TERN PLC

27/28 EASTCASTLE STREET, LONDON, W1W 8DH

Previous name: SILVERMERE ENERGY PLC (changed on 16-Aug-2013)
Previous name: CHALKWELL INVESTMENTS PLC (changed on 14-Jul-2011)
Previous name: SILVERMERE ENERGY PLC (changed on 30-Jun-2011)

Company Number: 05131386
Incorporation date: 18-May-2004
Status: Active
Entity type: Public Limited Company

SIC codes:
64303 Activities of venture and development capital companies

SUMMARY

This company is 19.9 years old and is currently active. The company has positive equity (net assets) of GBP 1.4 million which has increased from GBP 1.3 million in the previous year. The latest reported revenue figure is GBP 124.8 thousand which is up 20% on previous year's figure of GBP 106.1 thousand. Retained earnings is negative (GBP -5 million), which means the company has aggregate losses since it's inception or it has paid more dividends than it can afford; given the company's age, this is a sign of serious financial problems. The company has 3 active officers (directors or partners) who are or were officers of 88 other companies, 29 (33.0%) of which have since been dissolved or are proposed for strike off. The company has no public disputes filed on the Business Disputes Register. There are no court cases involving the company that we are aware of.

FINANCIALS (BETA)

Next accounts due: 30-Jun-2024
Accounts Filed: FULL (31-Dec-2022)

P&L Financials:

Year end	Currency	Revenue	Operating profit	Interest Received	Interest Paid	Net Profit GBP
31-Dec-2019	GBP	124,766	-855,497	74,854
31-Dec-2018	GBP	106,117	-387,223	74,659
31-Dec-2017	GBP	97,940	-1,690,368	1,020	207	-1,689,555

Balance Sheet Financials:

Year end	Currency	Cash	Current Assets	Current Liabilities	Debt	Share Capital	Premium Reserve	Retained Earnings	Net Assets
31-Dec-2019	GBP	1,007,965	1,182,451	152,034		1,355,571	22,578,619	-5,021,113	1,355,571
31-Dec-2018	GBP	1,913,801	2,152,981	257,447		1,348,903	19,660,434	-4,257,564	1,348,903
31-Dec-2017	GBP	273,826	850,675	277,164	211,334	1,330,225	13,237,362		1,330,225

VALUATION EVENTS (BETA)

Year end	Currency	% Equity	Sum raised	Pre-Money Valuation*	Post-Money Valuation*	Enterprise Value**
31-Dec-2019	GBP	0.49%	2,924,853	591,683,111	594,607,964	591,684,655
31-Dec-2018	GBP	1.38%	6,441,750	458,773,792	465,215,542	461,006,521

* Average valuation during the period
** Estimated based on average Cash and Debt levels during period

DISPUTES

No disputes filed on www.disputesregister.org

COMPANY SECRETARY

Status	Name	Appointed on	Resigned on	Occupation	Nationality	All apointments (active/resigned)
Active	MSP CORPORATE SERVICES LIMITED	15 Sep 2023	18 Apr 2024			201 - 56
Resigned	Sarah Louise PAYNE	01 Sep 2015	15 Sep 2023			0 - 1
Resigned	Philippa Anne KEITH	16 Aug 2013	31 Aug 2015			0 - 1
Resigned	CARGIL MANAGEMENT SERVICES LIMITED	31 Aug 2011	16 Aug 2013			103 - 1154
Resigned	John RODDISON	14 Feb 2011	31 Aug 2011			0 - 1
Resigned	INTERNATIONAL REGISTRARS LIMITED	23 Mar 2010	14 Feb 2011			3 - 654
Resigned	Alastair John KENNEDY	12 Apr 2006	21 Sep 2009			1 - 8
Resigned	Robin ABEYESINHE	16 Nov 2005	12 Apr 2006	Company Director	British	0 - 20
Resigned	Linda MURRAY	23 Nov 2004	16 Nov 2005			0 - 2

