REGISTERED NUMBER: 02002346 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CAT-UK SERVICES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Profit and Loss

10

Statement of Total Recognised Gains and Losses

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

Directors:

W A Forbes

S M Warren

A L M Ritz

A Doyharcabal

Registered office:

Unit 2 West Point Row Great Park Road

Bradley Stoke

Bristol

BS32 4QG

Registered number:

02002346 (England and Wales)

Auditors:

Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

Bankers:

BNP Paribas

10 Harewood Avenue

London

NW1 6AA

The directors present their strategic report for the year ended 31 December 2024.

Review of business

UK new car registrations were 1.95m, an increase of 2.6% compared with 2023. These sales were fuelled mostly by fleet buyers, with the retail market weak. Battery Electric vehicles (BEV) represented 19.6% of that market. UK vehicle production decreased, by 14% compared with 2023, to 780k units (SMMT figures). These factors tended to slow the growth in market opportunities for CAT-UK, and we relied on strong market presence to overcome these headwinds.

CAT-UK has continued to support our clients with the organisation and operation of compound operations for new and used vehicles, and in associated technical services such as pre-delivery inspection (PDI) and preparation of used vehicles for remarketing.

The transport and distribution of cars in the UK is fully performed for Groupe CAT by our transport arm.

Groupe CAT continued to invest and extend operations in relation to the Humber ports in Killingholme and Grimsby. This business further developed and culminated in a new contract with a major client which will see over 150,000 vehicles processed through our facility. The scope of activities includes PDI, accessories fitment and warranty recall interventions.

Our operations for UK-based automotive manufacturers in supporting production and distribution facilities was stable in 2024, reflecting an uncertain time for OEM's with manufacturing bases in the UK.

Principal risks and uncertainties

Groupe CAT is cautiously optimistic for 2025 and beyond, and is making positive moves, based on the good progress in 2024, in terms of sales and product development. There is always a risk of volume decline for political reasons (eg Ukraine situation, world trade disputes, availability of critical parts and materials) though we are seeing a more robust adaptation to these factors in the last twelve months.

Results and dividends

The company's profit before tax for the financial year is £2,923k (2023: £774k). The directors recommend payment of a final dividend for the year ended 31 December 2024: £2,923k (2023: £538k).

Key performance indicators (kpis)

A key driver for the company's turnover and operating profit level is the volume of vehicles handled through our compounds.

CAT-UK SERVICES LIMITED - Total number of vehicles handled by quarter - 2023 - 2024

Year

Jan-Mar

Apr-Jun

Jul-Sept

Oct-Dec

Full Year

2023

91,358

82,252

83,322

97,188

357,120

2024

129,137

111,793

96,952

113,504

451,386

Turnover and adjusted EBIT are two key indicators of the company's financial performance. The adjusted EBIT is the EBIT excluding exceptional items.

Year

Turnover (£   's)

Adjusted EBIT (£   's)

EBIT % of Turnover

2023

12,071

774

6.41%

2024

29,748

2,923

9.83%

Turnover has increased by just under 2.5 times in 2024 compared to 2023.

The 2024 operating result is a £2,923k profit (2023: £774k).

Future developments

The Company intends to continue its strategy of targeting major and developing compound management and technical services opportunities in finished vehicle logistics. We have plans to build on our presence in the used vehicle de-fleet and refurbishment market, as well as new vehicle preparation and fleet management. We will continue to co-ordinate this with our sister UK Groupe CAT companies to offer a full, multi-modal logistics and technical services range of services to a multitude of clients, beyond our traditional OEM customer base.

This will involve some integration of the current businesses to ensure Groupe CAT in the UK are strong, competitive and perform well.

Future strategy on the uk group structure

CAT-UK is expected to play its full part in the ongoing strengthening and re-structuring of Groupe CAT's interests in the UK and will remain at the core of this business. We will continue to build on our strategy of providing integrated automotive logistics services according to customers' needs and especially in our specialist fields of management of new and used car compounds, distribution and technical centres.

