Registration number: NI051219

Dowds Electrical (Holdings) Limited

Contents

Dowds Electrical (Holdings) Limited

Company Information

Dowds Electrical (Holdings) Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company and its subsidiary undertakings is that of mechanical, electrical and specialist engineering services.

Fair review of the business

The group generated turnover of £65.3m in the year ended 31 March 2025 (2024 - £72.7m). This year-on-year dip was partly driven by the strategic decision to begin to focus primarily on London based M&E projects, where there was a £12m year-on-year improvement - offset by lower M&E revenue in other locations. Gross margins improved by 2% year-on-year which reflects the focus on higher margin projects and operational efficiencies.

Despite challenging market conditions, the board is pleased to report the group's continued profitability, with a profit before tax of £1.27m (2024 - £1.47m). The strong performance was enabled by increasing operational efficiencies, focusing on an enhanced end-to-end supply chain, and utilising inflation clauses to mitigate cost increases. The working capital position and liquidity remain strong with cash at the bank at the year end of £9.7m (2024 - £6.6m).

A key strategic goal for the group is to keep people at the centre of what we do. In the past 3 years the group has invested in new offices in both Northern Ireland and London to ensure our teams can work collaboratively and efficiently in a creative working environment.

Future developments

The directors remain committed to creating sustainable shareholder value through the growth of sales in our core business, whilst seeking new opportunities in growth areas that align with group strategy and goals. The outlook for the group is very positive; the group moves into 2025/26 with a strong order book and pipeline over the next 18-months and line of sight further into 2027 and beyond.

The board will continue to develop its commercial strategic objectives, ensuring our customers remain at the core of the business, ensuring continued strengthening of our reputation and key relationships, and best in class delivery.

The group's key financial and other performance indicators during the year were as follows:

Dowds Electrical (Holdings) Limited

Strategic Report for the Year Ended 31 March 2025

Principal risks and uncertainties

The management of the business and the execution of the group strategy are subject to a number of risks, detailed as follows:

Inflation

Inflation has been a key business risk across the economy over the past few years. Though there are signs of inflation dampening, the rate of inflation to March 2025 was 3.2% (ONS; RPI index) and inflation rates are expected to stay above the Bank of England’s 2% target well into 2026.

To help mitigate the risks associated with inflation the group is working to secure more favourable inflationary clauses into new contracts, alongside a more robust tender review process. Our enhanced supply chain process continues to develop across the life cycle of the projects, with materials and component prices being fixed as soon as possible. We continue to undertake robust financial due diligence checks on clients and key supply chain partners.

Delivery

The group’s commercial activities are diverse and complex, the group is reliant on staff to make complex, technical and commercial decisions. The group seeks to manage this risk through comprehensive management reviews, continual staff training and internal/external audits.

Supply chain

Our supply chain is key to the successful operation of our business and delivery of projects. The group has an ongoing process of assessing its own needs and the strength and depth of our supply chain and making the changes needed to ensure safe and successful project delivery.

Supply chain partners are selected based on criteria to ensure they operate in line with our core values. This includes looking after their staff, financial stability, robust systems and processes with regards SHEQ, sustainability, risk management, and the ability to deliver on time and budget.

To effectively manage our supply chain the group seeks to develop long-term relationships with subcontractors based on the principles of collaboration, co-operation and respect with mutually beneficial outturns. Robust supply chain management protocols with continual feedback and improvement processes are used to mitigate risk to project delivery and ensure lessons learned are driven across our business and supply chain quickly and effectively.

Safety, Health, Environment and Quality (SHEQ)

The group’s activities are complex and require continuous monitoring. Failure to mitigate these risks could result in serious harm to employees, subcontractors or the environment. The group is committed to achieving the highest standards in health and safety management to make all sites and offices a safe environment for all employees and customers alike. These standards are achieved with the continuous investment in qualified people, good culture and good governance from the board of directors.

The directors appreciate that construction activities have a significant impact on the environment and on society. With People and Planet as core group values, we endeavour to minimise the impact on the environment and maximise the benefit we bring to the communities around us. We are currently ahead of our Carbon Reduction plan for being Carbon Neutral by 2038 and are undertaking an external ESG audit.

Work winning

Work winning is key to ensure the group is successful as a going concern. A clear focus on clients is central to success in winning new projects. For our existing client base, we aim to give a best-in-class service and seek to find repeat work through relationship building.