DIRECTORS

Status	Name	Appointed on	Resigned on	Occupation	Nationality	All appointments (active/resigned)	Dissolved companies (rate)
Resigned	Matthew SCHERBA	30 Mar 2020	09 Aug 2023	Director	British	1 - 3	0 (0.0%)
Resigned	Richard Keith TURNER	25 Oct 2017	15 Jan 2018	Director	British	0 - 12	2 (16.7%)
Active	Ian Cleland RITCHIE	01 Jun 2017		Chairman	British	7 - 46	20 (37.7%)
Active	Alan Miles HOWARTH	23 Nov 2015		Non-Executive Director	British	4 - 30	9 (26.5%)
Active	Sarah Louise PAYNE	01 Sep 2015		Finance Director	British	4 - 1	1 (20.0%)
Resigned	Albert Ernest SISTO	04 Feb 2014	29 Jun 2023	Company Director	American	1 - 7	2 (25.0%)
Resigned	Michael John CLARK	01 Nov 2013	29 Jul 2015	Director	British	0 - 1	0 (0.0%)
Resigned	Alastair Rawes KERR	01 Nov 2013	04 Feb 2014	Director	British	0 - 2	0 (0.0%)
Resigned	Angus George Patrick FORREST	16 Aug 2013	20 Oct 2017	None	British	5 - 12	2 (11.8%)
Resigned	Laurence Thomas Martin READ	16 Aug 2013	17 Jul 2015	Finance	British	0 - 6	1 (16.7%)
Resigned	Bruce Henderson LEITH	16 Aug 2013	09 Aug 2023	None	British	2 - 15	7 (41.2%)
Resigned	Stewart James DALBY	31 Aug 2011	16 Aug 2013	Director	British	1 - 5	4 (66.7%)
Resigned	Andrew John Gowdt MORRISON	31 Aug 2011	16 Aug 2013	Director	British	0 - 1	0 (0.0%)
Resigned	Frank Hoyt MOXON	31 Aug 2011	16 Aug 2013	Corporate Financier	British	3 - 8	2 (18.2%)
Resigned	Reinhold Adriaan Maria HEUS	02 Dec 2010	31 Aug 2011	Company Director	British	1 - 11	5 (41.7%)
Resigned	Bruce George Alexander EVERS	02 Dec 2010	18 Apr 2012	Oil Consultant	British	0 - 4	2 (50.0%)
Resigned	John RODDISON	29 Nov 2010	31 Aug 2011	Chartered Accountant	British	98 - 630	269 (37.0%)
Resigned	Leo Ernest Vaughan KNIFTON	23 Mar 2010	10 Jan 2011	Dir	British	4 - 45	28 (57.1%)
Resigned	William Nigel Valentine WELLER	23 Mar 2010	10 Jan 2011	Dir	British	8 - 41	28 (57.1%)
Resigned	Muriel Valerie Fabienne ZINGRAFF	20 Nov 2008	16 Mar 2009	Director	French	8 - 10	5 (27.8%)
Resigned	Matthew Jonathan COOPER	01 Nov 2008	23 Mar 2010	Director	American	7 - 49	18 (32.1%)
Resigned	Jack GORDON	27 Jul 2007	01 Sep 2008	Ig7 6py	British	0 - 4	1 (25.0%)
Resigned	Alastair John KENNEDY	12 Apr 2006	21 Sep 2009	Chartered Accountant	Other	1 - 8	4 (44.4%)
Resigned	Mark Nicholas WATSON-MITCHELL	16 Nov 2005	01 Nov 2008	Company Director	British	0 - 18	13 (72.2%)
Resigned	May Louise JENNINGS	16 Nov 2005	24 Jul 2007	Company Director	Other	0 - 3	0 (0.0%)
Resigned	Robin ABEYESINHE	16 Nov 2005	12 Apr 2006	Company Director	British	0 - 20	13 (65.0%)
Resigned	Melissa Jane GILMOUR	16 Nov 2005	23 Mar 2010	Company Director	New Zealander	2 - 24	19 (73.1%)
Resigned	Linda MURRAY	23 Nov 2004	16 Nov 2005	Administrator	British	0 - 2	0 (0.0%)
Resigned	Stirling Michael MURRAY	23 Nov 2004	23 Mar 2010	Managing Director	British	2 - 4	2 (33.3%)
Resigned	QA REGISTRARS LIMITED	18 May 2004	23 Nov 2004			2 - 7844	3738 (47.6%)
Resigned	QA NOMINEES LIMITED	18 May 2004	23 Nov 2004			0 - 7116	3444 (48.4%)

