The directors present the strategic report for the period ended 31 March 2025.
INTRODUCTION
WJ Group Infrastructure Limited ("the company") was incorporated on 3rd December 2020 and began trading on this date. It is a subsidiary of WJ Group Holdings Limited.
The WJ Group is the UK’s leading road marking and highway safety business. It delivers high-performance, award-winning solutions to the strategic road network, local authority and private markets. WJ creates safe, sustainable journeys for everyone.
The group has grown rapidly over the years both organically and through a number of strategic acquisitions.
The company is the parent of WJ (Group) Limited. The trading subsidiaries of WJ (Group) Limited provide temporary and permanent road and off highways markings using a wide range of applications and products. These companies install road studs, both reflective and active (solar). They provide a range of safety related surface treatments, including retexturing, high friction surfacing and pothole repair systems. Their retexturing fleet is the largest in the UK and they have a high friction surface product that is widely used across the strategic road network.
The Intelligent Traffic Solutions (ITS) division commissions and installs a variety of safety critical systems aimed at temporary works on the highways, including wireless CCTV, stopped vehicle detection, average speed cameras, automatic number plate recognition (ANPR) cameras and air quality monitoring. This division has been strengthened during the period through the acquisition of Sunstone Systems. Sunstone were providers of the autonomous renewable power generation devices that the ITS business uses to power various IoT devices such as ANPR cameras, Average Speed cameras, and traffic monitoring radar. The acquisition created WJ Sunstone which will work independently of the ITS business to continue to market to a diverse range of sectors which require power for connected devices.
The companies support highways authorities managing their road marking assets by surveying and digitising their road marking networks and then providing consultancy services to help them prioritise appropriate treatments.
The WJ Group has a Verified Science Based Target to deliver against the Paris Agreement by 2042, based on lowering embodied carbon in our materials to zero, switching to zero emission vehicles as technology allows and off-setting carbon through the planting of a forest.
The companies engineering and fabrication capabilities allow the wider group to rapidly develop and bring to market road marking products and systems using the largely self-delivered fleet of road marking vehicles. This includes launching the world’s first electric powered thermoplastic road marking truck in the summer of 2025. Using alternative power to replace fossil fuels is a key part of the wider groups operational commitment to be carbon neutral by 2042.
With industry leading R&D capability in WJ Products and ACBWJ critical in the development of new and innovative road marking products, WJ Group proudly launched RapidLine, a UV cured cold applied road marking system, in summer 2025. The first of its kind to launch on the UK market, RapidLine is the group’s response to an evolving interest in cold applied systems. The instant curing of the material, when exposed to intense UV light, means road closures and traffic management can be reduced, a significant saving for clients during the installation process of road markings.
The group’s transformation into a data driven business, with THI’s support and investment, is continuing following the go live of the second phase of group wide ERP system in March 2024.
WJ Groups employees are their most valuable asset and WJ Group provides a supportive, developmental, and inclusive work environment. This period the group launched inclusive talent acquisition initiatives, such as the Forces Covenant Agreement and Disability Confident Employer. They strengthened ties with educational institutions and continued leadership development to ensure a sustainable high performing team for the future.
Safety is core to WJ. The ‘Safer Together’ Strategy, launched in 2025 and strives to achieve zero accidents by creating an environment where every employee is empowered to take ownership of their health and safety and that of those around them. The ‘Safer Together’ Strategy focusses on Health and Safety (H&S) priorities across the WJ Group for the next five years ensuring the group deliver works through safe people, safe places and safe processes supported by a culture that acts safely, without compromise.
SOCIAL VALUE INDICATORS
Community is a WJ Core Value. Social Value is tracked by WJ Group using the National TOMs Framework. Performance is tracked against the Themes, Outcomes and Measures (TOMs) described in the system. These are: Work, the employment opportunities provided; Economy, where money is spent and how that delivers inclusive growth; Community, how the group delivers for the communities where their employees live and work; Planet, that is environmental stewardship and the group’s contribution to this locally and nationally. The numbers generated are then verified by Planet Mark on behalf of Social Value Portal.
REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The financial statements presented are for a period of 14 months rather than 12 months in order to align the period end more appropriately with internal business processes and external customers fiscal years. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as a result.
