THE LONDON TUNNELS LTD

• ⚠

  Material uncertainty over going concern

  Based on the above, the directors believe it remains appropriate to prepare the financial statements on a going concern basis. However, the need to raise additional funds to complete the development and potentially to fund the acquisition liability indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern and, therefore, that the company may be unable to realise their assets and discharge their liabilities in the normal course of business.

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

  —

  Not reported

• Cash

  -60.6%

  £2,627,961 → £1,034,559

• Net assets

  —

  Not reported

• Employees

  —

  Not reported

• Operating profit

  +209.7%

  -£2,493,935 → £2,735,365

• Profit before tax

  +143.9%

  -£4,933,340 → £2,167,138

  highest in 4 filed years

• Wages

  +10.8%

  £153,458 → £170,000

  highest in 4 filed years

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

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. THE LONDON TUNNELS LTD 2025-09-30 → present
2. THE LONDON TUNNELS PLC 2023-11-02 → 2025-09-30
3. THE LONDON TUNNELS LTD 2023-03-13 → 2023-11-02
4. LONDON LIGHT LINE LIMITED 2021-01-27 → 2023-03-13

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Based on the above, the directors believe it remains appropriate to prepare the financial statements on a going concern basis. However, the need to raise additional funds to complete the development and potentially to fund the acquisition liability indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern and, therefore, that the company may be unable to realise their assets and discharge their liabilities in the normal course of business.”

Significant events

• “During the financial year, the Company successfully converted £7.1m of Zero Coupon Convertible Bond debt into new ordinary shares. In addition, ahead of its listing on Euronext Amsterdam, the Company converted a further £6.8m of Convertible Bond debt into £3.8m worth of new ordinary shares.”
• “The Company had to extend the placing period due to unforeseen settlement issues, however as you can see within this annual report, the Company was still able to broadly continue in line with the business plan and made significant strides in line with these above phases, completing RIBA Stages 0, 1 and 2, received planning permission during the summer of 2024 and the Company completed the leasehold purchase of the tunnels in Q1 2025.”
• “Following the close of the financial year ended March 2025, The Company made significant progress, marked by noteworthy advancements. A major highlight was our successful listing on Euronext Amsterdam, facilitated by ABN AMRO BANK NV.”
• “On 30 September, the Company's Ordinary Shares were delisted following approval by Euronext Amsterdam and, as a result, the Placing ended.”
• “On 31 March 2025 the Company acquired the leasehold title to the Kingsway Exchange Tunnels and the two surface level entrance buildings previously owned by British Telecom plc.”
• “On 26 June 2024 the Company listed on the Euronext Amsterdam N.V.”
• “On 26 June 2024, the Company converted £6,778,000 into 3,727,900 new ordinary shares.”
• “On 23 July 2024 and 13 August 2024 respectively, ILCF, a related party, applied for conversion of Zero-Coupon Convertible Bonds to the value of £1,322,950 and £370,950 to ordinary shares.”
• “On 25 November 2024, the Company received £1,980,000 from Technology Credit Fund Inc as proceeds from the 10 per cent loan note, the loan note is repayable in 24 months. A further £300,000 was advanced on 9 December 2024 and a further £200,000 was advanced on 30 September 2025 to bring the Loan note 2024 10% balance to £2,480,000.”
• “The Company entered into a 125 year lease in respect of the Tunnels dated 31 March 2025.”
• “On 9 July 2025 the board of directors of the Company announced that it had carried out a strategic review of the Company's listing on Euronext Amsterdam and announced that it intended to carry out a corporate reorganisation pursuant to which a new private Cayman Islands company, The London Tunnels Incorporated, would become the Company's holding company by means of a scheme of arrangement under Part 26 of the Companies Act.”

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

Filings

20

last 12 months

Capital events

12

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

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