Registration number: 10210711

The Thirdway Group Limited

Contents

The Thirdway Group Limited

Company Information

The Thirdway Group Limited

Strategic Report for the Year Ended 31 December 2024

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

Summary and Principal Activity

The principal activity of the company during the year was that of an investment holding company together with a technology-based resource within the property industry. Its subsidiaries are principally engaged in the provision of interior design and build services, architecture, the supply of office furniture and the development and management of commercial property.

The subsidiary companies of The Thirdway Group Limited continue to provide a unique offering to the market with a collection of services for commercial property stakeholders that ensures a more seamless, consolidated and collaborative experience. The core subsidiaries that are continuing, which will be collectively be referred to as 'Thirdway' in this report, include:

• Thirdway Interiors Limited which provides commercial design, build and fit out services and which benefits from the synergy with the other continuing subsidiaries;

• Tribe Furniture Limited which is principally engaged with the supply of office furniture;

• Thirdway Architecture Limited (branded as Anomaly) which is principally engaged in the provision of architectural and consultancy services;

• Thirdway TX Limited which is an experiential building marketing service working in conjunction with our property agent and property owner connections, helping landlords lease space sooner;

• Thirdway Pulse Limited which is a managed office service which can provide tenants flexible use of office space with none of the pitfalls while offering landlords a good source of income for their properties;

• IV Real Estate Limited which is principally engaged in the development and management of commercial property.

2024 was a year in which the business continued to focus on its target customer segments and as a result delivered significantly improved results compared to 2023. In addition, the cost management initiatives put in place in late 2023 continued into 2024 to deliver overall overhead efficiencies. The combination of growth in turnover and gross profit together with a reduction in overheads has resulted in much improved profitability in 2024.

Thirdway continued to invest heavily in improving the quality of its team through continued training and also by searching for key contributors to take on important leadership roles. Further important senior hires were made in 2024.

Clients frequently utilise a combination of Thirdway's various entities depending on their specific project requirements. For example, an end-to-end service may include the appointment of Thirdway Architecture, Thirdway Interiors and Tribe Furniture.

The Directors believe the pipeline for 2025 shows that Thirdway's revenue is likely to grow and demand in the market remains substantial.

The Thirdway Group Limited

Strategic Report for the Year Ended 31 December 2024

Fair review of the business

The continuing businesses have performed to an acceptable level in 2024, despite facing a highly competitive marketplace.

Thirdway continued to safely deliver high quality projects to both our landlord and tenant clients whilst following strict Government guidelines.

Thirdway's revenue remained significant because of:

• The continued strong reputation and brand of the group.

• The benefit of retaining specialist teams, focusing on customer segments, which allowed us to focus on the market segments in which we are best positioned to be successful;

• The continued investment in the training and development of our team;

• Reduced distraction from non-core business activities allowing further improved focus on continuing entities.

Thirdway's operating profit increased as a result of greater success in generating revenue coupled with a disciplined approach to driving up gross margin and good control of overheads.

The market remains highly competitive. Director expectation is that the commercial design and build market will continue to demonstrate significant market demand within London and the UK more generally. The directors are confident the pipeline for 2025 demonstrates that revenue will continue to remain strong and healthy due to the successful portfolio built and number of partnerships formed with repeat customers.

Thirdway employees remain highly sought after and remain at the core of our success. They continue to deliver outstanding, high-quality work with diligence and professionalism.

Thirdway maintains a healthy distribution of work from a number of sources, which include repeat business, agent relationships, property investors, project managers and direct recommendations, as well as an increased drive on lead generation through digital and traditional marketing campaigns. Excellent delivery continues to drive additional repeat business.

Given the nature of the business, the company itself has no turnover, only generating income from management charges and dividends receivable from its trading subsidiaries, and also has minimal ongoing expenditure.

At 31 December 2024 the company had a deficiency in net assets of £8,566,099, with £10,464,279 due to the company's trading subsidiaries.

