The director presents the strategic report for the year ended 31 July 2025.
Insieme Group Limited was established in August 2023 to facilitate the management buyout of its subsidiaries. The year ended 31 July 2025 represents the Group’s second full year of operations following incorporation in June 2023.
The management buyout has enabled the Group to align the strategic direction of its subsidiaries under unified ownership, supporting improved decision-making, operational focus and long-term planning.
Key highlights of the Group’s performance include:
Turnover: £17.93 million, reflecting continued demand for logistics and haulage services.
Gross Profit: £2.29 million, representing a gross profit margin of 12.79%.
Underlying Trading Performance: The Group’s principal trading subsidiary, Maze Logistic Solutions Ltd, returned to profitability during the year and continued to generate positive operating cash flows.
The Directors consider the Group's underlying trading performance to be resilient, with the operational business performing steadily in a competitive market environment.
The reported Group results for the year continue to be influenced by the historic acquisition structure established at the time of the management buyout, as well as subsequent accounting adjustments associated with that transaction.
The Group faces the following principal risks and uncertainties:
Economic Volatility
Inflationary pressures, interest rates, fuel costs and labour availability may impact profitability and demand. These risks are managed through ongoing cost control measures, pricing reviews and operational flexibility.
Regulatory Compliance
The Group operates in a regulated sector and must comply with environmental, transport and health & safety legislation. Ongoing investment in fleet management and internal procedures supports compliance.
Liquidity and Financial Risks
The Group has financial obligations arising from the historic acquisition structure and normal trading operations. Cash flow is actively managed, and the post-year-end restructuring of deferred consideration obligations is expected to strengthen future liquidity and cash flow.
Competitive Market Environment
The logistics sector remains highly competitive, with pressure on pricing and service levels. The Group focuses on service quality, reliability and efficiency to maintain its market position.
The management buyout continues to provide a platform for centralised strategic control and improved decision-making across the Group.
During the year:
operational performance improved within the trading subsidiary;
customer relationships were maintained and developed;
gross margins improved; and
the trading business returned to profitability.
The Group’s reported balance sheet position at the year-end also reflects a prudent reassessment of goodwill and acquisition-related balances arising on the original transaction. These adjustments are accounting in nature and do not reflect a deterioration in the underlying trading performance of the operational business.
The Directors believe that improved trading performance, together with the post-year-end restructuring, provides the Group with a stronger and more sustainable platform for future growth.
The Group monitors performance using a range of financial and operational KPIs, including:
Turnover: £17.9 million (2024: £17.3m)
Gross Profit Margin: 12.79% (2024: 10.15%)
Operating Profit: £388,012 (2024: -£348,002)
Cash Generated from Operations: £880,235 (2024: £946,195)
Operational Subsidiary Performance: Returned to profitability during the year
These indicators demonstrate resilient trading performance, positive cash generation and improving underlying profitability.
Post year-end, an agreement was reached to renegotiate the deferred consideration payable in connection with the management buyout completed in August 2023.
As a result, no further payments remain due in relation to this transaction, which is expected to have a positive impact on the Group’s future cash flow position. The revision to the purchase price and the corresponding balances are reflected in notes 11, 13, 17, and 18.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 July 2025.
The results for the year are set out on page 9.
Ordinary dividends totalling £76,620 were paid. The Director does not recommend payment of a further dividend.
Ordinary dividends were paid amounting to £76,620. The director does not recommend payment of a further dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The Group will continue to focus on supporting the performance of its trading subsidiary and strengthening the Group’s financial position.
Affinia (Stratford) were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
The year ended 31 July 2025 represented the Group’s second full year of operations following the management buyout completed in August 2023.
During the year, the Group continued to support its trading subsidiary's performance through operational oversight and disciplined financial management.
The Group’s principal trading subsidiary returned to profitability during the year and continued to generate positive operating cash flows.
The Group’s reported balance sheet position continues to reflect the historic acquisition structure established at the time of the management buyout, together with related accounting adjustments.
Post-year-end, an agreement was reached to renegotiate the deferred consideration payable in connection with the management buyout transaction. As a result, no further payments remain due in relation to this transaction, which is expected to have a positive impact on the Group’s future cash flow position.
We have audited the financial statements of Insieme Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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 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 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 director 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the haulage sector;
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
Performed analytical procedures to identify any unusual or unexpected relationships;
Tested journal entries to identify unusual transactions;
Reviewed the internal controls in place, specifically around payroll and bank transactions;
Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation were indicative of potential bias; and
Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
Agreeing financial statement disclosures to underlying supporting documentation;
Reading the minutes of meetings of those charged with governance;
Enquiring of management as to actual and potential litigation and claims; and
Reviewing correspondence with HMRC and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 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 £616,887 (2024 - £132,762 loss).
Insieme Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 80 Compair Crescent, Ipswich, Suffolk, UK, IP2 0EH.
The group consists of Insieme Group Limited and all of its subsidiaries.
