What is an SH01 form?

The Return of allotment of shares that a UK company must file at Companies House within a month of issuing new shares. It records the shares allotted, their class and the amount paid per share, so it is the filed price of a funding round.

How do I work out a startup's valuation from an SH01?

Multiply the total shares in issue after the allotment, from the statement of capital, by the price paid per share. Shares allotted multiplied by the price gives the approximate amount raised.

Why does the SH01 differ from the funding announcement?

Announcements round up, quote 'up to' figures and bundle debt with equity. The SH01 is the filed record of the actual shares at the actual price, which is why comparing the two is a fast honesty check on a UK startup.

Where can I find a company's SH01 filings?

On Companies House: open the company, go to its filing history and filter by 'capital'. The PDFs are free to read.

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

Tero team

The team behind Tero

2 min read

Updated 13 July 2026

Companies HouseFunding rounds

Key takeaways

The SH01 is the real price of the round. Every UK share issue must be filed within a month, with the shares allotted and the amount paid per share. Public, and free to read.
Three numbers fall out of one filing. Approximate amount raised, implied post-money valuation, and your exact dilution.
The filed record beats the press release. Announcements round up and bundle debt; comparing them against the SH01 is the fastest honesty check on a UK startup.

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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 and so on).

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.

From the register

See it on a real filing history

Three UK companies whose priced rounds Tero has read from Companies House, with implied valuation at each allotment.

All company pages →

Questions this guide answers

What is an SH01 form?: The Return of allotment of shares that a UK company must file at Companies House within a month of issuing new shares. It records the shares allotted, their class and the amount paid per share, so it is the filed price of a funding round.
How do I work out a startup's valuation from an SH01?: Multiply the total shares in issue after the allotment, from the statement of capital, by the price paid per share. Shares allotted multiplied by the price gives the approximate amount raised.
Why does the SH01 differ from the funding announcement?: Announcements round up, quote 'up to' figures and bundle debt with equity. The SH01 is the filed record of the actual shares at the actual price, which is why comparing the two is a fast honesty check on a UK startup.
Where can I find a company's SH01 filings?: On Companies House: open the company, go to its filing history and filter by 'capital'. The PDFs are free to read.

Tero runs these checks automatically.

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