The Thirdway Group Limited

Strategic Report for the Year Ended 31 December 2024

Financial Instruments, Principal Risks and Uncertainties

Competitive risk

Thirdway operates in competitive markets and has a number of key competitors. Thirdway manages this risk by providing high quality designs to its clients at competitive prices. We place a large emphasis on building long lasting relationships, with both our customers, as well as our supplier base. We believe that the quality of our work also stands us in great stead when facing a highly competitive market.

Market risk

The market is subject to fluctuations due to wider economic factors that affect demand for office space and related design and build services. Thirdway manages this risk by periodically reviewing:

a) its current cost base to ensure it is appropriate to current market volumes; and
b) the level of appeal and marketability of its current market offering to ensure it is appropriate and kept up to date to meet current market requirements.

Credit risk and financial instruments

Thirdway may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. Thirdway is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by maintaining strong on-going customer relationships and closely monitoring outstanding debts from all sources.

Thirdway's exposure to exchange risk is minimal as the majority of sales and purchases contracted are in Sterling. Thirdway uses cash and no other financial instruments. The company had no hedging arrangements at 31 December 2024.

Liquidity risk

Thirdway's objective in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. Thirdway runs monthly cash flow forecasts to ensure that liquidity is maintained and adjusts its cost base as needed to do so. Thirdway maintains a positive cash balance at all times and while there is an overdraft facility available, this has not been utilised during the period and the company does not currently forecast that this will be required in the future.

Health and Safety risk

Thirdway performs large scale property fit out works that carry significant health and safety risks to employees, clients and contractors unless carried out in a safe manner. Thirdway employs a dedicated Health and Safety Director who reports to the board and regularly reviews health and safety policies and practices to ensure they adequately address the risks faced. Staff members receive regular health and safety training and risk assessments are conducted as needed for work conducted by staff members and contractors.

Contract risk

Thirdway takes on risks in relation to potential cost over runs on new design and build projects and in relation to potential late delivery. Thirdway operates a strict governance procedure which ensures that all risk is considered and mitigated. The procedure includes internal senior leadership and in-house legal team sign off on all new customer contracts to ensure that they are priced appropriately, that delivery timescales are realistic and that risk is mitigated by back to backing of associated risks with sub-contractors.

The Thirdway Group Limited

Strategic Report for the Year Ended 31 December 2024

Research and Development

Thirdway continues to undertake research and development in order to improve and diversify its service offering.

Future Prospects and Subsequent Events

Thirdway continues to be well positioned as a leader in its target market. The Directors do not anticipate any changes in Thirdway’s principal activities but will continue to ensure its services meet market needs.

The directors are confident the pipeline for 2025 demonstrates that revenue will continue to remain strong and healthy due to the successful portfolio built and number of partnerships formed. It is expected that the commercial design and build market will continue to show significant demand as employers re-work their office spaces following a couple of years of lower use, and the continuing evolution of how office space is and can be used by our clients.

The trading subsidiaries will continue to co-operate with each other where there are good synergies that enable improved service offerings to clients.

Streamlined energy and carbon reporting

The Thirdway Group Limited is an investment holding company, therefore the company did not utilise any energy and there were no associated greenhouse gas emissions from the company’s energy use during the years ended 31 December 2024 and 31 December 2023. The company’s energy use and emissions have been calculated in accordance with the GHG Protocol Corporate Standard.

The company did not undertake any energy efficiency actions during the year.

Section 172(1) statement

The Companies (Miscellaneous Reporting) Regulations 2018 require Directors to explain how they considered the interest of key stakeholders as set out in section 172(1) (A) to (F) of the Companies Act 2006 when performing their duty to promote the success of the company. The following paragraphs summarise how the Directors fulfil their duties.

Long term decision making

With a highly competitive and evolving market, it has remained necessary for Thirdway to quickly adapt to the rapidly changing landscape. The business has retained identified key talent, but also sought to further strengthen our staff base across the business, particularly at the senior management level.

