Financial Statements
For the year ended 31 October 2025
Registered number: 15747841
Company Information
Contents
Group strategic report
For the year ended 31 October 2025
The directors present the strategic report of the group and company for the year ended 31 October 2025.
The company was incorporated on 29 May 2024.
The principal activity of the company is to act as holding company to the Keltbray Group of specialist engineering and construction services companies which includes demolition and civil engineering, structural and geotechnical engineering, ground remediation & industrial decommissioning.
During the year, a number of non trading companies were consolidated under Keltbray Holdings Limited and subsequently transferred outside the Group.
The company was incorporated on 29 May 2024.
The principal activity of the company is to act as holding company to the Keltbray Group of specialist engineering and construction services companies which includes demolition and civil engineering, structural and geotechnical engineering, ground remediation & industrial decommissioning.
During the year, a number of non trading companies were consolidated under Keltbray Holdings Limited and subsequently transferred outside the Group.
The Groups cash position was £19.3m at the year-end (2024: £20.6m) and at the Year End the Group had no net bank debt. The Group has access to a £30m Working Capital Facility (overdraft facility of £10m and a revolving credit facility of £20m) with Metro Bank and the directors believe that this provides the Group with access to sufficient liquidity for its requirements.
Operating profit for the year was £19.7m (2024: Loss of £1.9m). Included within this is a non recurring gain of £14.4m attributable to the release of intercompany debt following the corporate restructuring exercise mentioned above.
Operating profit for the year was £19.7m (2024: Loss of £1.9m). Included within this is a non recurring gain of £14.4m attributable to the release of intercompany debt following the corporate restructuring exercise mentioned above.
The Health, Safety and Wellbeing of the workforce remains the industry’s biggest challenge and the directors remain fully focused on ensuring it remains at the forefront of all that the Group does. We continue to work towards ensuring that everyone goes home safe after every working day and managing activities to mitigate against any longer-term health issues being created.
Every operations facing director now dedicates at least one specific period per month to engaging directly with our people and focusing specifically on their safety, health and wellbeing. Our workforce remains pivotal to all that the Group does, the directors have and will continue to invest in our people’s welfare and resilience, equipping them to keep themselves and those around them safe at all times.
Every operations facing director now dedicates at least one specific period per month to engaging directly with our people and focusing specifically on their safety, health and wellbeing. Our workforce remains pivotal to all that the Group does, the directors have and will continue to invest in our people’s welfare and resilience, equipping them to keep themselves and those around them safe at all times.
The directors consider the key performance indicators are turnover quality, maintenance of operating margins, control of working capital and cash, and reduction in health and safety incident rates. These are monitored at board meetings and for each business unit at monthly management meetings.
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Group strategic report (continued)
For the year ended 31 October 2025
Operational
The directors have in place delegated authorities for all business units to ensure commitments on behalf of the Group are made at the appropriate level. In the contracting businesses, which make up the majority of the turnover, new opportunities are assessed prior to acceptance of tender to ensure they represent an acceptable risk profile.
Projects of large size or technical complexity are referred to the Executive Investment Panel committee for independent adjudication. During the tender process, risks are identified, and strategies adopted to manage them or reduce them to an acceptable level.
The directors are committed to maintaining the health, safety and wellbeing of its employees. Providing a healthy and safe working environment for its employees is a key part of this and this commitment is also an essential part of its risk management strategy to reduce the impact of any serious incident on the Group's reputational and financial status.
The Group has a satisfactory workload following a significant increase in work winning resources allocated to increase the level of awarded work as a percentage of turnover.
Financial
The Group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The Group has in place risk management reviews that seek to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The current position of nil net bank debt has sufficiently reduced the Group’s financial risks.
Credit risk
The Group has a low exposure to credit risk due to its early involvement in the project cycle and has historically low level of bad debts. For the Group's contracting businesses new credit customers are assessed as part of the pre construction and tender process and new customers are approved by the Group Commercial Director or Chief Financial Officer.
The Group has in place credit insurance on its three most important clients.
Liquidity risk
The Group is financed with appropriate long term and short-term finance to match the need of the business. The Group has finance facilities in place with Metro Bank (overdraft facility of £10m and a revolving credit facility of £20m) to fund capital expenditure and operating working capital.
There are no current plans to draw down the RCF, but this provides the Group with significant liquidity headroom to support future growth.
The directors will continue to monitor economic developments as they impact the company's marketplace and take appropriate mitigating action as needed. Nonetheless, the directors are confident that the actions taken, the strength of its client base and the strong balance sheet will enable the company to trade through the current economic climate.
The Group continues to operate our normal supply chain payment practices and is committed to be a responsible contractor in the current environment.
The directors have in place delegated authorities for all business units to ensure commitments on behalf of the Group are made at the appropriate level. In the contracting businesses, which make up the majority of the turnover, new opportunities are assessed prior to acceptance of tender to ensure they represent an acceptable risk profile.