Turnover for the 14 month period is £10,879,548. Not withstanding the 14 month period vs the prior period of 12 months, turnover increased by over 24% due to increased costs being recharged to group companies during the year.
Total net assets at the end of the period decreased from £66,343,381 to £54,497,658 reflecting the loss in the period.
Due to the nature of the company being a holding company, it does not have any principal risks or uncertainties directly.
The company could be affected however if subsidiary companies trade is impacted for any given reasons. Below are the principal risks and uncertainties for the company’s subsidiaries:
Government Spending Decisions – the companies recognise that the majority of their income derives from government sources and they play an active role, through a number of trade bodies and associations, in promoting and developing the safety, effectiveness and sustainability of their products and services in line with evolving Department of Transport and Local Authorities priorities. We believe that Government investment in the UK road infrastructure will be maintained.
Competition – the companies differentiate themselves from the competition by continued efforts in R&D and Innovation and a strategy of delivering safer and more sustainable products and services. The companies have made strategic investments to develop the UK largest nationwide network and have diversified into adjacent markets and geographies to enable them to stay ahead of the evolving competitor base.
Materials Supply – the companies have developed an internal supply chain for the bulk of the products they use and have developed strong partnerships in areas where internal production is not possible. The companies work closely with their raw materials supply chains and utilise group buying power to ensure that availability of product is robust and that pricing is sustainable.
Fuel and Energy Prices – the companies are not immune to the impact of rising fuel and energy prices but the effect is mitigated through the maintenance and upgrading of a modern fleet of fuel efficient vehicles and an industry leading driver awareness training programme and incentivisation scheme which leads to improved fuel consumption and a reduction in the companies carbon footprint. The companies are registered under the Energy Savings Opportunity Scheme (ESOS) and are committed to reducing energy consumption to both combat price fluctuations but also reinforce their commitment to reducing their carbon footprint.
Due to the nature of the company being a holding company, it does not have any major financial instrument risks directly.
The company could be affected however if subsidiary companies trade is impacted for any given reason.
Below are the financial instrument risks for the subsidiaries:
Credit Risk – the companies have a broad range of customers including both private companies and public sector bodies. The risk that the companies will suffer from significant levels of bad debt is managed by the diversified customer portfolio and the well established credit control procedures operated across the companies.
Cash Flow Risk – the companies are funded through a combination of Hire Purchase funding, a Term Loan, a Revolving Credit Facility and an Acquisition Facility.
Liquidity Risk – the companies are able to meet short and medium term obligations from operational cash generation and in addition have access to in excess of £14m of undrawn committed facilities.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and net assets. The success of the company will be reflected in the balance sheet net assets and company liquidity.
2025 2024
Turnover £10,879,548 £8,750,172
Net assets £54,497,658 £66,343,381
Explanation of the key performance indicators detailed above can be found in the review of business section of this report.
Due to this company being a holding company, there are no non-financial key performance indicators.
The WJ Group Board believe being a responsible business gives us a social licence to operate. We actively engage our stakeholder community including, employees, suppliers, clients, and communities. Endeavouring through our actions to create shared value through positive contribution to economic, social, and environmental value in the communities we work, live, and serve. In this way contributing to the future sustainable development of the nation and aiding the delivery of the Sustainable Development Goals. Set out briefly here under this S172 Statement, taking into account factors (a) to (f):
(a) the likely consequences of any decision in the long term.
The WJ Board manage the risks of the prevailing business environment ‘To Deliver Safe Sustainable Journeys for All’ a vision that embodies the ethos of the organisation. WJ have four core values: Safety, Delivery, Innovation and Community. Through delivery of this vision and these values we aim to enhance our position as the leading UK providers of road markings; safety surfacing and retexturing; road marking products and equipment; Intelligent Traffic Solutions, Off Highway and Maritime Surface Preparation, for the long term. WJ are committed to continually improve economic, environmental, and social value for our staff, clients, supply chain and the communities we serve.
At all Board Meetings the Board consider the present position of the WJ Group Companies and how that impacts our stakeholders. We record, maintain, audit and review in our management systems a documented Group Stakeholders Needs and Expectations Analysis. Board Meetings further review current strategy and actively seek opportunities to improve safety, innovation, delivery, and community to continue our success for the benefit of The Group, its stakeholders and wider social licence.