Number of active directors: 3
Average tenure of active directors: 8.0 years
Average tenure of resigned directors: 2.3 years
Average active director Dissolution Rate: 28.1%

DIRECTOR APPOINTMENTS IN OTHER COMPANIES

Name	Ian Cleland RITCHIE	Alan Miles HOWARTH	Sarah Louise PAYNE
CHAMBERLIN PLC (00076928) - Active		✔
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MACLELLAN GROUP LIMITED (02279581) - Liquidation		✔
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BLETCHLEY PARK TRUST LIMITED (02730618) - Active	✔
MPLSYSTEMS LIMITED (02892893) - Liquidation		✔
ACONEX SERVICES LIMITED (03011107) - Active		✔
NORTHERN VENTURE TRUST PLC (03090163) - Active	✔
LEARNING TECHNOLOGIES GROUP HOLDINGS (UK) LIMITED (03175632) - Active	✔
SIFT LIMITED (03230061) - Active		✔
OBERON MEDIA (UK) LIMITED (03555358) - Dissolved	✔
PHARMACY INITIATIVE 1 LIMITED (03811137) - Dissolved		✔
ALAN HOWARTH & ASSOCIATES LTD (03820761) - Active		✔
CERILLION TECHNOLOGIES LIMITED (03849601) - Active		✔
PHARMACY INITIATIVE 3 LIMITED (03941867) - Active		✔
PHARMACY INITIATIVE 2 LIMITED (03941870) - Active		✔
VIS ITV LIMITED (04000147) - Dissolved	✔
CHILDREN AND FAMILIES ACROSS BORDERS (CFAB) (04025539) - Active		✔
4 VENTURES LIMITED (04106849) - Active	✔
SONAPTIC LIMITED (04557143) - Dissolved	✔
CASPIAN LEARNING LIMITED (04600521) - Liquidation	✔
COVALENT SOFTWARE LIMITED (04645635) - Active		✔
POSTAL HERITAGE COLLECTION TRUST (04896026) - Active		✔
POSTAL HERITAGE TRUST (04896056) - Active		✔
POSTAL HERITAGE SERVICES LIMITED (05079374) - Active		✔
TERN PLC (05131386) - Active	✔	✔	✔
SIGNANT HEALTH INC. LIMITED (05132886) - Active		✔
TELSTRA HEALTH UK (HOLDINGS) LIMITED (05560518) - Active		✔
JERMYN STREET REALISATIONS LIMITED (05611214) - Dissolved		✔
ALJA PHARMACY PLC (05846501) - Dissolved		✔
FIRST FLIGHT NON-EXECUTIVE DIRECTORS LIMITED (05871276) - Active		✔
ADILI PLC (06296226) - Dissolved		✔
SOCIAL TECH TRUST (06578379) - Active	✔
TOPCO ALPHA LIMITED (07178835) - Liquidation		✔
APP-DNA GROUP LIMITED (07285667) - Dissolved		✔
FVRVS LIMITED (07370553) - Active		✔
WTG TECHNOLOGIES GROUP LIMITED (07618201) - Liquidation		✔
RED FOX MEDIA LTD (07640716) - In Administration	✔
RAE TRADING LIMITED (08038360) - Active	✔
