The directors present the strategic report for the year ended 30 April 2025.

The Group's principal activities are residential property development and plant hire.

The Group made a profit before tax for the year of £36.0 million compared to £43.0 million in the previous year. Net assets have increased from £616.8 million at the end of April 2024 to £625.6 million. During the year, there was a group reorganisation in which Matthew Homes Limited was transferred from Shrewsbury Holdings Limited to Gallagher Holdings Limited.

House building: Our house building operations completed 424 sales (UK 418, Ireland 73, Czechia 6) on a turnover of £163.9 million. The comparative figures were 274 sales (UK 194, Ireland 74, Czechia 6) on a turnover of £101.2 million for the previous year. Trading in the UK improved during the year, this was largely due to the acquisition of Matthew Homes. Trading post year end has weakened, impacting the current trading year.

Plant hire: Our plant hire division reported operating profit of £12.8 million on a turnover of £83.9 million. This compared with operating profit of £22.0 million on a turnover of £80.6 million in the previous year.

The principal risks and uncertainties faced by the Group include the following:

• Operation in competitive markets

• The risky nature of speculative development

• Availability of suitable development land

• Reductions in economic growth in the countries in which the Group operates

• Fluctuations in the value of both new and used plant

• Changes to the laws and regulations within which the Group operates

• Impact of the current energy crisis

• Any adverse economic interest rate changes

• Any adverse changes in foreign currency exchange rates.

The directors are not anticipating any significant changes in the group's operational activity in the coming year.

Measurement of the Group's performance is consistently applied and control is exercised by the Group's management. The Group uses the following key performance indicators to evaluate its performance:

• Budgets: The Group has a budgeting system in place whereby actual performance is measured against budget, both financial and non-financial, on a monthly reporting timetable.

• Daily Turnover - The Group has a weekly system in its plant hire division of reporting daily turnover compared to budget and also assessing the value of plant on hire compared to the total value of hire plant owned in order to calculate the utilisation rate.

• Machine Counts - As a further measure to monitor utilisation, depots continue to report weekly on the number of machines on hire.

• Unit Reservations: The Group reviews the weekly net house sales reservations and weekend site visitor numbers.

• Development Site Profit Margin: The Group evaluates the gross profit margin of each development site on a monthly basis.

The Board of Directors aims to drive growth and employ a business model that balances the demands of the Company’s main customers with the principal risks and uncertainties faced by the businesses in which they operate.

The Board of Directors recognises that the long-term success of the Company relies upon good relations with its various stakeholders including suppliers, subcontractors and customers and, with this in mind, regularly reviews its strategy and action plans to ensure expectations are being met.

Details of the company's commitment to its employees are included in the Directors' Report.

The Board of Directors is committed to operating safely in all environments and consequently has detailed and rigorous health and safety policies and procedures in place which staff are required to follow at all depots.

The Board of Directors pays particular attention to all relevant environmental legislation and requests that the Company’s employees are aware of their responsibilities in this regard. The Company supports various charities and local events.

This report was approved by the board of directors and signed on behalf of the board by:

The directors present their annual report and financial statements for the year ended 30 April 2025.

The results for the year are set out on page 10.

No ordinary dividends were paid by the company. The directors do not recommend payment of a future dividend.

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

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The continuing Company policy with regard to employee consultation and involvement is that there should be effective communication with all employees who, subject to practical and commercial considerations, should be consulted on and involved in decisions that affect their current jobs and future prospects. The achievement of this policy has to be treated flexibly in accordance with the varying circumstances and need in the Company but, in all cases, the emphasis is on communication at the local level.

The auditor, Gilberts Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Gallagher Investments Limited is required to report on its Green House Gas (GHG) emissions under the Environmental Reporting Guidelines (March 2019). The directors are committed to reduce GHG emissions and the report for all qualifying companies for the year to 30 April 2025 is below.

The qualifying companies are Charles Wilson Engineers Limited and Matthew Homes Limited (2025 only). Both companies operate exclusively in the United Kingdom. Australian Boom & Scissor Lift Pty Ltd and ABS Trading (NSW) Pty Ltd are trading companies in Australia however they have been excluded for the purposes of reporting energy consumption.

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m turnover. This ratio has been used as the trades in the group are not comparable using another metric.

For Charles Wilson Engineers Limited, the company continues to adopt low emission technologies where possible. All company cars purchased are either fully electric or electric hybrids. The size and range of its electric plant fleet has further increased to reduce the emissions from downstream operations by customers. Other machines purchased have Tier 5 engines to reduce particulate matter and the ongoing replacement of fluorescent lighting with LED lighting is reducing electricity consumption. Solar panel output is continually being assessed to guide behavioural changes in order to utilise the energy more effectively.