Sustainability is also considered key to long term decision making and the sustainability lead has continued to work across Thirdway and with clients to ensure that this is properly addressed.

Thirdway has a number of long-standing client relationships and continues to invest resources in maintaining and improving those relationships.

Thirdway continued to work with a number of experienced Board advisers who have strong experience of organically growing revenues and profits to help set strategy and improve governance to promote Thirdway's long-term success.

The Thirdway Group Limited

Strategic Report for the Year Ended 31 December 2024

Looking after people

Thirdway worked hard on ensuring our roster for staff are the best possible, with continued significant investment in staff development activities. The company hired in new areas which present opportunities for growth as well as promoting from within. In addition, new appointments strengthened senior leadership across 2024 and into 2025 across all areas of the business.

Continuing the sense of community and family remains a key part of the strategy helping retain our market leading team. The company also sets out to be an employer of choice through its inclusive culture, open communication and by providing strong employee benefits.

The health, safety and wellbeing of staff remained critical and investment was made to ensure each member of the team received the support they needed. Additionally, there has been a significant drive to enhance the safety, and physical and mental wellbeing of site personnel. Industry leading and externally verified accreditations, including Constructionline Gold status and SafeContractor SSIP, were achieved by demonstrating a drive to go above and beyond in safety, health and social values.

Fostering relationships with suppliers, customers and others

Thirdway also recognised the need to work with and support suppliers and leveraged strong relationships with the local businesses that provide services for us, looked to understand their needs and how we could support them. Thirdway continued to invest heavily in its account management team to ensure that customer needs were understood and met and restructured internally to ensure a better focus on each customer grouping.

Thirdway’s impact on the community and the environment

Thirdway aims to deliver through collaboration and innovation and sets out to “Make Life Work” through innovative designs and builds, while building long lasting relationships with clients and partners.

Thirdway developed its Environmental, Social and Corporate Governance (ESG) framework through the detailed development of the Environmental, Sustainability, and Corporate Social Responsibilities policies, along with the enhancements of the existing governance policies in place. A combined multi-disciplinary and collaborative approach has led to a robust and standardised approach to fulfilling related commitments and monitoring environmental and social impacts, while keeping compliance, both regulatory and best-practice, a priority.

The key areas of environmental considerations all affected policies capture are:

• consideration in advance where possible of the environmental effects of any significant new development and to adjust plans accordingly.
• monitoring of the impact of existing operations on the environment.
• maintaining the appearance of premises to the highest practicable standards.
• taking positive steps to conserve resources, particularly those which are scarce or non-renewable.
• ensuring the provision of necessary information and training to enable employees to operate the processes properly and with minimal effects on the people or the environment.

Thirdway’s continued and expanding expertise in social and mental wellbeing, and sustainability management through design continues to grow. This growth results from a combination of in-house knowledge and external specialist advisors enabling the delivery of Fitwel, SKA, Nabers, BREEAM, WiredScore and ActiveScore scopes throughout all services.

The company as part of the wider Thirdway group has maintained full ISO 14001 certification, certifying our environmental management plans.

Thirdway Interiors has partnered with The Thirdway Trust, which is the group’s charitable arm that supports communities both locally and globally. The Salmon Youth Centre in Bermondsey is one of the Trust's partners through whom the group has been able to provide work experience workshops with young people, donated second-hand furniture through Tribe and donated laptops to young people in need. There have been numerous fundraising events for the centre to enable them to continue their work with disadvantaged children. At Christmas, fundraising activities also take place to support the Hackney Food Bank and further donations were also made after this.

The Thirdway Group Limited

Strategic Report for the Year Ended 31 December 2024

Further afield, the Trust supported Toilet Twinning and Sabre Education. With every project we complete we encourage our clients to "twin" the toilets from their project at a cost of £60. This then funds the build of a toilet in a poor community around the world and provides life-saving hygienic benefit. To date, more than 1000 toilets have been funded across the globe.