Our sales process aims to build relationships with new clients who are aligned to the sectors and regions in our strategic plan. Our ability to bring benefit to clients through our technical expertise and the breadth of our service offering is key.

Dowds Electrical (Holdings) Limited

Strategic Report for the Year Ended 31 March 2025

The group has a detailed system in place to review tender opportunities with Bid / No Bid reviews held for all tenders. Targets for revenue, profit and cash position are set with regular reviews held to ensure that the appropriate pipeline is in place and that sufficient work is being secured to meet business needs.

Business performance

Business performance is reviewed by the board using management dashboards which show KPI’s. In addition to regular board meetings being held there are quarterly Business Unit performance reviews held which review the sales pipeline, revenue and margin, overheads, people and structure, and performance in health and safety, quality and environmental.

Financial instruments

Objectives and policies

The group's operations expose it to a variety of financial risks that include credit, liquidity and foreign exchange risk. The group has in place a risk management programme that seeks to limit adverse effects on its financial performance.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk

The group is exposed to certain commodity price risks as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

Credit risk

Credit risk arises out of the potential risk of loss due to another party’s failure to pay their agreed obligation. The group aims to minimise this risk by granting deferred payment terms only to entities with a sound financial standing.

Foreign exchange risk

The operations of the group are mainly in the United Kingdom, and as a result its direct exposure to foreign exchange risk is limited.

Liquidity and cash flow risk

Liquidity risk is the risk the group will fail to meet obligations associated with financial liabilities. The group manages this risk by continually reviewing its financial position, through cash management processes and negotiating credit terms with our supply chain.

Non-financial and sustainability information

We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. Dowds Electrical (Holdings) Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.

Dowds Electrical (Holdings) Limited

Strategic Report for the Year Ended 31 March 2025

Streamlined energy and carbon reporting

Dowds Electrical (Holdings) Limited meets the qualifying criteria for ‘large’ unquoted companies under the Companies (Director’s Report) and LLP (Energy and Carbon Report) Regulations 2018.

For the reporting period, 1 April 2024 to 31 March 2025, Dowds Electrical (Holdings) Limited’s energy consumption and associated carbon emissions have been assessed for all UK operations in accordance with UK Government Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting (SECR) guidance, March 2019. The operational boundary includes all minimum SECR requirements for large unquoted companies, namely UK electricity, gas and transport fuels for which the group is responsible, plus gas oil and kerosene. The methodology used to calculate carbon emissions is the WBCSD/WRI Greenhouse Gas Protocol: a corporate accounting standard: revised edition. UK Government greenhouse gas emissions conversion factors for 2024 have been applied and an operational control approach has been taken. Scope 2 emissions from purchased electricity have been calculated using the location-based approach.

Dowds Electrical (Holdings) Limited’s total energy consumption for the year ended 31 March 2025 within the SECR operational boundary is 1,244,115 kWh. The total carbon emissions for the year ended 31 March 2025 associated with the reported energy use are 271.33 tonnes CO2e. The table below presents the breakdown by scope.

Summary of scope 1 (direct) greenhouse gas emissions for the year ended 31 March 2025:

Summary of scope 2 (indirect) greenhouse gas emissions for the year ended 31 March 2025:

Summary of energy consumption for the year ended 31 March 2025:

Dowds Electrical (Holdings) Limited

Strategic Report for the Year Ended 31 March 2025

Intensity ratio

The group has recently introduced the following energy efficiency measures throughout the group:

Dowds Electrical (Holdings) Limited

Strategic Report for the Year Ended 31 March 2025

Section 172(1) statement

The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the group for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to the matters set out in s172(1)(a-f) of the Companies Act 2006.

The Board regularly reviews the long-term strategic plan of the group and evaluates all actions and decisions to ensure they are aligned to the strategy. The main focus of strategy is to drive growth to allow the group to better serve the markets in which it operates and to deliver long term value. To safeguard the success of this plan we need to ensure that our decision-making and actions are aligned with our core values 'Head, Hands and Heart' and ensure our people and our clients are at the heart of everything we do.

Engagement with employees

The group has centred its business model on a people-first approach, believing that people are our greatest strength. We focus heavily on developing a culture of respect, encouraging learning and personal development, merit-based progression, and the rewarding of excellence. We support our colleagues in reaching their full potential and promote an environment where health and wellbeing go hand in hand with success. To foster happier, healthier, and more fulfilled employees, we champion physical and mental wellbeing initiatives through our Health Matters team. The business recognises the importance of engaging with employees and regularly communicates via forums, newsletters, video briefings, and employee events. The group is recognised by Investors in People, accredited at Gold Standard and has achieved Great Place to Work certification.