INVMA LIMITED (08123484) - In Administration			✔
LEXICA HEALTH AND LIFE SCIENCES CONSULTANCY LIMITED (08493283) - Active		✔
CERILLION PLC (09472870) - Active		✔
WYLD NETWORKS LIMITED (10252557) - Active	✔
CYBERFORT BIDCO LIMITED (10743953) - Active		✔
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NATTERGAL LIMITED (13661114) - Active			✔
BOOTHBY WILDLAND LIMITED (13709852) - Active			✔
HIGH FEN LIMITED (14452525) - Active			✔
THE SCOTTISH COUNCIL FOR DEVELOPMENT AND INDUSTRY (SC024724) - Active	✔
THE ROYAL LYCEUM THEATRE COMPANY LIMITED (SC062065) - Active	✔
CENTRE FOR THE MOVING IMAGE (SC067087) - Liquidation	✔
GLASGOW OPPORTUNITIES (SC083788) - Dissolved	✔
DAVID HUME INSTITUTE THE (SC091239) - Active	✔
COMPUTER APPLICATION SERVICES LIMITED (SC102278) - Active	✔
EDINBURGH SCIENCE LTD (SC106331) - Active	✔
EIFF REALISATIONS LIMITED (SC132453) - Liquidation	✔
DYNAMIC EARTH CHARITABLE TRUST (SC138695) - Active	✔
DYNAMIC EARTH ENTERPRISES LIMITED (SC139122) - Active	✔
VOXAR (SC145641) - Dissolved	✔
INDIGOVISION LIMITED (SC150401) - Active	✔
SOPHEON EDINBURGH LIMITED (SC151271) - Active	✔
VIS ENTERTAINMENT LIMITED (SC160499) - Dissolved	✔
SCRAN LIMITED (SC163518) - Active - Proposal to Strike off	✔
THE SCRAN TRUST (SC166833) - Dissolved	✔
COPPERTOP CONCEPTS LIMITED (SC180096) - Dissolved	✔
SCAPA TECHNOLOGIES LIMITED (SC187089) - Active	✔
THE GO GROUP UK LTD (SC192234) - Dissolved	✔
GO PROJECTS LTD (SC192722) - Dissolved	✔
ORBITAL SOFTWARE EUROPE LIMITED (SC193759) - Active	✔
IOMART GROUP PLC (SC204560) - Active	✔
CONNECT SCOTLAND (SC207563) - Dissolved	✔
ORBITAL SOFTWARE HOLDINGS PLC (SC210686) - Active	✔
PENTECH ADVISORY LP LIMITED (SC219883) - Active	✔
NATIONAL THEATRE OF SCOTLAND (SC234270) - Active	✔
THE INTERACTIVE UNIVERSITY (SC236686) - Dissolved	✔
THE INTERACTIVE DESIGN INSTITUTE LIMITED (SC265879) - Active	✔
COGBOOKS LIMITED (SC277108) - Active	✔
SCOTTISH INSTITUTE FOR ENTERPRISE LIMITED (SC284567) - Active	✔
BLIPFOTO LIMITED (SC327482) - Dissolved	✔
THE ENTREPRENEURIAL SCOTLAND FOUNDATION (SC332951) - Active	✔
MUSEMANTIK LIMITED (SC370015) - Active	✔
EDINBURGH SCIENCE WORLDWIDE LTD (SC392467) - Active	✔
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SHAREHOLDERS (BETA)