The automotive marketplace is changing and CAT-UK as part of Groupe CAT is well-placed to take advantage of the new opportunities the latest evolution brings to us.

On behalf of the board:

S M Warren - Director

12 August 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of vehicle technical services, such as pre-delivery inspection, vehicle processing and accessory fitments, and vehicle compound management services.

Dividends

Details of dividends paid and proposed have been included in the strategic report.

The directors recommend a final dividend of £2,923k (£19.49 per £1 share) for the year payable in 2025.

Directors

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

W A Forbes

S M Warren

A L M Ritz

Other changes in directors holding office are as follows:

A Doyharcabal - appointed 6 December 2024

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Baverstocks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

S M Warren - Director

12 August 2025

Opinion

We have audited the financial statements of CAT-UK Services Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss, Statement of Total Recognised Gains and Losses, 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 December 2024 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Strategic Report or 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102 and relevant tax legislation.

We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting.

Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:-

-

We obtained an understanding of the legal and regulatory framework in relation to the entity and how it complies with this framework. This included discussions with management and reviews of legal and professional fees.

-

We discussed with the management the entity's policies and procedures including systems and controls. Compliance with these was tested via discussion and walkthrough testing of controls.

-

We enquired of management of their policies and procedures in relation to fraud and their knowledge of any actual, suspected, or alleged fraud.

-

We ensured compliance with Pay as You Earn and Value Added Tax laws via reviewing returns and correspondence.

-

We considered the risk of fraud through management override, and, in response, we incorporated testing of manual journal entries into our audit approach. This included the testing of journal entries throughout the year as well as year end journals.

-

We reviewed accounting estimates for bias, which included the provision for stock and depreciation.

-

We agreed the financial statement disclosures to underlying supporting documentation.

-

We enquired of management if there were any potential litigation or claims.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Steven Collins (Senior Statutory Auditor)

for and on behalf of Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

13 August 2025

Turnover

4

29,748

12,071

Cost of sales

11,985

6,707

Gross profit

17,763

5,364

Administrative expenses

14,840

4,590

Operating profit and

Profit before taxation

2,923

774

Tax on profit

7

-

-

Profit for the financial year

2,923

774

Profit for the year

2,923

774

Other comprehensive income

Actuarial gain on pension scheme

480

(596

)

Income tax relating to other comprehensive income

-

-

Other comprehensive income for the year, net of income tax

480

(596

)

Total comprehensive income for the year

3,403

178

Fixed assets

Tangible assets

9

-

14

Current assets

Debtors

10

10,228

5,401

Cash at bank

2,814

781

13,042

6,182

Creditors

Amounts falling due within one year

11

10,105

5,669

Net current assets

2,937

513

Total assets less current liabilities

2,937

527

Pension asset

15

620

165

Net assets

3,557

692

Capital and reserves

Called up share capital

13

150

150

Retained earnings

14

3,407

542

Shareholders' funds

3,557

692

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2025 and were signed on its behalf by:

S M Warren - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2023

150

364

514

Changes in equity

Profit for the year

-

774

774

Other comprehensive income

-

(596

)

(596

)

Total comprehensive income

-

178

178

Balance at 31 December 2023

150

542

692

Changes in equity

Profit for the year

-

2,923

2,923

Other comprehensive income

-

480

480

Total comprehensive income

-

3,403

3,403

Dividends

-

(538

)

(538

)

Balance at 31 December 2024

150

3,407

3,557

1.	Statutory information

CAT-UK Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

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 wholly owned subsidiaries within the group.

Revenue recognition

For sales of services, revenue is recognised in the accounting period in which the services are rendered.

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the company's activities. The company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery

-

16.67% on cost

Fixtures and Fittings

-

25% on cost and 10% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to shareholders' funds in other comprehensive income in the period in which they arise. The amount charged or credited to finance costs is a net interest amount calculated by applying the liability discount rate to the net defined benefit liability or asset. Past-service costs are recognised immediately in the income statement.