(b) the interests of the company’s employees.
WJ Board recognise empowered people are fundamental to the success of our business; to delivering successful services meeting the needs our clients; our communities and to the protection and improvement of our environment. To do this we must not only be a responsible employer but a responsive one too; provide industry leading pay and conditions; where our people are safe, treated with fairness, inclusion, and respect; where everyone is valued, invested in, and has an equal opportunity to progress their career.
Safety is imperative to us and WJ. We research and develop equipment and processes that remove and reduce risks, strive to remove vulnerable road workers from the carriageway and introduce further innovative machinery and processes that protect our people and the travelling public alike. We recognise our interdependence with the environment in which we operate, safe systems are the key to preventing harm. Living our values, employing regular structured and interactive training; from onboarding and teaching essential skills through the entire employment lifecycle at whatever level within the organisation. Through The People Team and the WJ Training Academy considering the whole life wellbeing of our people not just the physical but the mental, financial, and social equally. WJ are active participants in local, sectoral, national, and international work on improving safety and the working environment. The interests of our employees are measured through surveys, encouraged at regular meetings and Sharing Knowledge events. Our long established and continually improved Safety Observation System is designed to capture HSEQ near misses; opportunities for improvement in equipment, systems and behaviours whilst also providing the opportunity to highlight good practice. Regular feedback is given to our people through our ‘You Said, We Did,’ system. Our Voices of Women group are supported as allies in our work to improve equity in our industry along with support for Fairness inclusion and Respect in Construction, the Supplier Diversity Forum, the Race at Work and People Matter Charters. We are further looking to the future through pan industry collaboration with BITC’s Green Skills Lab working on a Just Transition to Net Zero.
(c) The need to foster the company’s business relationships with suppliers, customers and others.
Business relationships are fundamental to all businesses and in this complex and fast changing world we all inhabit crucial to our success. We work very closely with customers and suppliers to understand their needs so that we can tailor our products and services to meet or exceed our delivery requirements. We track performance through regular internal and external meetings and discussions up and down our value chain to aid decision making, enhance customer focus and enable our supply chain. This will include formal collaborative agreements (assessed to ISO 44001) and client, customer, and community performance groups. We recently achieved PAS 2080 ‘Carbon Management in Infrastructure and Built Environment’ certification, this is a collaborative standard which necessitates us being active participants in collaborative events where we listen, understand, share knowledge, and contribute creatively to reducing global emissions. Our operations are critical to delivering a safe sustainable highways network, we align with our supply chain to deliver the holistic service the end user, one that delivers safer sustainable journeys for all. Investment and financial security are fundamental to meeting the needs of our clientele. Working openly and closely with our financial stakeholders strengthens WJ and gives confidence to clients and suppliers alike that we are financially secure, pay promptly and enhance supply chain sustainability, innovation, and capacity.
(d) the impact of the company’s operations on the community and the environment.
The WJ Board understand our services have a significant positive impact on the community and our environment. Road markings, high friction surfacing, and our intelligent traffic solutions are all designed to make journeys safer more and efficient. This in and of itself is delivering considerable social and environmental value. Community is a core value for WJ that means delivering great social and environmental value in a well governed structure. We as an organisation play our part in delivering sustainable economic growth; tackling economic inequality; fighting climate change; aiding equal opportunity and supporting wellbeing. WJ have signed up to the Science Based Target Initiative to deliver against the Paris Agreement, based on lowering embodied carbon in our materials to zero, switching to zero emission vehicles as technology allows and insetting carbon through the planting of a forest. In our operations, road users, communities and the environment are considered at all times. To ensure we reduce and mitigate negative impacts of our operations upon them whist creating new jobs, business opportunities and skills. WJ through innovation in the design of materials, plant and machinery strive to increase the lifecycle of our materials. With less interventions we serve our communities and environment through reduced carbon emissions, less waste and improved air quality. WJ through innovative thinking greatly reduced embodied carbon in materials by circa 80% independently verified to ISO 14067 and PAS 2050 through collaborative work with our supply chain and developing the use of biogenic componentry. This aligns WJ with our community and environments needs.
