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Registered number: 02447811 Metcor Group Ltd (formerly Metcor Environmental Ltd) Annual report and financial statements For the year ended 31 March 2025
Metcor Group Ltd (formerly Metcor Environmental Ltd) Company Information
Directors | N Gaisman
| M Marks
| M Benham
| P Fellowes-Prynne
Registered number | 02447811
Registered office | Unit A3 Lion Business Park
| Dering Way
| Gravesend
| Kent
| DA12 2DN
Independent auditors | Kreston Reeves LLP
| Chartered Accountants & Statutory Auditor
| 37 St Margaret's Street
| Canterbury
| Kent
| CT1 2TU
Metcor Group Ltd (formerly Metcor Environmental Ltd) Contents
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of income and retained earnings | 9
Balance sheet | 10
Notes to the financial statements | 11 - 27
Metcor Group Ltd (formerly Metcor Environmental Ltd) Strategic report For the year ended 31 March 2025
Introduction
The directors present their strategic report for the year ended 31 March 2025.
Business review and KPI
Metcor Group is a leading specialist field service operator, delivering environmental compliance and asset performance for site-critical plant and infrastructure. With integrated expertise across wastewater, clean water and mechanical and electrical engineering, the company is a key specialist partner to commercial and industrial property and facilities managers around the United Kingdom. The period saw strong performance where several new customers segments were developed, a large volume of remedial works were delivered for key accounts, and there was increased efficiency in the delivery of planned maintenance. On 1st August 2025 Metcor Environmental Limited was renamed to Metcor Group Ltd.
Principal risks and uncertainties
Health & Safety: the work that the Company carries out frequently presents health and safety hazards to its employees and members of the public. The Directors takes these risks extremely seriously and have in place an accredited safety management system compliant with OHSAS 18001, as well as a formal review of health and safety at each board meeting. This is supported by robust training practices and ongoing reporting of key health and safety metrics. Team: the performance of the Company’s principal holding is driven by the successful recruitment and retention of high-quality engineers, managers, and support staff. The Company has key strategic recruitment partnerships, has developed its own training pathways, invests in a strong in-house HR function, and offers competitive salary and benefit packages for the industry. Regulatory: failure to comply with existing regulation poses a serious risk. The Company ensures that ISO 9001 audits are carried out and actively monitors potential changes in legislation. Financial: principal financial risks include credit risk and liquidity risk. The Company ensures that credit checks are carried out on new and existing customers. There is a minimal history of bad debts, although the Company continues to invest in improvements to credit process. Liquidity risk arises from an inability to meet short or long- term financial obligations or to carry out strategic investments Economic: the performance of the business is linked to the economic activity in the markets it serves. While the Company is relatively well protected from economic cycles, owing to the non-discretionary nature of its services (underpinned by regulation), and its recurring revenue base, a severe downturn in the wider UK economy could impact demand and customers’ credit health. The Company mitigates this risk through a focus on recurring maintenance revenue, and strong credit controls. Cyber: the Company’s operations rely on IT infrastructure to carry out its essential service tasks. System failure could impact the business’s ability to operate effectively, which could create significant financial and reputational risk. The risk of a cyber-attack has been mitigated by investment in security infrastructure to ensure that robust protections are in place across its networks. Key Customers: the loss of key customers could have a material adverse effect on the financial position and future prospects of the Company. Key Subcontractors: although the Company self-delivers almost all of its work, there are instances where third parties provide specialist services. The Company would be exposed to risk if a subcontractor undertook work poorly, resulting in reputational damage, financial and legal claims, and loss of business. The Company vets its subcontractors carefully and only uses a select group for niche services which it has chosen not to deliver. Page 1
Metcor Group Ltd (formerly Metcor Environmental Ltd) Strategic report (continued) For the year ended 31 March 2025 This report was approved by the board and signed on its behalf.
M Marks Director
Date: 29 September 2025
Page 2
Metcor Group Ltd (formerly Metcor Environmental Ltd) Directors' report For the year ended 31 March 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,810,495 (2024 - £1,031,339). The adjusted EBITDA (earning before interest, tax, depreciation, amortisation, profit on sale of fixed assets, inventory write-off, bad debts, restructuring costs and exceptional costs) for the year amounted to £3,892,958 (2024 - £3,205,239). A dividend of £Nil (2024 - £Nil) was paid during the year to Metcor Group (Holdings) Ltd, the Company's parent undertaking.
