Further Re: Purchase of interest in Kirkstall Ltd
Imaging Biometrics Limited announced a variation to its sales and purchase agreement with Truetide PLC regarding the purchase of shares in Kirkstall Limited. Truetide has agreed to write off loan balances previously owed by Kirkstall, totaling £220,853.67, which includes £28,500 owed to The Ridings Early Growth Investment Company Limited. These loans had been written down to zero in Truetide's accounts for the year ended March 31, 2025. As a result of the write-offs, Kirkstall now has net assets of £71,000 and has generated revenue of £47,000 from April 1, 2025, to date. Kirkstall intends to file its accounts for the year ended March 31, 2025, and will change its financial year-end to December 31.
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Imaging Biometrics Limited Limited (LSE: IBAI), provides an update following its announcement on 14 October 2025 regarding the purchase of the Company's interest in Kirkstall Limited ("Kirkstall") from Truetide PLC ("Truetide"). Truetide currently holds a 29.35% interest in IBAI.
On 15 October 2025, IBAI entered into a variation to the sales and purchase agreement with Truetide in relation to the purchase of the shares in Kirkstall, pursuant to which Truetide has agreed to write off all loan balances previously owed by Kirkstall to Truetide, totalling £220,853.67, of which £28,500 was owed to The Ridings Early Growth Investment Company Limited, a subsidiary of Truetide.
The loans had been written down to zero by Truetide in its most recent accounts for the year ended 31 March 2025 as a prudent assessment of their current value, since the business was loss making and unlikely to make any repayments in the reasonably foreseeable future. As a result of these write-offs, Kirkstall has net assets of £71,000 and has generated revenue of £47,000 for the period from 1 April 2025 to date.
Kirkstall intends to file its accounts for the year ended 31 March 2025 with Companies House shortly and will subsequently change its financial year end to 31 December in order to align with the Group's year-end.
The Directors of the Company accept responsibility for the contents of this announcement.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.