The directors present the strategic report for the year ended 31 May 2025.
Overview
The group’s primary objective continues to be one of the UK’s leading brickwork and masonry contractors and to deliver “excellence without compromise” to all its clients. Our success as a business is built on developing and nurturing close relationships with our valued clients and providing a high-quality service every time,
To achieve this our key values are:
Quality and craftsmanship - ensuring all work meets the highest industry standards.
Safety - maintaining an impeccable health and safety record on all sites.
Reliability - delivering projects within agreed timelines, on budgets and striving to get things right first time.
During the year the company successfully transitioned to an Employee Ownership (EOT) structure following a sale of shares on 28 June 2024.
The EOT structure was established to secure the long-term independence of the company and group, preserve its culture, and fully embed employee engagement and ownership into the company’s future strategy and governance. This model ensures that the success of the business directly benefits its employees, who are central to its continued growth and performance.
Financial results
The group delivered a strong set of financial results despite the continued uncertainty in the industry. Turnover fell from £59.6m to £47.5m but gross profit remained similar to the prior year at £11.1m (2024: £11.2m), due to an increase in the gross margin percentage, up from 18.8% to 23.3%. This margin increase was achieved on the back of the successful delivery of a number of large schemes that we were involved in during the year. These results were also as a result of the hard work, diligence and commitment of our on-site and office teams working together to deliver quality outcomes for our clients. After allowing for overheads of £4.4m and net interest receivable of £0.2m, profit before tax was a very healthy £6.9m (2024: £6.2m). Cash generated of £6.5m from operations helped to contribute to a strong balance sheet with net assets of £15.6m.
Future prospects
The future prospects for the Swift group are fundamentally sound. We have excellent relationships with our valued clients, a strong balance sheet and a solid pipeline of work. That said, the industry has been experiencing headwinds within certain sectors and hence 2026 is going to be more challenging.
The government’s general lack of clarity on policy has impacted economic growth prospects across the industry, adversely affecting confidence, resulting in projects being significantly delayed or not coming to market at all. With less work to go around and to tender for, winning work within the residential sector has become increasingly difficult and even more competitive.
The board hopes that increased clarity from central government on policy direction and the Building Safety Regulator’s plan to clear the backlog of Gateway 2 approvals early in 2026 come to fruition and improve the situation within the market.
Swift group benefits from a broad and diverse portfolio, operating across multiple construction sectors rather than relying on a single market segment. The diversification provides the group with a greater degree of stability as performance is not tied to the fluctuations of one specific construction field.
The Board monitors and controls the performance of the group using a number of financial and non-financial key performance indicators (KPIs). The financial KPIs focus on turnover, profitability and cash generation on a project by project basis. The performance of each project is kept under constant review via a number of monthly meetings and action is taken where a project is not performing as expected.
Principal Risks and Uncertainties
Like all businesses the group faces a number of risks and uncertainties. Some of these are outside of the Board's control, for example the macro economic environment, whilst for others the Board can, to some extent, exercise a degree of control over them. The key risks and uncertainties over which the Board can exert a degree of control are:
• being able to source sufficient labour at the right price, at the right time and in the right place;
• being able to generate enough cash flow to continue funding its operations; and
• inaccurate pricing of fixed priced projects especially during periods of high inflation.
To mitigate these risks and uncertainties:
• the group engages with approximately 500 operatives across London and the South East and therefore has the ability to transfer resources accordingly. We also proactively and regularly recruit apprentices into the business;
• the group regularly reviews cash flow forecasts to highlight potential "pinch points"; and
• tenders for work are reviewed by senior management before being submitted.
Risk management
The group operates a treasury function which is responsible for managing the liquidity and interest associated with the company's activities.
The group manages interest rate risks arising from its activities, and bank overdrafts and loans, the main purpose of which is to raise finance for the company's operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. Funds are transferred between group companies to assist in managing this risk.
Interest rate risk
The group is exposed to fair value interest rate risk on its borrowings and cash flow interest rate risk on bank overdrafts and loans. The group manages the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Credit risk
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Customer Care and Corporate Social Responsibility
The group has placed the utmost importance on delivering a quality service, in a safe manner and with full regard and respect for the environment. These core values have provided the foundation upon which the group operates.
By being both a successful and responsible business, not only do we meet the requirements of our clients, workforce and shareholders but also the wider social community and the environment in general.
We would like to thank all our employees, clients and suppliers for their continued support during the past year.
The Directors recognise their duties under S172 of the Companies Act 2006 to act in good faith and to promote the success of the group and company. The key to achieving this is the development and nurturing of strong relationships with our most important stakeholders such as clients, employees, suppliers and sub-contractors.
Clients
We aim to deliver “excellence without compromise” on all the projects we are involved in. For many years the company’s subsidiary Swift Brickwork Contractors Limited has worked with a relatively small number of Tier 1 contractors with which it has had and continues to have repeat business from. Developing and maintaining close relationships with these clients is therefore critical to the group’s success. The senior management team regularly meet with clients to ensure we are delivering in a professional manner and hence meeting their expectations and requirements.
Employees
Fundamental to our success is the passion, dedication and skill of our people be it on site or in the supporting office roles. The group recognises the key role played in its success by its people. We encourage staff to undertake ongoing training and development to ensure they keep their skills up to date but also to help further their career progression within the business. The group has a very proud tradition of investing in the bricklaying skills of the future and each year it takes on a number of new trainees on its bricklaying apprenticeship program.