Engagement with suppliers, customers and other relationships

The Board regularly reviews how the group maintains positive relationships with its customers, suppliers and others. Our mission is to continuously improve to stay at the forefront of delivering complex building services and construction solutions for our customers. We recognise our key differentiators are the quality of people and our product, and the surety of delivery. The Group values its longstanding customer relationships and works collaboratively to deliver best value outcomes. Time is also invested in forging new client relationships. The group recognises its supply chain as key stakeholders in the business and is committed to developing its supply chain to maximise value to the business and enable delivery commitments.

Community and environment

The Group seeks to make a positive contribution to the communities in which it operates by regularly supporting local charities and events. Being a member of Business in the Community provides the group with support to address three campaigning areas - People, Planet and Place and works with it to tackle social and environmental issues. The group actively seeks to minimise the impact on the environment through its use of renewable energy and the transition to electric vehicles.

Approved by the Board on 23 December 2025 and signed on its behalf by:

.........................................
Mr J Dowds
Executive Chair

Dowds Electrical (Holdings) Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the Consolidated Financial Statements for the year ended 31 March 2025.

Results and dividends

The group has reported a profit after tax of £1.17m for the year ended 31 March 2025 (2024 - £1.69m). Retained earnings carried forward are £5.45m (2024 - £4.50m). During the year an interim dividend was proposed and paid totalling £225,000 (2024 - £150,000). The directors do not recommend a final dividend (2024 - £Nil).

Directors of the group

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

Mr J Dowds - Executive Chair

Mr D Porter

Mr B Cunning

Mr J McCamphill

Mr N Connolly

Mr D McCamphill

Information included in the Strategic Report

The narrative on the group's likely future developments has been included within the Strategic Report.

Going concern

The group’s business activities and its financial position are described in the Strategic Report.

The group continually reviews its financial position to ensure there are sufficient resources and access to working capital facilities in order to meet current and potential future financial demands and, together with ongoing contracts with customers and suppliers across different geographic areas and market sectors, the Directors believe the group is able to manage its business risks successfully.

The continuing uncertainty in regards to inflation, particularly in raw materials, labour and energy, continue to significantly complicate the financial and cash flow forecasting process and the ability to predict with confidence the group's trading prospects in the forthcoming twelve months.

After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

Disclosure of information to the auditor

Approved by the Board on 23 December 2025 and signed on its behalf by:

.........................................
Mr J Dowds
Executive Chair

Dowds Electrical (Holdings) Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and are in accordance with FRS 102. 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.

Dowds Electrical (Holdings) Limited

Independent Auditor's Report to the Members of Dowds Electrical (Holdings) Limited

Opinion

We have audited the financial statements of Dowds Electrical (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Dowds Electrical (Holdings) Limited

Independent Auditor's Report to the Members of Dowds Electrical (Holdings) Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

Auditor Responsibilities for the audit of the financial statements

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

Dowds Electrical (Holdings) Limited

Independent Auditor's Report to the Members of Dowds Electrical (Holdings) Limited

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

On the basis of our understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. The principal laws and regulations that we determined as being the most significant are the Companies Act 2006, FRS 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the relevant UK tax compliance regulations.

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

Use of this report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Darren McKeown (Senior Statutory Auditor)
For and on behalf of McKeague Morgan & Company, Statutory Auditor
 27 College Gardens
Belfast
Northern Ireland
BT9 6BS

23 December 2025

Dowds Electrical (Holdings) Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2025

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

Dowds Electrical (Holdings) Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2025

Dowds Electrical (Holdings) Limited

(Registration number: NI051219)
Consolidated Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 23 December 2025 and signed on its behalf by:
 

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

Mr J Dowds
Executive Chair

Dowds Electrical (Holdings) Limited

(Registration number: NI051219)
Balance Sheet as at 31 March 2025

The company made a profit after tax for the financial year of £225,000 (2024 - profit of £150,000).

Approved and authorised by the Board on 23 December 2025 and signed on its behalf by:
 

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

Mr J Dowds
Executive Chair

Dowds Electrical (Holdings) Limited

Consolidated Statement of Cash Flows
For the Year Ended 31 March 2025

Dowds Electrical (Holdings) Limited

Statement of Cash Flows
For the Year Ended 31 March 2025

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
4 Parkway
Ballymena
Co. Antrim
BT43 5ET
N. Ireland

These financial statements were authorised for issue by the Board on 23 December 2025.