No shareholder data available

SHAREHOLDINGS (BETA)

Company name	Share class	Shares at confimation date
Company name	Share class	2019-10-26
TERN PLC	PREFERRED SHARES	95,716 100%

CONTROLLED COMPANIES / CONTROLLING ENTITIES

no controlling companies

TERN PLC

Controlled companies below

50%-75%:DEVICE AUTHORITY LTD (04676191 - UK) active
>75%:FLEXIOPS LIMITED (11689847 - UK) active
25-50%:FVRVS LIMITED (07370553 - UK) ceased

LATE PAYMENTS REPORT

This company has not filed any late payment reports possibly because it is not considered \'Large\'.

COURT CASES

No Court Cases found

PATENTS

No Patents found

COMPETITORS

(Based on Sic code: 64303 Activities of venture and development capital companies)

Company	Registered Address	Company Number	YE Date	Revenue GBP	Net Profit GBP	Other SIC codes
IK INVESTMENT PARTNERS LIMITED	80 STRAND, LONDON, ENGLAND, WC2R 0DT	02763049	2017-12-31	63,830,449	16,095,258
COMMITTED CAPITAL FINANCIAL SERVICES LIMITED	148-150 BUCKINGHAM PALACE ROAD, LONDON, ENGLAND, SW1W 9TR	03810820	2017-06-30	669,165	0	66300-Fund management activities
CONDUIT VENTURES GENERAL PARTNER II LIMITED	3RD FLOOR, 12 GOUGH SQUARE, LONDON, ENGLAND, EC4A 3DW	06028941	2017-12-31	440,931	0
CONDUIT VENTURES LIMITED	3RD FLOOR, 12 GOUGH SQUARE, LONDON, ENGLAND, EC4A 3DW	04293385	2017-12-31	440,931	0
CONDUIT VENTURES (GENERAL PARTNER) LIMITED	3RD FLOOR, 12 GOUGH SQUARE, LONDON, ENGLAND, EC4A 3DW	04577544	2017-12-31	424,954	0
EEP ADVISERS LIMITED	CITY POINT, 1 ROPEMAKER STREET, LONDON, EC2Y 9HT	03628367	2017-12-31	295,000	0
ADT CAPITAL LTD	33 ST. JAMES'S STREET, C/O ARLINGTON CAPITAL, 4TH FLOOR, LONDON, ENGLAND, SW1A 1HD	08632356	2018-07-31	204,945	0
SPRINGHILL MANAGEMENT LIMITED	12 CHANTRY QUARRY, GUILDFORD, ENGLAND, GU1 3AF	04344472	2018-12-31	72,179	0
ZENRON CAPITAL LTD	7 WHITECHAPEL ROAD, OFFICE 410, LONDON, ENGLAND, E1 1DU	08440118	2018-03-31	66,135	0	70221-Financial management 70229-Management consultancy activities other than financial management
3DI GROUP LTD	17 SHALLOCH PARK, AYR, SCOTLAND, KA7 4HL	SC400945	2018-06-30	32,020	0
BIG BEN VENTURE PARTNERS LTD.	58 GUIBAL ROAD, LONDON, ENGLAND, SE12 9LZ	10397249	2018-09-30	26,229	0	64999-Financial intermediation not elsewhere classified
ANGELS NOMINEES LIMITED	IVY COTTAGE FARM, LYNDHURST ROAD MINSTEAD, LYNDHURST, HAMPSHIRE, SO43 7FY	04198772	2018-04-30	17,068	0
CHORLTON CAPITAL LIMITED	THE GEORGIAN HOUSE, NIZELS LANE, HILDENBOROUGH, KENT, TN11 8NU	04486244	2018-06-30	14,800	0
NEWFLEX INVESTMENTS LIMITED	7 BELL YARD, LONDON, ENGLAND, UNITED KINGDOM, WC2A 2JR	08791193	2016-11-30	14,215	0
ELIXIUM SOCIAL MARKETING LTD	15 EDWARDS WAY, MARPLE, STOCKPORT, UNITED KINGDOM, SK6 7PX	09529313	2019-04-30	11,470	0
MARTTILA LIMITED	69 GREAT HAMPTON STREET, BIRMINGHAM, B18 6EW	05945153	2018-12-31	10,720	0	70229-Management consultancy activities other than financial management 74909-Other professional, scientific and technical activities not elsewhere classified