The calculations of GHG from the data are straight forward and consistent with The Greenhouse Gas Protocol and meets the criteria of:

• Relevance

• Completeness

• Consistency

• Transparency

• Accuracy

Emissions from use of electricity are based on metered consumption of mains supplied electricity in kWh.

Emissions from combustion of gas are based on metered consumption of mains supplied gas in kWh.

Emissions from combustion of fuel for transport purposes are based on recorded litres of fuel purchased.

In each case the 2025 UK Government GHG conversion factors for companies reporting have been used to calculate kg CO2 equivalent.

The directors are responsible for preparing the Annual 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 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

We have audited the financial statements of Gallagher Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group profit and loss account, 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).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

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.

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company 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.

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £12,772 (2024 - £6,595 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Gallagher Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.

The group consists of Gallagher Investments 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The excess of the cost of a business acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Gallagher Investments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover on residential housing developments and the respective profits are recognised when the property is structurally complete and legally transferred to the purchaser.

Turnover from plant hire comprises charges to third parties, net of value added tax, for the hire, rental, and maintenance of construction plant, vehicles, tools and portable buildings. Turnover is recognised on a straight line basis over the period of the hire. Turnover from the delivery and collection of plant hire equipment is recognised when the delivery or collection has occurred. Additional turnover for wear and damage is recognised once the plant items have been returned and assessed by the Company.

Turnover from the sale of consumables, ancillaries, supplies and fuel is recognised at the time of delivery to or collection by the customer.

Turnover from rental of property is recognised on a straight line basis over the period of the lease term, net of value added tax.

Goodwill arising on consolidation, representing the excess of the fair value of the consideration given over the fair values of the identifiable net assets acquired, is capitalised and amortised over the directors' estimate of its useful economic life. Negative goodwill is capitalised and amortised in the periods that the non-monetary assets acquired are realised. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. Management believe the useful life to be greater than 10 years but are restricted by the maximum term as stated in FRS 102, para 19.23(a).

Group occupied properties, plant, equipment and motor vehicles are stated at cost or deemed cost (being the fair value at the transition date to FRS 102) net of depreciation and any provision for impairment.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land is not depreciated.

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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

Investments such as bonds and treasury stock are measured at amortised cost less impairment with the discount/premium written off over the term of the investment.

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.

Investments with a redemption date of less than 12 months are treated as current asset investments.

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.

Building land is valued at the lower of cost and net realisable value less an appropriate proportion relating to plots sold in the case of estates in the course of development. Regular reviews are carried out to identify any impairment in the value of the land and any write down is recognised in the profit and loss account.

Work in progress relates to incomplete or unsold new properties and comprises direct labour and material costs. No profits are taken until houses are conveyed on legal completion to third parties.

Stocks of materials are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities and measured at cost less impairment. The dividends on these preference shares are recognised in the profit and loss account as interest expense.

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 not 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.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The Group operates a defined benefit pension scheme, which requires contributions to be made to a separately administered fund. The UK scheme was closed to new entrants on 1 January 2001 from which time membership of a defined contribution plan is available.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The liabilities and costs associated with the Group’s defined benefit pension schemes (both funded and unfunded) are assessed on the basis of the projected unit credit method by professionally qualified actuaries and are arrived at using actuarial assumptions based on market expectations at the balance sheet date. The discount rates employed in determining the present value of the schemes’ liabilities are determined by reference to market yields at the balance sheet date on high-quality corporate bonds of a currency and term consistent with the currency and term of the associated post-employment benefit obligations. The defined benefit asset comprises the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of the plan assets out of which the obligations are to be settled.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined using the projected unit method, which attributes entitlement to benefits in the current period (to determine current service cost) and to the current and prior periods( to determine present value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised in the income statement.

The interest element of the defined benefit cost represents the canhe in present value of the schemes obligations resulting from the passage of time. The expected return on scheme assets is based on an assessment made at the beginning of the year of long-term market returns on scheme assets, adjusted for the effect of fair value of the plan assets of contributions received and benefits paid during the year. The difference between the expected return on scheme assets and the interest cost is recognised in the income statement as other finance income or cost.

The defined benefit pension asset comprises the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less unrecognised past service costs and less the fair value of plan assets out of which the obligations are to be settled directly. Plan assets are not available to the creditors of the Group, nor can they be paid be paid directly to the Group. Fair value is based on market price information. The value of a any defined pension asset recognised is restricted to the sum of any unrecognised past service costs and the present value of any economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

The Group measures stock and work in progress at the lower of cost and net realisable value and assesses whether there is an indication of impairment. If any indication exists the Group makes an estimate of the recoverable amount for the stock and work in progress. In determining net realisable value an appropriate assessment is make based on external valuations and the overall return on development sites.