Suppliers and subcontractors
We aim to build very strong relationships with our supply chain business partners. We value all of our suppliers and sub-contractors many of which we have dealt with for many years. Close working relationships with these key stakeholders is key to the company’s success. To this end we maintain regular contact on an informal basis with them to discuss our mutually beneficial business opportunities.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 May 2025.
The results for the year are set out on page 12.
During the year a distribution to the Employee Ownership Trust was made totalling £6,842,635. After the year end a distribution was made totalling £4,000,000.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
We refer you to our S.172 statement in the Strategic report.
In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the group will be put at a General Meeting.
The group reports on its emissions, energy consumption and energy efficiency activities as follows:
Fuel energy consumption values are calculated using the UK Government Gross Calorific Value conversion factors for the year 2025.
Scope 1 direct emissions cover all on-site fuel combusted in stationary sources, company-owned vehicles and any fugitive emissions from refrigerant leakage and gas equipment.
Scope 2 indirect emissions are calculated based on purchased grid electricity and heat. Emissions factors are applied to collected activity data (litres of fuel, kWh, refrigerant types and quantities) as per government guidelines. We aim for completeness and accuracy through use of direct measurement where possible.
The group looks to improve its environmental impact and energy efficiency. We have had solar panels installed and converted all lighting to LEDs at the group’s head office. This has resulted in significantly reduced electricity bills and hence energy usage from the national grid. In addition, the heating and hot water at head office is powered by a biomass boiler. We have also replaced a number of diesel company vehicles with EVs.
The directors have chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of results for the year, principal risks and uncertainties, corporate and social responsibility, and going concern.
We have audited the financial statements of Swift UK Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial 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.
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.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group's and parent company's regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group and the parent company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the parent company and the group is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution; relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly the parent company and the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: operating licenses relating to the construction industry and building regulations; The Building Safety Act; employment legislation; health and safety legislation; data protection legislation; anti-bribery and anti-corruption legislation.
ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates in particular: accounting for long term contracts and provisions;
Identifying and testing journal entries during the year and around the year end, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting any revenue account, and journal entries posted by senior management;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis; and
Discussions with management.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of comprehensive income including profit and loss has been prepared on the basis that all operations are continuing operations.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £7,220,817 (2024 - £130,120 loss).
Swift UK Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Reigate Barn, Langford Road, Wickham Bishops, Essex, CM8 3JG.
The group consists of Swift UK Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures.
As permitted by S408 Companies Act 2006, the company has not presented its own statement of cashflows and profit and loss accounts and related notes. The company's profit for the year was £7,220,817 (2024: £130,120 loss)
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
The financial statements are prepared under the going concern basis.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for at least 12 months from approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is shown as the total amount of work having been done in that period, as set out in note 1.10.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Subsidiaries that are acquired for subsequent disposal are treated as current asset investments and are not consolidated into the results of the group's financial statements.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Research and development tax credits are recognised as a credit to the tax charge during the year in which the claim was made.
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Deferred tax assets are recognised to the extent that future taxable profits will be available from which the reversal of the underlying differences can be utilised. Deferred tax assets are not discounted.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The group operates a defined contribution scheme for the benefit of its directors and employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Turnover is recognised on long term contracts as they progress. There is a certain level of estimation and judgement involved in arriving at these valuations and therefore the amounts to be recognised as turnover, and hence the gross profit margin.
Provisions for remedial work are provided, where necessary, on the basis of the directors expectations of the costs required to carry out the remediation. There is an inherent uncertainty in these estimations due to the fluctuations in labour and materials costs and the levels of remediation required on each project.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
As total directors' remuneration was less than £200,000 in the prior year, no disclosure is provided for that year.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024: 3).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 31 May 2025 are as follows:
Included within trade debtors are balances of £2,515,023 (2024: £2,845,892) due in more than one year.
Finance leases are secured over the assets to which they relate.
Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Provisions made relate to remedial work to be carried out on contracts undertaken by a subsidiary company and completed in prior years. There is also a contingent liability in respect of remedial work to be carried out as stated in note 23 to the financial statements.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability set out above is expected to reverse after 12 months.
The company has no deferred tax assets or liabilities.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The amounts payable as at the balance sheet date in respect of pension contributions was £17,261 (2024: £18,804).
The Ordinary shares have full voting rights, full rights to participate in any dividend or any other distribution of the profits of the company and full rights to participate in any return of capital.
As at the balance sheet date the company's profit and loss reserves are wholly distributable.
In addition to the provision made as detailed in note 18, the group has received claims for remedial work on contracts completed before the year end. The outcomes of these claims are unknown at the present time and the directors cannot at this point conclude on the probability of a liability existing and hence the quantum. Therefore, no provision has been made in respect of these.
Operating lease payments represent rentals payable by the company for the use of land & buildings. Lease rentals are fixed for between 5 and 10 years.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel is as follows.
During the period rent totaling £113,247 (2024: £100,000) was paid by the group to a pension scheme of which a director is a member.
Included within debtors is a loan due from a director of £nil (2024: £135,000). During the year, the company made net loans to the director of £nil (2024: £135,000). The interest rate applied to the loan is £nil.