For defined contribution plans, the company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

3.	Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Defined benefit pension scheme

The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations, and the discount rate on corporate bonds. Management estimates these factors in determining the net pension surplus or obligation in the balance sheet. The assumptions reflect historical experience and current trends. The Company has recognised a surplus based on the formal application of the Trust Deed and Rules.

4.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

The single class of business is the rendering of services.

5.	Employees and directors

2024

2023

£'000

£'000

Wages and salaries

1,832

1,617

Social security costs

199

154

Other pension costs

84

43

2,115

1,814

The average number of employees during the year was as follows:

2024

2023

Management

15

15

Administration and Sales

21

21

36

36

2024

2023

£

£

Directors' remuneration

226,427

221,092

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

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

226,427

221,092

6.	Operating profit

The operating profit is stated after charging/(crediting):

2024

2023

£'000

£'000

Hire of Plant and Machinery

15

-

Other Operating Leases

196

101

Depreciation - owned assets

14

10

Auditors Remuneration

23

22

Foreign exchange differences

(142

)

20

7.

Taxation

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£'000

£'000

Profit before tax

2,923

774

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

731

194

Effects of:

Expenses not deductible for tax purposes

6

20

Income not taxable for tax purposes

-

(22

)

Utilisation of tax losses

(116

)

(189

)

Utilisation of group losses

(624

)

-

Movement in deferred tax asset not recognised

3

(3

)

Total tax charge

-

-

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

£'000

£'000

£'000

Actuarial gain on pension scheme

480

-

480

2023

Gross

Tax

Net

£'000

£'000

£'000

Actuarial gain on pension scheme

(596

)

-

(596

)

8.

Dividends

2024

2023

£'000

£'000

Ordinary shares of 1 each

Interim

538

-

9.	Tangible fixed assets

Fixtures

Plant and

and

Machinery

Fittings

Totals

£'000

£'000

£'000

Cost

At 1 January 2024

and 31 December 2024

73

27

100

Depreciation

At 1 January 2024

59

27

86

Charge for year

14

-

14

At 31 December 2024

73

27

100

Net book value

At 31 December 2024

-

-

-

At 31 December 2023

14

-

14

10.

Debtors: amounts falling due within one year

2024

2023

£'000

£'000

Trade Debtors

4,484

2,663

Amounts owed by group undertakings

1

1,331

Other Debtors

318

66

Prepayments and Accrued Income

5,425

1,341

10,228

5,401

11.

Creditors: amounts falling due within one year

2024

2023

£'000

£'000

Trade Creditors

4,671

1,821

Amounts owed to group undertakings

1,400

3,016

Corporation Tax

3

3

Social Security and Other

Taxes

59

58

Other Creditors

8

6

Accruals and Deferred Income

3,964

765

10,105

5,669

12.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£'000

£'000

Within one year

100

71

Between one and five years

124

140

224

211

13.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£'000

£'000

150,000

Ordinary

1

150

150

14.

Reserves

Retained

earnings

£'000

At 1 January 2024

542

Profit for the year

2,923

Dividends

(538

)

Actuarial gain on pension

scheme

480

At 31 December 2024

3,407

15.	Employee benefit obligations

The company operates a defined benefit pension scheme for its employees, providing benefits based on final pensionable earnings. The assets of the scheme are held separately from those of the company. Contributions to the scheme are charged to the profit and loss account so as to spread the costs of the pensions over employees working lives within the company.

The scheme is closed to future accrual/employee/(er) contributions.

The contributions are determined by Isio, a professionally qualified actuary, on the basis of triennial valuations using the projected unit method. The latest valuation of the scheme was at 5 April 2022 and updated to 31 December 2024. The contributions are then agreed by the Trustees and the Company.

The amounts recognised in the balance sheet are as follows:

Defined benefit

pension plans

2024

2023

£'000

£'000

Present value of funded obligations

(11,197

)

(12,618

)

Fair value of plan assets

11,817

12,783

620

165

Present value of unfunded obligations

-

-

Surplus

620

165

Net asset

620

165