Directors
The directors who served during the year were:
N Gaisman
M Marks
T Sampson (resigned 25 April 2025)
T Garty (resigned 25 April 2025)
M Benham (appointed 10 December 2024)
P Fellowes-Prynne (appointed 10 December 2024)
Future developments
The directors aim to maintain the current levels of activity, seeking new business in the prescribed field of expertise, with a view to future growth of the company. Page 3
Metcor Group Ltd (formerly Metcor Environmental Ltd) Directors' report (continued) For the year ended 31 March 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
M Marks Director
Date: 29 September 2025
Page 4
Metcor Group Ltd (formerly Metcor Environmental Ltd) Independent auditors' report to the members of Metcor Group Ltd (formerly Metcor Environmental Ltd)
Opinion
We have audited the financial statements of Metcor Group Ltd (formerly Metcor Environmental Ltd) (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 5
Metcor Group Ltd (formerly Metcor Environmental Ltd) Independent auditors' report to the members of Metcor Group Ltd (formerly Metcor Environmental Ltd) (continued)
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report. We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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. Page 6
Metcor Group Ltd (formerly Metcor Environmental Ltd) Independent auditors' report to the members of Metcor Group Ltd (formerly Metcor Environmental Ltd) (continued)
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 an Auditors' 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. 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: Capability of the audit in detecting irregularities, including fraud The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Based on our understanding of the Company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. 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 preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 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 accounting estimates and the inappropriate posting of journals. Audit procedures performed by the engagement team included: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and ∙Assessment of identified fraud risk factors; and ∙Challenging assumptions and judgements made by management in its significant accounting estimates; and ∙Confirmation of related parties with management. and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business: and ∙Physical inspection of tangible fixed assets susceptible to fraud or irregularity; and ∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Page 7
Metcor Group Ltd (formerly Metcor Environmental Ltd) Independent auditors' report to the members of Metcor Group Ltd (formerly Metcor Environmental Ltd) (continued) ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Auditors' 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. Christopher Gregory BA(Hons) ACA (Senior statutory auditor) for and on behalf of Kreston Reeves LLP Chartered Accountants Statutory Auditor Canterbury 30 September 2025 Page 8
Metcor Group Ltd (formerly Metcor Environmental Ltd) Statement of income and retained earnings For the year ended 31 March 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 25,634,899 | 20,743,529
Cost of sales |  | (11,914,198) | (10,071,259)
Gross profit |  | 13,720,701 | 10,672,270
Administrative expenses |  | (11,674,563) | (9,212,092)
Exceptional administrative expenses | 12 | (202,773) | (17,407)
Operating profit | 5 | 1,843,365 | 1,442,771
Interest receivable and similar income | 9 | 36,522 | 21,132
Interest payable and similar expenses | 10 | (193,097) | (211,929)
Profit before tax |  | 1,686,790 | 1,251,974
Tax on profit | 11 | 123,705 | (220,635)
Profit after tax |  | 1,810,495 | 1,031,339
Retained earnings at the beginning of the year |  | 2,036,231 | 1,004,892
Profit for the year |  | 1,810,495 | 1,031,339
Retained earnings at the end of the year |  | 3,846,726 | 2,036,231
The notes on pages 11 to 27 form part of these financial statements.
Page 9
Metcor Group Ltd (formerly Metcor Environmental Ltd) Registered number: 02447811 Balance sheet As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 1,499,995 |  | 1,543,176
Tangible assets | 14 |  | 3,279,063 |  | 4,515,209
|  |  | 4,779,058 |  | 6,058,385
Current assets |  |  |  |  |
Stocks | 15 | 84,815 |  | 70,591 |
Debtors: amounts falling due within one year | 16 | 7,975,994 |  | 7,879,931 |
Cash at bank and in hand | 17 | 715,835 |  | 471,304 |
|  | 8,776,644 |  | 8,421,826 |
Creditors: amounts falling due within one year | 18 | (7,641,052) |  | (9,147,330) |
Net current assets/(liabilities) |  |  | 1,135,592 |  | (725,504)
Total assets less current liabilities |  |  | 5,914,650 |  | 5,332,881
Creditors: amounts falling due after more than one year | 19 |  | (1,351,296) |  | (2,456,082)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (716,523) |  | (840,463) |
|  |  | (716,523) |  | (840,463)
Net assets |  |  | 3,846,831 |  | 2,036,336
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 100 |  | 100
Capital redemption reserve | 22 |  | 5 |  | 5
Profit and loss account | 22 |  | 3,846,726 |  | 2,036,231
|  |  | 3,846,831 |  | 2,036,336
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Marks
Director
Date: 29 September 2025
The notes on pages 11 to 27 form part of these financial statements. Page 10
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
1. | General information
The Company is a private limited company incorporated in England and Wales. The registered office is Unit A3 Lion Business Park, Dering Way, Gravesend, Kent, DA12 2DN. The Company's registered number is 02447811. The principal activities of the company are that of commercial drainage and pump maintenance services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The Financial statements are rounded to the nearest pound. The functional currency of these financial statements is Pounds Sterling. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Metcor Group Limited as at 31 March 2025 and these financial statements may be obtained from 37 St Margaret's Street, Canterbury, Kent CT1 2TU. Page 11
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Where services have been provided to a customer but have not invoiced at the year end, the company recognises the proportion of revenue based on the labour hours incurred up to the year end. The associated revenue is recognised in the financial statements as accrued income.