The assumptions underlying the actuarial valuations are updated annually based on current economic conditions and any changes to the terms and conditions of the pension plans. Whilst management believe that the assumptions used are appropriate, difference in actuarial experience or changes in assumptions may affect the obligations and expenses recognised in future accounting 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.

The Group's balance sheet comprises a significant amount representing the value of tangible fixed assets held which is dependent upon the rates of depreciation charged. To calculate depreciation assumptions are made concerning the useful lives and residual values of the assets concerned. Useful lives are calculated using assumptions about factors including maintenance costs, product lifecycles, and technological innovation. Residual values depend on on assumptions including future market conditions, the remaining life of the asset, and projected disposal values. The specific depreciation rates used can be found in these accounting policies.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

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:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Under the transitional arrangements of FRS 102, freehold properties previously revalued are treated as held at deemed cost.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Investment properties: Properties situated in Ireland were valued by Bagnell, Doyle, McMahon Chartered Surveyors on 30 April 2025 using rental yields. Properties situated in the UK were valued at 30 April 2022 by the directors or by Glenny Chartered Surveyors, on a rental yields basis considering comparable market information. The directors have considered the valuation of properties as at 30 April 2025 and are satisfied that the valuation as presented above represents the fair value of these properties at the year end.

Listed investments included above:

These shares are preference shares which are non-convertible but will be redeemed at par on 30th April 2028 unless the subsidiary or holder elects to redeem them earlier. The holders of preference shares are entitled to a fixed cumulative preferential dividend at the rate of 5% per annum payable on 30th April each year. On winding up they will receive the equivalent of the nominal amount paid up together with any arrears of the fixed dividend thereon. The preference shares do not carry any voting rights unless dividends are in arrears for more than 12 months.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

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 Abbey Group operates one defined benefit scheme in the United Kingdom.

The most recent annual actuarial valuation of the Abbey Group Limited Pension and Life Assurance Scheme was carried out as at 30 April 2025. The assumptions which have the most significant effect on the results of the valuations are those made in respect of the rate of return on investments and the rate of increase in salaries and pensions. The assumptions made were that the rates of return on investments would exceed the rates of salary increases by 3.10% per annum and that the rate of pension increase would be 3.25% per annum compound.

The costs of providing UK death in service benefits, which are insured under a separate agreement with Sun Life of Canada were paid in addition to the employer contributions.

As at 30 April 2025, the total value placed on the assets of the Group's pension plan for the purposes of the valuations amounted to £34.52 million and was sufficient to cover 154% of the scheme's liabilities. The Group will be making contributions into the scheme at a contribution rate of 25% per month from 30 April 2025. The employer expects to make contributions of £54,500 in the coming financial year.

Assumed life expectations on retirement at age 65:

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

Amounts recognised in the profit and loss account

As the defined benefit scheme in the UK was closed to new entrants on 1 January 2001 the age profile of the active members will rise significantly causing the current service cost to increase as the members of the scheme approach retirement.

From 25 June 2003 the UK pension scheme became self-administered. The assets previously held with an insurance company were transferred for cash to the Trustee Company who subsequently invested the funds in UK Government Bonds. The Trustee Company has an investment policy to look to maximise return based on an acceptable level of risk and therefore investment in other forms, such as stock exchange, may be potentially viable.

Amounts taken to other comprehensive income

Movements in the present value of defined benefit obligations

Movements in the fair value of plan assets

Fair value of plan assets at the reporting period end

On 3 October 2024 the group acquired 100 percent of the issued capital of Matthew Homes Limited.

There are contingent liabilities in respect of performance bonds totalling £6,226,579 (2024 - £4,079,764) which are not expected to give rise to a loss.

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:

During the year the Group entered into transactions, in the ordinary course of business, with other related parties. Any intra group transactions have been eliminated on consolidations.

During the year the Group entered into transactions, in the ordinary course of business, with other related parties. Any intra group transactions have been eliminated on consolidations.

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

The directors consider the ultimate and immediate parent undertaking of the company Shrewsbury Holdings Limited, a company incorporated in Jersey, to be the controlling party.

The company directly owns:

100% of the issues 'A' share capital of Gallagher Holdings Limited, a holding company and is in the business of renting property.

Details of the company's trading indirect subsidiaries at 30 April 2025 are as follows:

The year end of all the subsidiaries noted above, with the exception of Frank P Taylor Limited, Australian Boom and Scissor Lift Pty, ABS Trading (NSW) Pty Ltd, A.C.N 671 163 215 Pty Ltd and CW Operations Pty Ltd, are coterminous with the company's year end. The most recent accounts for Frank P Taylor Limited are made up to 30 September 2024 which have been used in the consolidation. There is little trading activity in the company so it is highly unlikely to have a material impact. For the Australian companies, all four companies year ends are 30 June 2025, so these figures have been used in preparation of the consolidated accounts.