | |
| Equity | -£79,166,614 | -£131,656,000 | -£73,676,000 | +44% | |
| Average employees | 412 | 298 | 370 | +24.2% | |
| Wages | £15,069,271 | £16,029,000 | £18,218,000 | +13.7% | |
| Directors' remuneration | £504,531 | £250,000 | £573,000 | +129.2% | |
| Directors' pension contributions | — | £13,000 | £27,000 | +107.7% | |
| Highest paid director | £143,656 | £200,000 | £300,000 | +50% |
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 | — | — | -190.9% | |
| Return on capital employed | -19.6% | -18.8% | -11.3% | |
| Gearing (liabilities / total assets) | 146.8% | 174.2% | 119.5% | |
| Current ratio | 1.51x | 2.14x | 1.46x | |
| Interest cover | -1.99x | -1.53x | -1.30x |
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.
Name history
Renamed 1 time since incorporation
- IRIS INFRA MASTER HOLDCO LIMITED 2023-08-18 → present
- FULL FIBRE MASTER HOLDCO LIMITED 2020-12-01 → 2023-08-18
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- Grant Thornton UK LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“These circumstances indicate that a material uncertainty exists that may cast significant doubt on the Group's and the Company's ability to continue as a going concern”
Group structure
- IRIS INFRA MASTER HOLDCO LIMITED · parent
- Iris Infra Holdco Limited (UK) 100%
- Altnet Partners Limited (UK) 71%
- Altnet Partners Limited (UK) 100%
- Zzoomm Group Limited (UK) 100%
- Zzoomm Plc (UK) 100%
- Iris Infra Limited (UK) 100%
- Be Fibre Limited (UK) 100%
- Full Fibre Limited (UK) 100%
- Digital Master Holdco Limited (UK) 100%
- Digital Holdings Limited (UK) 100%
- Digital Infrastructure Limited (UK) 100%
- Digital Infrastructure Services Ltd (UK) 100%
Significant events
- “In March 2025 the Group completed a business combination with the creation of Altnet Partners Holdco Ltd as the new Group Parent Company.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 7 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| BARRIENTOS OSSIO, Marianna | Director | 2025-03-07 | Mar 1984 | British |
| DOYLE, Paul | Director | 2020-12-01 | Jan 1964 | Irish |
| LOWRY, Steven | Director | 2020-12-01 | Nov 1972 | British |
| WARNER, James Stephen | Director | 2024-02-29 | Feb 1988 | British |
Show 7 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| PLAHAY, Kulvinder Singh | Secretary | 2023-01-23 | 2025-03-07 |
| SMITH, Julian | Secretary | 2025-03-07 | 2026-08-31 |
| BOCK MONTERO, Carlos | Director | 2023-09-26 | 2024-09-06 |
| HELM, Oliver Dieter | Director | 2021-01-08 | 2024-02-29 |
| JONES, Wil | Director | 2020-12-01 | 2025-03-07 |
| MARTINEZ SANCHEZ, Frank | Director | 2023-09-26 | 2026-02-27 |
| WARNER, James Stephen | Director | 2021-01-08 | 2023-09-26 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Iris Holdco Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2020-12-01 | Active |
Filing timeline
Last 20 of 74 total filings
Material constitutional events — rename, articles re-file, resolution
- 2026-09-03 RESOLUTIONS Resolution
- 2026-08-06 RESOLUTIONS Resolution
- 2026-07-22 RESOLUTIONS Resolution
- 2026-06-20 RESOLUTIONS Resolution
- 2026-04-25 RESOLUTIONS Resolution
- 2026-03-21 RESOLUTIONS Resolution
- 2026-02-09 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-20 | AA | accounts | Accounts with accounts type group | |
| 2026-09-14 | TM02 | officers | Termination secretary company with name termination date | |
| 2026-09-11 | RP01SH01 | miscellaneous | Legacy | |
| 2026-09-03 | RESOLUTIONS | resolution | Resolution | |
| 2026-09-01 | TM02 | officers | Termination secretary company with name termination date | |
| 2026-08-24 | SH01 | capital | Capital allotment shares | |
| 2026-08-06 | RESOLUTIONS | resolution | Resolution | |
| 2026-07-29 | SH01 | capital | Capital allotment shares | |
| 2026-07-22 | RESOLUTIONS | resolution | Resolution | |
| 2026-07-07 | SH01 | capital | Capital allotment shares | |
| 2026-06-29 | CH01 | officers | Change person director company with change date | |
| 2026-06-29 | TM01 | officers | Termination director company with name termination date | |
| 2026-06-20 | RESOLUTIONS | resolution | Resolution | |
| 2026-06-04 | SH01 | capital | Capital allotment shares | |
| 2026-04-27 | SH01 | capital | Capital allotment shares | |
| 2026-04-25 | RESOLUTIONS | resolution | Resolution | |
| 2026-03-23 | SH01 | capital | Capital allotment shares | |
| 2026-03-21 | RESOLUTIONS | resolution | Resolution | |
| 2026-02-09 | SH01 | capital | Capital allotment shares | |
| 2026-02-09 | RESOLUTIONS | resolution | Resolution |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 20
- Capital events
- 7
- Officers appointed
- 0
- Officers resigned
- 2
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.