Mersey Gateway Crossings Board Limited - Limited company accounts 25.1

REGISTERED NUMBER: 08751307 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

Mersey Gateway Crossings Board Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

M A Bennett

H C Dearden

M C Wharton

D P Thompson

J Quirke

D S Poole

SECRETARY:

D T Lyon

REGISTERED OFFICE:

9 Howard Court

Manor Park

Runcorn

WA7 1SJ

REGISTERED NUMBER:

08751307 (England and Wales)

AUDITORS:

Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company is to deliver the Mersey Gateway Bridge project, on behalf of Halton Borough Council, and to administer and oversee the operation and maintenance of the tolled crossing, including the tolling of the Silver Jubilee Bridge.

FUTURE DEVELOPMENTS

The directors are still confident that the Mersey Gateway Crossings Board Limited can fulfil its obligations on the contract going forward.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

M A Bennett

H C Dearden

M C Wharton

D P Thompson

J Quirke

Other changes in directors holding office are as follows:

P Fenwick - resigned 30 June 2024

D S Poole - appointed 1 July 2024

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £20,410 (2024: £28,854), and the total comprehensive income for the year amounted to £1,410 (2024: loss £561,146) following the restriction of the recognition of the pension surplus in the year.

The directors have not recommended the payment of a dividend (2024: £Nil).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

H C Dearden - Director

1 September 2025

Opinion

We have audited the financial statements of Mersey Gateway Crossings Board Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business.

Audit procedures performed included:

- Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and regulations;

- Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business;

- Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Jason Leach (Senior Statutory Auditor)

for and on behalf of Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

1 September 2025

TURNOVER

2,019,852

1,888,180

Administrative expenses

(1,999,442

)

(1,886,326

)

OPERATING PROFIT

5

20,410

1,854

Other finance income

12

-

27,000

PROFIT BEFORE TAXATION

20,410

28,854

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

20,410

28,854

PROFIT FOR THE YEAR

20,410

28,854

OTHER COMPREHENSIVE INCOME

Other comprehensive income

(19,000

)

(590,000

)

Income tax relating to other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(19,000

)

(590,000

)

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,410

(561,146

)

FIXED ASSETS

Tangible assets

7

-

Investments

8

100

CURRENT ASSETS

Debtors

9

517,346

461,699

Cash at bank

471,888

470,024

989,234

931,723

CREDITORS

Amounts falling due within one year

10

(1,010,894

)

(954,793

)

NET CURRENT LIABILITIES

(21,660

)

(23,070

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(21,560

)

(22,970

)

CAPITAL AND RESERVES

Called up share capital

11

100

Retained earnings

(21,660

)

(23,070

)

SHAREHOLDERS' FUNDS

(21,560

)

(22,970

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2025 and were signed on its behalf by:

H C Dearden - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 April 2023

100

538,076

538,176

Changes in equity

Total comprehensive income

-

(561,146

)

(561,146

)

Balance at 31 March 2024

100

(23,070

)

(22,970

)

Changes in equity

Total comprehensive income

-

1,410

Balance at 31 March 2025

100

(21,660

)

(21,560

)

1.	STATUTORY INFORMATION

Mersey Gateway Crossings Board Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on a going concern basis not withstanding net current liabilities of £21,660 (2024: £23,070) and a shareholders deficit of £21,560 (2024: deficit £22,970) as at 31 March 2025. The directors believe this basis of accounting to be appropriate as the company is ultimately financially supported by the Department of Transport under the auspices of a project funding arrangement detailed in a formal letter to which the company is party. In the instance that the company is not able to settle its liabilities on a standalone basis, and providing it has continued to operate within certain budgetary parameters, such funding will be made available to enable all third party liabilities to be settled as they fall due.

On this basis the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.

Revenue is accrued in respect of directly attributable costs incurred but not yet invoiced in accordance with the terms of the Governance Agreement.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is charged so as to allocate the cost of assets less their residual values over their estimated useful lives on the following bases:

Office equipment - 10% per annum straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Taxation

The company's trade is exempt for the purposes of corporation tax on the basis that there will ultimately be no profits arising in the company once the project is complete and all expenditure has been recharged to Halton Borough Council.

Employee benefits

The company provides a range of benefits to employees including paid holiday arrangements and defined benefit and defined contribution pension plans.

Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the salary cost of the future holiday entitlement so accrued at the balance sheet date.

Pension costs

Contributions to the company's defined contribution pension scheme are charged to profit or loss in the year in which they become payable.

The company also operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.

The company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 're-measurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

(a) the increase in pension benefit liability arising from employee service during the period; and

(b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss in 'Interest payable and similar charges'.

Where, at the reporting date, the present value of defined benefit obligation is less than the fair value of the plan assets, the plan has a surplus. The Company recognises a surplus to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. In this case the detailed actuarial calculations are prepared to estimate the economic benefit to the company of reduced future contributions and the surplus restricted accordingly. As at 31 March 2025, these calculations showed that the surplus should be restricted in full - refer to note 12.

This is considered to be a key judgement in the preparation of the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2024 - 15 ) .

4.	DIRECTORS' EMOLUMENTS

The number of directors to whom retirement benefits were accruing was as follows:

Defined Contribution Schemes

2

The highest paid director received £121,490 (2024: £115,534) in salaries and benefits in kind. Company pension contributions of £12,049 (2024: £11,453) were payable in respect of this director.