Projects of large size or technical complexity are referred to the Executive Investment Panel committee for independent adjudication. During the tender process, risks are identified, and strategies adopted to manage them or reduce them to an acceptable level.
The directors are committed to maintaining the health, safety and wellbeing of its employees. Providing a healthy and safe working environment for its employees is a key part of this and this commitment is also an essential part of its risk management strategy to reduce the impact of any serious incident on the Group's reputational and financial status.
The Group has a satisfactory workload following a significant increase in work winning resources allocated to increase the level of awarded work as a percentage of turnover.
Financial
The Group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The Group has in place risk management reviews that seek to limit the adverse effects on the financial performance of the Group by monitoring levels of debt finance and the related finance costs. The current position of nil net bank debt has sufficiently reduced the Group’s financial risks.
Credit risk
The Group has a low exposure to credit risk due to its early involvement in the project cycle and has historically low level of bad debts. For the Group's contracting businesses new credit customers are assessed as part of the pre construction and tender process and new customers are approved by the Group Commercial Director or Chief Financial Officer.
The Group has in place credit insurance on its three most important clients.
Liquidity risk
The Group is financed with appropriate long term and short-term finance to match the need of the business. The Group has finance facilities in place with Metro Bank (overdraft facility of £10m and a revolving credit facility of £20m) to fund capital expenditure and operating working capital.
There are no current plans to draw down the RCF, but this provides the Group with significant liquidity headroom to support future growth.
The directors will continue to monitor economic developments as they impact the company's marketplace and take appropriate mitigating action as needed. Nonetheless, the directors are confident that the actions taken, the strength of its client base and the strong balance sheet will enable the company to trade through the current economic climate.
The Group continues to operate our normal supply chain payment practices and is committed to be a responsible contractor in the current environment.
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Group strategic report (continued)
For the year ended 31 October 2025
Interest rate cash flow risk
The Group's hire purchase and lease financial liabilities bear interest at a fixed rate. The overdraft is drawn down at market rates and is repaid within the month.
The Group's hire purchase and lease financial liabilities bear interest at a fixed rate. The overdraft is drawn down at market rates and is repaid within the month.
Sustainability
As a key player developing and maintaining Britain's built environment, the directors' goal is to make a positive contribution to the world we live and work in and to be the best in our sector.
As a market-leading specialist engineering solutions provider, our ambition is to continue to position sustainability at the heart of what we do and in the solutions we provide to our clients, to ensure we run a profitable business with a commitment to helping society prosper. This is captured in the Group's core purpose: "To redefine the way sustainable development is delivered". Keltbray do this using a framework based on the three pillars of sustainability, including the generation of economic, social and environmental value, aligned to the UN Sustainability Goals, and Government Industrial Strategy sustainability targets.
Together with the safety and wellbeing of our people, our core sustainability objectives are to minimise our carbon footprint by reducing waste to landfill, optimising efficient energy and materials resources, and engaging proactively with the people who work at Keltbray and the communities that host us.
We firmly believe this generates mutual value for our customers by supporting their own sustainability commitments, whilst enhancing our own business in addressing the global challenges determined by the UN Sustainable Development Goals. To this end we have committed to the achievement of the Net Carbon Zero by 2050, or sooner, through the application of the Science Based Targets initiative.
During the financial year, we made good progress in embedding our Group Sustainability and Social Value strategy across the Group, particularly in areas of employee wellbeing, carbon reduction, energy efficiency, product innovation, community relations, social engagement and responsible financial management.
As part of the Company's commitment to achieving sustainable growth the directors work closely with employees and partners, such as customers and suppliers, as well as standard setting bodies, regulators and trade bodies.
In line with the Keltbray long term business plan, objectives are set annually in consultation with operational managers and the Keltbray Group Board. They are constructed to support our clients' priorities and optimising industry-leading standards.
The Managing Director of Keltbray's core operating business is responsible for legal and ethical compliance, and the implementation and monitoring of sustainable development performance. This is done with support from a centralised Health, Safety, Quality and Environment function and the Group-wide Training & Development function. Keltbray's performance is also independently audited to ensure governance and compliance with internal and external standards.
As a key player developing and maintaining Britain's built environment, the directors' goal is to make a positive contribution to the world we live and work in and to be the best in our sector.
As a market-leading specialist engineering solutions provider, our ambition is to continue to position sustainability at the heart of what we do and in the solutions we provide to our clients, to ensure we run a profitable business with a commitment to helping society prosper. This is captured in the Group's core purpose: "To redefine the way sustainable development is delivered". Keltbray do this using a framework based on the three pillars of sustainability, including the generation of economic, social and environmental value, aligned to the UN Sustainability Goals, and Government Industrial Strategy sustainability targets.