WJ have an active community engagement program ‘Thinking Community.’ We understand that it is difficult to manage what you can’t measure and have built an independently audited and accredited Social Value Calculator. The Board understand that for an organisation that works mostly for public sector organisations whether at Tiers 1, 2 or 3 level creating additional Social Value is critical to us, our clientele and the nation as a whole. This synergises with the ‘Community’ value’ of WJ, our people and our stakeholder communities to make a positive contribution to society.
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
The Board know that having a strong governance framework that is economically, environmentally, and socially responsible is fundamental to the development of our business. To this end the Board regularly reviews its policies and promotes ethical behaviour, actively encouraging equity, diversity, inclusion, and access and promoting support for disadvantaged groups. WJ is further engaged in promoting better understanding of the abhorrent practice of Modern Slavery. WJ are independently audited by Planet Mark on our carbon reduction targets, local social and economic value and BITC through the ‘Responsible Business Tracker’ on our response to the United Nations Sustainable Development Goals.
(f) the need to act fairly between members of the company.
WJ take the ethos of fairness, inclusion, and respect as pillars of our social contract as an organisation. This is a key part of our induction process and sets of the tenets of the behaviours we expect as an organisation. As a company working primarily for the public sector, we understand that the Public Sector Equality Duty of our clients is fundamental and that these standards are a minimum not an aspiration. It would be short sighted in the extreme for us as a Board not to consider the impacts of all the decisions that we make without considering our people, our wider stakeholders and the environment.
On behalf of the board
The directors present their annual report and financial statements for the period ended 31 March 2025.
The results for the period are set out on page 12 onwards.
No ordinary dividends were paid (2024 - £nil). The directors do not recommend payment of a final dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
The company has taken advantage of the available exemption not to disclose energy and carbon reporting in accordance with the Environment Reporting Guidelines. This information is included in the group directors report of WJ Group Holdings Limited.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Where the financial statements contains forward-looking statements, these are based on current expectations and assumptions and are subject to risk factors and uncertainties which the Directors believe are reasonable. Accordingly, the Company's actual future results may differ materially from the results expressed or implied in these forward-looking statements. We do not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
We have audited the financial statements of WJ Group Infrastructure Limited (the 'company') for the period ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
WJ Group Infrastructure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Brock Way, Newcastle under Lyme, Staffordshire, ST5 6AZ.
Basis of preparation
The financial statements are prepared on a going concern basis, under the historical cost convention.
The preparation of financial statements in conformity with FRS102 requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies.
The financial statements presented are for a period of 14 months rather than 12 months in order to align the period end more appropriately with internal business processes. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as a result.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments';
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of WJ Group Holdings Limited. These consolidated financial statements are available from its registered office. Unit 7 Brock Way, Newcastle under Lyme, Staffordshire, United Kingdom, ST5 6AZ.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group entities where the relationship is one of being wholly owned.
On 1 March 2024, the company changed depreciation rates to those noted above. The depreciation rates listed below are those used in the prior period:
Plant and equipment 25% reducing balance
Computers 50% straight line
Motor vehicles 35% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
Basic financial assets, which include debtors, cash and bank balances and loans from fellow group companies are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans due to fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
In the directors' opinion there are no critical judgements that they have made in applying the company's accounting policies and that have had a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
The directors do not consider there to be any key estimates or assumptions used in preparing the financial statements.
Exceptional items are non-recurring items which are material in size or in nature and are outside of the company's ordinary activities. These include items relating to one-off project costs and M&A related costs incurred during the period.
The average monthly number of persons (including directors) employed by the company during the period was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 2).
The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 March 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Amounts owed by group undertakings due after more than one year are due between 1 and 2 years. The amounts are unsecured and interest free (2024 - interest receivable at 2.5%).
Amounts owed to group undertakings due after more than one year are due between 1 and 2 years. The amounts are unsecured and interest free (2024 - interest receivable at 2.5%).
The long-term bank loans are secured by fixed and floating charges over the assets of the group.
Amounts owed to group undertakings due after more than one year are due between 1 and 2 years. Interest is payable at a rate of 2.5%. The amounts are unsecured.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £0 (2024 - £1,638) were payable to the fund at the balance sheet date and are included in creditors.
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
Profit and loss reserves represents the accumulated profits less accumulated losses and distributions up to the reporting date.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Dividends totalling £0 (2024 - £0) were paid in the period in respect of shares held by the company's directors.