How to read an SH01, the filing that prices UK startup rounds

When a UK company issues new shares (a funding round, an option exercise, a convertible converting) it must file a "Return of allotment of shares", form SH01, at Companies House within a month. It's public, free, and almost nobody reads it.

What's inside

The number of shares allotted, and their class (ordinary, preferred, A shares…).

The nominal value and, more importantly, the amount paid per share, including any premium. This is the real price of the round.

The statement of capital: the total shares in issue after the allotment.

The three numbers you can compute

Approximate amount raised: shares allotted × price paid per share.

Implied post-money valuation: total shares after × price paid per share.

Your dilution: your shares are unchanged, but the denominator grew. Your percentage just moved, and the SH01 tells you exactly by how much.

What the SH01 says that the press release doesn't

Funding announcements round up, bundle debt with equity, and quote "up to" figures. The SH01 is the filed record: the actual shares, the actual price. Comparing the two is one of the fastest honesty checks available on a UK startup. A staged round (several small allotments at the same price over months) looks very different on the register than "we closed a £2m round" sounds in the press.

Where to find them

Companies House → the company → filing history → filter "capital". The PDFs are free. Reading a year of them for a portfolio takes an evening, which is why Tero parses them automatically, computes raise sizes and implied valuations, and alerts you the moment a portfolio company files a new allotment. Public sector information licensed under the Open Government Licence v3.0.