The group remains committed to equality, diversity and inclusion improvements at Thirdway and helps to nurture a culture where every individual, regardless of race, religion, sex, gender, age, disability or sexual orientation feels valued and celebrated. Open dialogue within this forum is welcomed and encouraged to address all concerns or suggestions.

The need to act fairly as between members of the company

The company has taken steps to empower managers across the company by giving them accountability and control over their respective areas and to ensure that each company member is managed more effectively and for its benefit. The business has created a devolved business reporting structure with managers made responsible for each sales and delivery pack and cost centre that has improved this wider accountability and control.
 

Approved by the Board on 15 September 2025 and signed on its behalf by:

.........................................
B J P Gillam
Director

The Thirdway Group Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

B J P Gillam

M J Booth

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, research & development, financial instruments and streamlined energy and carbon reporting.

Directors' liabilities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Disclosure of information to the auditor

Approved by the Board on 15 September 2025 and signed on its behalf by:



 

.........................................
B J P Gillam
Director

The Thirdway Group Limited

Statement of Directors' Responsibilities

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:

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.

The Thirdway Group Limited

Independent Auditor's Report to the Members of The Thirdway Group Limited
for the Year Ended 31 December 2024

Opinion

We have audited the financial statements of The Thirdway Group Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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:

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 Auditor’s 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

The Thirdway Group Limited

Independent Auditor's Report to the Members of The Thirdway Group Limited
for the Year Ended 31 December 2024

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 9), 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 is 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.

Auditor’s 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 an auditor’s report 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 Thirdway Group Limited

Independent Auditor's Report to the Members of The Thirdway Group Limited
for the Year Ended 31 December 2024

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, health and safety legislation and anti-bribery legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

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, collusion, omission, misrepresentation or forgery.

The Thirdway Group Limited

Independent Auditor's Report to the Members of The Thirdway Group Limited
for the Year Ended 31 December 2024

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of Brebners, Statutory Auditor

130 Shaftesbury Avenue
London, London
W1D 5AR

15 September 2025

The Thirdway Group Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2024

The Thirdway Group Limited

Statement of Financial Position as at 31 December 2024

Approved and authorised by the Board on 15 September 2025 and signed on its behalf by:

 

......................................................................

B J P Gillam

Director

Company registration number: 10210711

The Thirdway Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of an investment holding company.

Statement of compliance

Basis of preparation

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Group accounts not prepared

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its ultimate parent undertaking Thirdway Holdings Limited prepares consolidated financial statements which includes the results of the company.

The Thirdway Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Going concern

The company made a loss for the year ended 31 December 2024 and had a net deficiency of assets at this date of £8,566,099.

At this date an amount of £10,464,279 was due to the group's trading subsidiaries who have confirmed that they will not call for repayment until such a time that the company has sufficient working capital. The trading subsidiaries have also confirmed that they will provide working further funds to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the signing of these financial statements.

On the basis of the above and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Tax

Tangible assets

Depreciation

Investments

The Thirdway Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Finance leases

Share capital

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

The Thirdway Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The analysis of the company's other operating income for the year is as follows:

The average number of persons employed by the company during the year, was 0 (2023 - 0).

Tax charged/(credited) in the income statement

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK at 25% (2023 - lower than the hybrid rate of tax at 23.5%).

The differences are reconciled below:

The Thirdway Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	8,500	8,500
At 31 December 2024	8,500	8,500
Depreciation
At 1 January 2024	4,250	4,250
Charge for the year	2,125	2,125
At 31 December 2024	6,375	6,375
Carrying amount
At 31 December 2024	2,125	2,125
At 31 December 2023	4,250	4,250

8	Investments

	2024  £	2023  £
Investments in subsidiaries	152,134	152,134
Investments in joint ventures	1	1
Other investments	200,000	200,000
	352,135	352,135