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

Basis of preparation

Basis of consolidation

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Going concern

The group recorded a profit of £1,270,995 before tax for the year (2024 - £1,474,273). At the year end the group had net assets of £7,311,276 (2024 - £6,368,833) and net current assets of £4,710,846 (2024 - £3,879,344).

In the preparation of its financial projections the directors have considered the uncertainties presented by a difficult economic and business environment and are confident about future trading outcomes. However there can be no certainty that the results will be as forecast.

Taking all matters into consideration, the directors consider that the group has sufficient cash and liquidity to meet its obligations as they fall due for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Revenue recognition

Contract revenue recognition

Turnover on long-term construction contracts is calculated by reference to the stage of completion of the work performed at the reporting date as a proportion of the total contract value together with attributable profit. The stage of completion is determined using the input method, calculated by comparing the contract costs incurred for work performed to date to the total estimated contract costs.

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 the turnover and related costs as each contract progresses.

The excess of recognised turnover over payments on account for each contract are included in debtors as amounts recoverable on contracts. The excess of payments on account over the recognised turnover for each contract are included in creditors as contract work payments on account.

Tax

Tangible assets

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Depreciation

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Jointly controlled operations

The group has certain contractual arrangements with other participants to engage in joint activities that do not create an entity carrying on a trade or business of its own. The group includes its share of the assets and liabilities in such joint arrangements measured in accordance with the terms of each arrangement, which is pro-rata to the group's interest in the joint arrangement.

Business combinations

Investments

Cash and cash equivalents

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade debtors

Stocks and work in progress

Trade creditors

Borrowings

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Leases

Share capital

Dividends

Defined contribution pension obligation

Financial instruments

Classification
The group classifies non-derivative financial assets at fair value through profit or loss.
 Recognition and measurement
A financial asset is classified as at fair value through profit or loss if it is classified as held-for-trading or is designated as such on initial recognition. Directly attributable transaction costs are recognised in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value and changes therein, including any interest or dividend income, are recognised in profit or loss.
 

In the application of the company'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. These 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 revision and future periods where the revision affects both current and future periods.

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Useful economic life of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed 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.

Amounts recoverable under contracts provision

The company considers the recoverability of the amounts receivable and the associated provisioning required. When calculating the provision, management considers the nature and condition of the works carried out.

Inventory provision

The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

The analysis of the group's turnover for the year from continuing operations is as follows:

The analysis of the group's turnover for the year by class of business is as follows:

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

The analysis of the group's turnover for the year by market is as follows:

The amount of contract revenue recognised as Turnover in the year was £65,329,771 (2024 - £72,707,000).
Turnover on long-term construction contracts is calculated by reference to the stage of completion of the work performed at the reporting date as a proportion of the total contract value together with attributable profit.

The stage of completion is determined using the input method, calculated by comparing the contract costs incurred for work performed to date to the total estimated contract costs.

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

The analysis of the group's other gains and losses for the year is as follows:

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Arrived at after charging/(crediting)

The aggregate payroll costs (including directors' remuneration) were as follows:

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

The directors' remuneration for the year was as follows:

During the year the number of directors who were receiving benefits and share incentives was as follows:

In respect of the highest paid director:

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Tax charged/(credited) in the consolidated profit and loss account

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Included within the net book value of land and buildings above is £3,646,936 (2024 - £3,669,487) in respect of freehold land and buildings, £56,397 (2024 - £57,598) in respect of long leasehold land and buildings and £316,116 (2024 - £353,975) in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the group's long leasehold land and buildings was revalued on 10 March 2021 by an independent valuer.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £79,933 (2024 - £81,134).
 

Group

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

* indicates direct investment of the company

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Subsidiary undertakings

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £1,011,858 (2024 - £697,538).

Contributions totalling £100,081 (2024 - £164,464) were payable to the scheme at the end of the year and are included in creditors.

Allotted, called up and fully paid shares

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Non-current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Current loans and borrowings
Bank borrowings	133,245	118,155	-	-
Hire purchase contracts	58,401	40,168	-	-
	191,646	158,323	-	-

Group

Bank borrowings

Interim dividends paid

Dowds Electrical (Holdings) Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Group

Loans to related parties

Terms of loans to related parties

The loans to key management are denominated in sterling with a variable interest rate. The relevant interest rate at the year end was 6.50%. The loans are repayable on demand.