The financial statements for the comparative period were for a period not equal to one year due to the previous period being the first set of financial statements prepared for the company. As a result the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
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 subsidiary company Maze Logistic Solutions (Holdings) Ltd (company number 12397302), has claimed exemption from audit under the provisions of section 479A of the Companies Act 2006. Insieme Group Ltd has provided a guarantee over this subsidiary's liabilities under the Section 479C of the Act.
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. 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;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Insieme Group 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 31 July 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.
Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. As part of assessing that the group is a going concern, the directors have prepared cashflow forecasts for the next twelve months, applying sensitivity analysis, with the forecasts being based on expected market trends, market volatility and the complex market conditions. Due to the renegotiation of the original purchase price of the company in the MBO transaction, the group will not be required to make any further monthly repayments of this debt from February 2026 which will have a significantly positive impact on overall cashflow. Thus the director continues 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 haulage 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, settlement discounts and volume rebates.
Revenue from haulage services is recognised when the service has been provided to the customer, which occurs when the goods have been successfully delivered to the agreed destination.
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 income statement.
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.
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.
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.
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 statement of financial position 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.
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.
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 income statement 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.
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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 statement of financial position 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 director is 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.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is calculated based on estimated residual values of each asset at the end of their useful economic life. Calculation of these provisions requires judgements to be made, which include forecast consumer demand and the economic environment.
Estimations are required to calculate interest rates used to determine the present value of long term loans. Judgements have been made to account for any predicted future change in the base rate based on the economic landscape.
Judgement is required when assessing the going concern basis of preparation remains appropriate. This assessment requires consideration of the Group's current financial position, expected future cash flows, and the availability of financing and other support for a period of at least twelve months from the date of approval of the financial statements.
The Directors have evaluated detailed cash flow forecasts, including sensitised downside scenarios, and assessed the potential impact of uncertainties affecting trading performance, cost levels, and working capital requirements. The cashflow forecasts are based on expected market trends, market volatility and complex economic conditions for the foreseeable. The Directors have exercised judgements in determining the likelihood of these scenarios and in evaluating the mitigating actions available to the Group if applicable.
In addition to this, post year-end a re-negotiation has been achieved in relation to a reduction to the original purchase price of the business within the MBO transaction that took place in August 2023. As a result, the monthly debt payments will no longer be required from February 2026 onwards which will significantly improve cashflow.
Based on the Directors' assessments they have determined that the going concern basis of preparation is appropriate.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The directors formed the key management personnel in the year.
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
The negative amortisation charge in the year is reflective of the re-negotiation of the MBO purchase price, and as a result the NBV and amortisation charge has been revised for the reduction in original purchase price. Please see note 13 for further information.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Assets held under hire purchase agreements are secured against the assets to which they relate.
On 20th April 2026, a revised purchase price was agreed in relation to the MBO transaction that took place August 2023. The reduction of purchase price reflects the current market conditions and state of the industry. As a result, there is a corresponding write off of the remaining debt due in relation to the transaction, please see notes 17 and 18.
Details of the company's subsidiaries at 31 July 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Amounts included in the above group figures in respect of bad debt provisions are £65,161 (2024: £34,538).
Included within bank loans and overdrafts of a subsidiary company is an amount of £2,024,508 in relation to an invoice discounting facility. This facility is secured against this subsidiary by way of a fixed and floating charge held by RBS Invoice Financing Ltd dated 21 July 2016.
The director has provided a personal guarantee in relation to the RBS invoice discounting facility of £220,000.
Please see note 13 for further information on the reduction in other creditors in relation to the MBO transaction.
National Westminster Bank Plc hold a fixed and floating charge dated 7 March 2013 over all of the assets of a subsidiary company.
James Robert Simmonds, Sally Simmonds and Stephen John Snelling hold a fixed and floating charge dated 31 August 2023 over all of the property or undertaking of the company.
James Robert Simmonds, Sally Simmonds and Stephen John Snelling hold a fixed and floating charge dated 19 October 2023 over all of the property or undertaking of the company.
Obligations under hire purchase liabilities are secured against the assets to which they relate.
Please see note 13 for further information on the reduction in other creditors in relation to the MBO transaction.
At the statement of financial position date RBS Invoice Financing Ltd held a fixed and floating charge dated 21 July 2016 over all property and undertakings of the company.
National Westminster Bank Plc hold a fixed and floating charge dated 7 March 2013 over all of the company's assets.
Payments under hire purchase agreements represent rentals payable by the company 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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.
Profit and loss reserves
The profit and loss reserve includes all current and prior retained profits and losses.
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:
At the statement of financial position date, included with other debtors, the group was owed £337,203 (2024: £278,826) from a Company related by common directorship. After the balance sheet date, the terms of this loan have now been agreed in draft, subject to signing of the final agreement, to be interest free until August 2028, and after this date interest will be applied to the balance at the base rate plus 2%. The loan will not be repaid within the next year and as a result this has been reclassified to non-current.