How Bradshaw reads a funding round from a share allotment filing
Bradshaw turns the share allotments UK companies file at Companies House into priced funding rounds. This post follows one round from the filing to the final figures: Wrisk Limited (company number 09721622), shares allotted on 3 Jul 2025. Each step names the number it produces, and the last section links to the filing so you can check every one of them.
Step 1: the filing and its deadline
When a company issues shares it files form SH01, the return of allotment of shares. The Companies Act 2006 (s.555) requires the return within one month of the allotment. Here the shares were allotted on 3 Jul 2025, Companies House received the SH01 on 14 Jul 2025, which is 11 days later, and the one-month deadline fell on 3 Aug 2025. The filing runs to 6 pages.
Step 2: the allotment lines
Each line on the form gives a share class, the number of shares, the nominal value per share and the amount paid per share, including any share premium. Bradshaw stores each of these as filed. This filing has a single line.
- Allotted, b voting
- 2,317,944 shares
- Nominal value
- £0.01 a share
- Amount paid
- £5.177 a share(includes £5.167 of share premium)
SH01, return of allotment of shares · page 1
Step 3: cash raised and price per share
Cash raised is the number of shares times the amount paid per share, added up over the priced lines. The price per share is the highest priced line. Prices carry every decimal that was filed, so the multiplication can be checked by hand.
- Line 1
- 2,317,944 x £5.177 = £11,999,996.09
- Cash raised
- £11,999,996.09
- Price per share
- £5.177(highest priced line)
Step 4: shares after, post-money and pre-money
The statement of capital at the foot of the form gives the shares in issue after the allotment: 11,096,917. Subtracting the 2,317,944 new shares leaves 8,778,973 before the round.
- Post-money
- £5.177 x 11,096,917 = £57,448,739.31 Estimate
- Pre-money
- £5.177 x 8,778,973 = £45,448,743.22 Estimate
Issued-share basis, excluding any unissued option pool.
Both values are on an issued-share basis: they count shares that exist and leave out options and other shares not yet issued. A fully diluted valuation, the basis most announcements use, counts those too, so it reads higher. Bradshaw labels its values as estimates.
Step 5: the step-up
The company's previous priced round was allotted on 24 May 2024 at £3.364 a share. This round's price divided by that price is a step-up of 1.54x.
What Bradshaw sets aside
Some SH01 filings are not funding rounds. Bradshaw keeps these under their own kind and leaves them out of round figures:
- Option exercises, and other lines where the amount paid is at or below the nominal value.
- Conversions, where the filing states a non-cash consideration, such as loan notes or advance subscription agreements turning into shares.
- Bonus issues and capitalizations, which are non-cash allotments at the nominal value.
- Founder shares, issued within 30 days of incorporation.
A company can file several SH01s for one raise, because investors may complete on different days. Bradshaw groups filings whose allotment dates chain within 21 days. A different price inside one group usually means a tranche at another price, or a conversion at a discount. Those stay as separate lines in the same round, and the round price is the highest priced line.
Confidence and flags
Each round carries a confidence score from 0 to 1. It starts from a base for the kind of round and rises with corroborating filings close to the allotment, such as new articles of association, a new share class or a new person with significant control. This round scores 0.80.
This round carries no flags. Where a figure looks wrong, for example an amount paid that looks like a total rather than a price per share, Bradshaw flags it for review. A flagged value is never changed: the as-filed figure stays on the page.
Check it yourself
Every figure above can be traced to the filing, page 1 of the SH01 received on 14 Jul 2025.
More from the blog
- How much does the share price rise between UK funding rounds?
- How often do UK startups raise a down round?
- London versus the rest: where UK startups raise equity, by region
- Innovate UK grant holders: how many go on to raise equity?
- How long UK companies take to file share allotments
- UK pre-money valuations by round size: quartiles since 2024
- UK equity rounds in 2025: how many, how much and how big
- How to find out if a UK company has raised money
- What a share allotment filing does and does not tell you
Based on Companies House share allotment filings read by Bradshaw.
Questions and answers
How does Bradshaw turn a share allotment filing into a funding round?
It reads each allotment line on form SH01, adds up the number of shares times the amount paid per share to get cash raised, and takes the highest priced line as the price per share. The working for every figure is shown.
How is pre-money valuation worked out from an SH01?
The price per share is multiplied by the shares in issue before the round, which is the statement of capital total less the new shares. This is an issued-share basis, so it excludes unissued options.
Which share allotments does Bradshaw not count as funding rounds?
Option exercises, conversions of loan notes and advance subscription agreements, bonus issues and founder shares are kept under their own kind and left out of round figures.
Can I check a figure against the original filing?
Yes. Every figure links to the filing at Companies House and names its source page, so the multiplication can be checked by hand.