DECACORN CAPITAL LIMITED	18 PANORAMIC, 152 GROSVENOR ROAD, LONDON, SW1V 3JL	09737195	2018-08-31	3,600	0
WOODBURY CAPITAL LIMITED	20 GREAT SOUTHSEA STREET, GREAT SOUTHSEA STREET, SOUTHSEA, HAMPSHIRE, ENGLAND, PO5 3BY	08818767	2017-12-31	2,843	0
FOUNDATION CAPITAL LIMITED	114 BANKSIDE LOFTS, 65 HOPTON STREET, LONDON, ENGLAND, SE1 9JL	04879694	2018-08-31	0	0
ALVARIUM RE LIMITED	LEVEL 5 NOVA NORTH, 11 BRESSENDEN PLACE, LONDON, ENGLAND, SW1E 5BY	06931299	0000-00-00	0	0
AUGUST EQUITY MANAGEMENT LIMITED	10 SLINGSBY PLACE, ST. MARTIN'S COURTYARD, LONDON, WC2E 9AB	04261261	0000-00-00	0	0
AUGUST EQUITY PARTNERS IV GP LIMITED	10 SLINGSBY PLACE, LONDON, UNITED KINGDOM, WC2E 9AB	10033090	0000-00-00	0	0
BGF NOMINEES LIMITED	13-15 YORK BUILDINGS, LONDON, ENGLAND, WC2N 6JU	10007355	0000-00-00	0	0
BRIDGES FUND MANAGEMENT LIMITED	38 SEYMOUR STREET, LONDON, UNITED KINGDOM, W1H 7BP	10401079	0000-00-00	0	0
BUSINESS GROWTH FUND LIMITED	13-15 YORK BUILDINGS, LONDON, ENGLAND, WC2N 6JU	07514847	0000-00-00	0	0
DRAPER ESPRIT PLC	20 GARRICK STREET, LONDON, ENGLAND, WC2E 9BT	09799594	0000-00-00	0	0
ENTERPRISE VENTURES GROUP LIMITED	UNIT F26 PRESTON TECHNOLOGY, MANAGEMENT CENTRE, MARSH LANE PRESTON, LANCASHIRE, PR1 8UQ	04161494	0000-00-00	0	0
ENTERPRISE VENTURES LIMITED	PRESTON TECHNOLOGY MANAGEMENT, CENTRE MARSH LANE, PRESTON, LANCASHIRE, PR1 8UQ	03249066	0000-00-00	0	0
MANAGEMENT OPPORTUNITIES LIMITED	50 LOTHIAN ROAD, FESTIVAL SQUARE, EDINBURGH, SCOTLAND, EH3 9WJ	SC118578	0000-00-00	0	0
MERCIA ASSET MANAGEMENT PLC	FORWARD HOUSE, 17 HIGH STREET, HENLEY IN ARDEN, WARWICKSHIRE, B95 5AA	09223445	0000-00-00	0	0
NORTHEDGE CAPITAL NOMINEE LIMITED	13TH FLOOR, NUMBER ONE SPINNINGFIELDS 1 HARDMAN SQUARE, SPINNINGFIELDS, MANCHESTER, ENGLAND, M3 3EB	10213372	0000-00-00	0	0
SEP EEF GENERAL PARTNER LIMITED	17 BLYTHSWOOD SQUARE, GLASGOW, LANARKSHIRE, G2 4AD	SC412355	0000-00-00	0	0
SEP VENTURES LIMITED	17 BLYTHSWOOD SQUARE, GLASGOW, LANARKSHIRE, G2 4AD	SC189451	0000-00-00	0	0
TARGET TOPCO LIMITED	TARGET HOUSE, COWBRIDGE ROAD EAST, CARDIFF, S GLAMORGAN, CF11 9AU	07956530	0000-00-00	0	0

LIQUIDATION RISK (BETA)

This company is Active. Statistically, Active companies have a low probability of being liquidated within a year.
Here are our probability predictions:

Basis	Liquidation within 3 months	Liquidation within 6 months	Liquidation within 12 months	Prediction confidence
TERN PLC	1.2%	3.7%	7.4%	Medium
Other companies Active in the same sector	1.6%	5.7%	11.5%	Medium


Expanded sample	1.0%	3.6%	4.6%	Low
Age	0.4%	1.7%	3.3%	Medium
Company Type	1.7%	4.0%	5.9%	Medium
Accounts category	0.7%	2.2%	3.8%	Medium
Accounting Month	0.6%	2.4%	5.5%	Medium
Sic code count	0.7%	3.5%	7.0%	Medium

VALUATION (BETA)

Valuation ratios as at 2024-03-31

	Market Cap GBP	Enterprise Value GBP	PE	EV/Revenue	EV/EBITDA
TERN PLC	10,450,000	23,995,300	7.8	573.6	-11.9
Investment Banking and Brokerage Services ( 62 companies)	65,576,620,000	40,192,241,243	16.7 (median)	1.8 (median)	2.0 (median)