| 2.4 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill | - | 10 | years
|  |  |  | Computer software | - | 5 | years
Page 12
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 2% |
|  |  |  | Plant and machinery | - | 20% |
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Office equipment | - | 15% |
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 profit or loss.
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 13
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Page 14
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 15
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.11 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.12 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.13 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.14 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 16
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.16 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.17 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 17
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The following judgements have had the most significant impact on amounts recognised in the financial statements: Lease commitments The company has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying assets. Tangible fixed assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the property, plant and equipment, and note 2.5 for the useful economic lives for each class of assets. Intangible Assets The annual amortisation charge for intangible assets, including goodwill and software, is sensitive to changes in the estimated useful economic lives and the assumptions used in assessing recoverability. The useful economic lives are reviewed annually and amended when necessary to reflect current expectations, based on technological developments, business strategy, and economic utilisation. Goodwill arising on acquisitions is amortised over its estimated useful life, not exceeding ten years, and is assessed for indicators of impairment at each reporting date. Software is amortised over its estimated useful life, which is reassessed annually to ensure it remains appropriate in light of technological advancements and usage patterns. See note 13 for the carrying amount of intangible assets, and note 2.4 for the useful economic lives and amortisation methods applied to each class of intangible asset.
4. | Turnover
The whole of the turnover is attributable to the business activity of the company.
| All turnover arose within the United Kingdom.
Page 18
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amortisation | 286,429 | 258,102
| Depreciation charge | 1,695,067 | 1,510,793
| Other operating lease rentals | 140,948 | 128,799
| Pension cost | 167,345 | 131,064
| Profit on sale of fixed assets | 10,513 | 27,483
| Bad debts | 10,119 | 3,649
| Redundancy costs | 134,282 | 90,631
6. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 17,000 | 13,200
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 10,954,887 | 8,099,980
| Social security costs | 322,667 | 785,043
| Cost of defined contribution scheme | 167,345 | 137,064
|  | 11,444,899 | 9,022,087
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 4 | 4
|  | Administration | 44 | 44
|  | Direct Labour | 175 | 144
|  |  | 223 | 192
Page 19
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 819,001 | 343,091
| Company contributions to defined contribution pension schemes | 11,332 | 9,522
|  | 830,333 | 352,613
| During the year retirement benefits were accruing to 3 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £221,487 (2024 - £256,664).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £6,000).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 36,522 | 21,132
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Discounting charges | - | 2,911
| Hire purchase interest | 193,097 | 209,018
|  | 193,097 | 211,929
Page 20
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | 235 | (29,911)
|  | 235 | (29,911)
| Total current tax | 235 | (29,911)
| Deferred tax |  |
| Origination and reversal of timing differences | (123,940) | 250,546
| Total deferred tax | (123,940) | 250,546
| Tax on profit | (123,705) | 220,635
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,686,790 | 1,251,974
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 421,698 | 312,994
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 20,491 | 7,055
| Capital allowances for year in excess of depreciation | 141,571 | (42,451)
| Utilisation of tax losses | - | (27,052)
| Adjustments to tax charge in respect of prior periods | 235 | (29,911)
| Group relief | (707,700) | -
| Total tax charge for the year | (123,705) | 220,635
Page 21
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
12. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Acquisition related costs | 68,491 | (49,437)
| Aborted software project | - | (23,787)
| Redundancy costs | 134,282 | 90,631
|  | 202,773 | 17,407