5.	OPERATING PROFIT

2025

2024

The operating profit/(loss) for the period is stated after charging:

£

Depreciation of owned tangible fixed assets

-

201

6.	AUDITORS' REMUNERATION

Fees payable to the company's auditors and associates:

2025

2024

£

For audit services

Audit of the financial statements of the company

7,550

6,750

For other services

All other non-audit services

1,000

750

7.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 April 2024

and 31 March 2025

1,089

DEPRECIATION

At 1 April 2024

and 31 March 2025

1,089

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

100

NET BOOK VALUE

At 31 March 2025

100

At 31 March 2024

100

The company has a 100% dormant subsidiary called Merseyflow Limited which has not traded since incorporation, and has a net asset value of £100 which represents unpaid share capital.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Prepayments & accrued income

517,346

461,699

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

500,000

Trade creditors

85,306

60,688

Social security & other taxes

75,539

55,888

Accruals & deferred income

350,049

338,217

1,010,894

954,793

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

Ordinary

£1

100

12.	EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution schemes

A defined contribution pension scheme is operated by the company on behalf of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount recognised in the Statement of Comprehensive Income as an expense in relation to the company's defined contribution scheme is £42,738 (2024: £40,115). Contributions of £Nil (2024: Nil) were outstanding at 31 March 2025.

Defined benefit schemes

The defined benefit pension arrangements are operated through Cheshire Pension Fund. The pension fund is closed to new members but on 1 June 2014 the company took on the obligation of the defined benefit scheme for employees previously employed by Halton Borough Council but now employed by the company. Contributions payable for the period to this defined benefit scheme amounted to £69,000 (2024: £69,000). Contributions of £6,505 (2024: £Nil) were outstanding at the 31 March 2025 and have been included in other creditors.

The latest actuarial valuation of the scheme was carried out by a qualified actuary at 31 March 2022. A valuation has been obtained at 31 March 2025 to ascertain the proportion of the defined benefit scheme assets, liabilities, income and costs attributable to the company. The deficit is guaranteed by Halton Borough Council.

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

2025

2024

Key assumptions

%

Discount rate

5.80

4.85

Expected rate of increase of pensions in payments

2.75

Expected rate of salary increases

3.45

Mortality assumptions

2025

2024

Aged 65 now

- Males

19.8

19.9

- Females

25

25.0

Aged 45 now

- Males

22.9

23.0

- Females

25.8

Post retirement assumption - life expectancy is based on the Fund's VitaCurves with improvements in line with the CMI 2023 model, with a 15% weighting of 2023 (and 2022) data, a 0% weighting of 2021 (and 2020) data, standard smoothing (Sk7), initial adjustment of 0.25% and a long term rate of improvement of 1.5% p.a. for both males and females. Based on these assumptions, the average future life expectancies at age 65 are summarised above. An allowance is included for future retirements to elect to take 65% of the maximum additional tax-free cash up to HMRC limits.

2025

2024

Amounts recongnised in the profit and loss account

£

Current service cost

50,000

55,000

Past service cost

-

Net interest (income)/cost

-

(27,000

)

50,000

28,000

2025

2024

Amounts taken to other comprehensive income

£

Return on assets excluding amounts included in net interest

(105,000

)

45,000

Actuarial changes related to obligations

426,000

100,000

Restriction of pension surplus

(340,000

)

(735,000

)

Total recognition in other comprehensive income/(expenses)

(19,000

)

(590,000

)

The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income was a gain of £248,000 (2024: £267,000).

The company expects to contribute £69,000 (2024: £69,000) to its defined benefit pension scheme in 2026.

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2025

2024

£

Fair value of plan assets

3,220,000

3,142,000

Present value of defined benefit obligations

(2,109,000

)

(2,407,000

)

Restriction of pension surplus

(1,111,000

)

(735,000

)

Surplus in scheme

-

2025

Movements in the present value of defined benefit obligations

£

Liabilities at 1 April 2024

2,407,000

Current service cost

50,000

Past service cost

-

Benefits paid

(57,000

)

Contributions from scheme members

18,000

Actuarial gains and losses

(426,000

)

Interest cost

117,000

At 31 March 2025

2,109,000

2025

Movements in the fair value of plan assets

£

Fair value of assets at 1 April 2024

3,142,000

Return on assets excluding amounts included in net interest

153,000

Benefits paid

(57,000

)

Contributions by scheme members

18,000

Employer contributions

69,000

Return on scheme assets excluding interest income

(105,000

)

At 31 March 2025

3,220,000

2025

2024

Composition of plan assets:

£

Equities

1,577,800

1,571,000

Bonds

1,223,600

1,131,000

Property

386,400

377,000

Cash

32,200

63,000

3,220,000

3,142,000

The actual return on the scheme's assets net of expenses over the period to the review date was a gain of 4.85%. This is estimated based on actual fund returns as provided by the Administering Authority.

The company has not recognised the surplus following detailed calculations performed by the company's actuary. These calculations demonstrate that economic benefit available to the company as a reduction in future contributions was lower than the value of the surplus, hence the surplus was restricted to nil.

13.	RELATED PARTY DISCLOSURES

The company is a 100% subsidiary of Halton Borough Council and this entity is the ultimate controlling party.

Sales of £1,976,619 (2024: £1,846,145) were made during the period to Halton Borough Council and the council service fees of £43,233 (2024: £42,035) were charged to the company by Halton Borough Council in the period. At 31 March 2025 £176,383 (2024: £98,797) was owed to the company by Halton Borough Council, This includes £7,010 (2024: £8,915) which was owed to Halton Borough Council in respect of council service fees.

At the balance sheet date the company has a short term loan loan £500,000 (2024: £500,000) from Halton Borough Council. No interest has been charged on this loan and there are no fixed repayment terms.