30 Investments in subsidiary undertakings
Shares in Group undertakings £m
Company
At 1 June 2023
279.1
Increase in subsidiary investment for share-based charges
2.3 9.7
Increase in subsidiary investment for below market value loan arrangement
At 30 September 2024
291.1
Increase in subsidiary investment for share-based charges
2.1
At 30 September 2025
293.2
In accordance with IAS 36 ‘Impairment of Assets’, management annually reviews the carrying value of investments to ensure that it does not exceed the recoverable amount. The investment in subsidiary undertakings is held against the Company’s direct subsidiary NCC Group Holdings Limited. In performing this assessment, management considered external market factors, such as the Group’s market capitalisation, and internal factors, such as the results of the Group’s annual goodwill impairment review. As of the reporting date, no indicators of impairment were noted. The increase in subsidiary investment for share-based charges represents IFRS 2 ‘Share-based Payment’ charges in respect of subsidiaries which will not be recharged. Fixed asset investments are recognised at cost. The undertakings in which the Company has a 100% interest at 30 September 2025 are as follows:
Subsidiary undertakings
Country of incorporation
Principal activity
Registered office
NCC Group Holdings Limited
England and Wales
Holding company
XYZ Building, 2 Hardman Boulevard, Spinningfields, Manchester, England M3 3AQ (XYZ 1 )
NCC Group (Solutions) Limited NCC Group Corporate Limited NCC Group Finance Limited
England and Wales
Holding company
XYZ 1 XYZ 1 XYZ 1 XYZ 1 XYZ 1 XYZ 1 XYZ 1 XYZ 1
England and Wales Corporate cost centre
England and Wales England and Wales England and Wales England and Wales
Financing company
The National Computing Centre Limited NCC Group Software Resilience Limited NCC Group Software Resilience (UK) Limited
Dormant
Holding company Holding company
NCC Services Limited
England and Wales Escode
NCC Group Escrow Limited
England and Wales
Dormant
NCC Group Software Resilience (Europe) B.V.
Netherlands
Holding company
Barbara Strozzilaan 201, 1083HN Amsterdam, Netherlands c/o Deloitte Legal Rechtsanwaltsgesellschaft mbH, Rosenheimer Platz 6, 81669, Munich, Bavaria, Germany Leopoldstrasse Business Centre GmbH, Konrad-Zuse-Platz 8, 81829, Munich, Germany Barbara Strozzilaan 201, 1083HN Amsterdam, Netherlands Ibelweg 18A, 6300 Zug, Switzerland
NCC Group GmbH
Germany
Escode
NCC Group Deutschland GmbH
Germany
Cyber Security
NCC Group Escrow Europe B.V.
Netherlands
Escode
NCC Group Escrow Europe (Switzerland) AG
Switzerland
Escode
NCC Group Software Resilience (MEA-APAC) Limited England and Wales
Holding company
XYZ 1
NCC Group FZ-LLC
United Arab Emirates
Escode
F01-004, Building 5, Dubai, Media City, Dubai, United Arab Emirates
NCC Group Cyber Security Limited NCC Group Cyber Security (UK) Limited NCC Group Security Services Limited
England and Wales England and Wales England and Wales England and Wales England and Wales England and Wales England and Wales
Holding company Holding company Cyber Security Cyber Security Cyber Security Cyber Security Cyber Security Holding company
XYZ 1 XYZ 1 XYZ 1 XYZ 1 XYZ 1 XYZ 1 XYZ 1
NCC Group Audit Limited ArmstrongAdams Limited
NCC Group Signify Solutions Limited NCC Group Accumuli Security Limited NCC Group Cyber Security (Europe) B.V.
Netherlands
Olof Palmestraat 6, 2616 LM Delft, Netherlands (Fox-IT 3 ) Lautruphøj 1, 2750 Ballerup, Denmark Av. António Augusto de Aguiar nº 19 – 4º, 1050-012 Lisboa, Portugal Plaza Manuel Gómez Moreno, número 2, Edificio Alfredo Mahou, planta 19ª, letra B, 28020, Madrid, Spain
NCC Group A/S
Denmark
Cyber Security Cyber Security
NCC Group Cyber Portuguesa, Unipessoal, LDA Portugal
NCC Group Security Services Espana SLU
Spain
Cyber Security
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 153
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