13. | Intangible assets
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2024 | 419,089 | 1,809,112 | 2,228,201
| Additions | 243,248 | - | 243,248
| At 31 March 2025 | 662,337 | 1,809,112 | 2,471,449
| Amortisation |  |  |
| At 1 April 2024 | 142,292 | 542,733 | 685,025
| Charge for the year on owned assets | 105,518 | 180,911 | 286,429
| At 31 March 2025 | 247,810 | 723,644 | 971,454
| Net book value |  |  |
| At 31 March 2025 | 414,527 | 1,085,468 | 1,499,995
| At 31 March 2024 | 276,797 | 1,266,379 | 1,543,176
Page 22
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
14. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2024 | 420,306 | 1,951,461 | 8,576,008 | 451,218 | 11,398,993
| Additions | 104,562 | 227,656 | 94,683 | 40,687 | 467,588
| Disposals | - | - | (56,671) | - | (56,671)
| At 31 March 2025 | 524,868 | 2,179,117 | 8,614,020 | 491,905 | 11,809,910
| Depreciation |  |  |  |  |
| At 1 April 2024 | 1,510 | 1,165,744 | 5,489,760 | 226,770 | 6,883,784
| Charge for the year on owned assets | 10,497 | 251,114 | 1,377,057 | 56,399 | 1,695,067
| Disposals | - | - | (48,004) | - | (48,004)
| At 31 March 2025 | 12,007 | 1,416,858 | 6,818,813 | 283,169 | 8,530,847
| Net book value |  |  |  |  |
| At 31 March 2025 | 512,861 | 762,259 | 1,795,207 | 208,736 | 3,279,063
| At 31 March 2024 | 418,796 | 785,717 | 3,086,248 | 224,448 | 4,515,209
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Long leasehold | 512,861 | 418,796
|  | 512,861 | 418,796
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 67,334 | 25,964
| Motor vehicles | 1,884,170 | 2,973,668
|  | 1,951,504 | 2,999,632
Page 23
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 84,815 | 70,591
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 5,434,116 | 5,530,408
| Other debtors | 61,796 | 153,039
| Prepayments | 350,530 | 290,579
| Accrued income | 2,129,552 | 1,905,905
|  | 7,975,994 | 7,879,931
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 715,835 | 471,304
|  | 715,835 | 471,304
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,105,877 | 1,656,085
| Amounts owed to group undertakings | 2,833,040 | 4,625,794
| Other taxation and social security | 1,014,806 | 966,579
| Obligations under finance lease and hire purchase contracts | 1,044,050 | 1,141,004
| Other creditors | 350,384 | 301,135
| Accruals and deferred income | 292,895 | 456,733
|  | 7,641,052 | 9,147,330
Page 24
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 1,351,296 | 2,253,408
| Other creditors | - | 202,674
|  | 1,351,296 | 2,456,082
| Balances falling due after more than one year are repayable within 5 years of the balance sheet date.
20. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (840,463) | (589,917)
| Charged to the profit or loss | 123,940 | (250,546)
| At end of year | (716,523) | (840,463)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (716,523) | (840,463)
|  | (716,523) | (840,463)
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 950 (2024 - 950) Ordinary A shares of £0.10 each | 95 | 95
|  | 50 (2024 - 50) Ordinary B shares of £0.10 each | 5 | 5
|  |  | 100 | 100
Page 25
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
22. | Reserves
Capital redemption reserve The capital redemption reserve represents the value of redeemed shares in prior periods. Profit and loss account The profit and loss reserve represents accumulated comprehensive income for the current and prior periods.
23. | Pension commitments
The company pays into defined contribution personal pension plans held by certain employees and the contributions payable during the year amounts to £167,345 (2024: £137,064). At the year end there were contributions outstanding of £74,391 (2024: £63,701).
24. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 119,190 | 170,990
| Later than 1 year and not later than 5 years | 433,258 | 1,653,000
| Later than 5 years | 37,579 | 52,611
|  | 590,027 | 1,876,601
25.Other financial commitments At the balance sheet date the company was subject to the following charges: i) From 23 December 2022, Worth Family Holdings Limited holds a fixed and floating charge over the freehold and leasehold property of the Company by way of a debenture. ii) From 14 November 2024, Shawbrook Bank Limited also holds a fixed and floating charge over the assets of the company. These charges have all been satisified post year end.
26. | Related party transactions
|  | 2025 | 2024
|  | £ | £
| Remuneration paid to close family of the directors | 154,560 | 124,938
Page 26
Metcor Group Ltd (formerly Metcor Environmental Ltd) Notes to the financial statements For the year ended 31 March 2025
27. | Controlling party
Metcor Group Ltd is a subsidiary of Metcor Group (Holdings) Ltd, a company incorporated in England and Wales. Metcor Group Ltd is included in the consolidated financial statements of Metcor Group (Holdings) Ltd which are available from the company's registered office and publicly available at Companies House.
Page 27