Together with the safety and wellbeing of our people, our core sustainability objectives are to minimise our carbon footprint by reducing waste to landfill, optimising efficient energy and materials resources, and engaging proactively with the people who work at Keltbray and the communities that host us.
We firmly believe this generates mutual value for our customers by supporting their own sustainability commitments, whilst enhancing our own business in addressing the global challenges determined by the UN Sustainable Development Goals. To this end we have committed to the achievement of the Net Carbon Zero by 2050, or sooner, through the application of the Science Based Targets initiative.
During the financial year, we made good progress in embedding our Group Sustainability and Social Value strategy across the Group, particularly in areas of employee wellbeing, carbon reduction, energy efficiency, product innovation, community relations, social engagement and responsible financial management.
As part of the Company's commitment to achieving sustainable growth the directors work closely with employees and partners, such as customers and suppliers, as well as standard setting bodies, regulators and trade bodies.
In line with the Keltbray long term business plan, objectives are set annually in consultation with operational managers and the Keltbray Group Board. They are constructed to support our clients' priorities and optimising industry-leading standards.
The Managing Director of Keltbray's core operating business is responsible for legal and ethical compliance, and the implementation and monitoring of sustainable development performance. This is done with support from a centralised Health, Safety, Quality and Environment function and the Group-wide Training & Development function. Keltbray's performance is also independently audited to ensure governance and compliance with internal and external standards.
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Group strategic report (continued)
For the year ended 31 October 2025
Opportunities and diversity
The directors aim to provide a workplace where everyone is respected and treated fairly. The goal is also to promote training and development and engage positively with local communities and other stakeholders.
Employees are selected based on their 'can-do' attitude and ability to do the job irrespective of gender, sexual orientation, marital status, age, ethnic origin, religion or disability.
The Group is committed to widen the talent pool to tap into the real diversity that exists in this country, particularly in terms of female and ethnic minority capacity.
Environment
The directors are committed to minimising the impact our operations have on the environment, and continue to focus on optimising resources, improving air quality by reducing harmful emissions, reducing waste to landfill and championing environmental innovations.
Keltbray and its people have provided a range of support to local communities through the donation of training, offsetting CO2, volunteering and many fundraising initiatives. Working with organisations already embedded in the communities such as MOLA and SHP, Crash, St Marks Hospice, Lighthouse Club and other not for profit organisations, has helped us widen our impact.
The directors aim to provide a workplace where everyone is respected and treated fairly. The goal is also to promote training and development and engage positively with local communities and other stakeholders.
Employees are selected based on their 'can-do' attitude and ability to do the job irrespective of gender, sexual orientation, marital status, age, ethnic origin, religion or disability.
The Group is committed to widen the talent pool to tap into the real diversity that exists in this country, particularly in terms of female and ethnic minority capacity.
Environment
The directors are committed to minimising the impact our operations have on the environment, and continue to focus on optimising resources, improving air quality by reducing harmful emissions, reducing waste to landfill and championing environmental innovations.
Keltbray and its people have provided a range of support to local communities through the donation of training, offsetting CO2, volunteering and many fundraising initiatives. Working with organisations already embedded in the communities such as MOLA and SHP, Crash, St Marks Hospice, Lighthouse Club and other not for profit organisations, has helped us widen our impact.
One of the most pressing sustainability issues of present time is climate change; we recognise that our operations form part of the problem and bold change is needed. We have therefore set Net Zero as our own organisational goal to realise the benefits for ourselves, and importantly, our customers.
Our pledge to reach Net Zero underpins all three pillars of sustainability and we recognise the need to move 'beyond zero' building a resilient business that puts the wellbeing of our teams, the natural environment and our stakeholder’s requirements at the heart of everything we do.
Keltbray has identified a series of actions to reduce emissions from its operational activities. These include decarbonising our fleet and plant/equipment by investing in new power trains and fuels.
We are not just investing in new equipment, but we are also assessing and changing the way we operate. A perfect example of this is the use of river barges instead of Heavy Good Vehicles (HGVs) to move material from projects using the UK's extensive waterways to reach our own remediation processing facilities.
Keltbray aims to improve energy efficiency in both its project delivery operations and its fixed buildings and depots. Fossil fuels are being replaced increasingly by renewable energy sources. Increased energy efficiency is vital to reducing our carbon footprint and the associated costs both within our own operations, as well as benefiting our customers, the end users and the local communities who host us when we deliver projects.
Our pledge to reach Net Zero underpins all three pillars of sustainability and we recognise the need to move 'beyond zero' building a resilient business that puts the wellbeing of our teams, the natural environment and our stakeholder’s requirements at the heart of everything we do.
Keltbray has identified a series of actions to reduce emissions from its operational activities. These include decarbonising our fleet and plant/equipment by investing in new power trains and fuels.
We are not just investing in new equipment, but we are also assessing and changing the way we operate. A perfect example of this is the use of river barges instead of Heavy Good Vehicles (HGVs) to move material from projects using the UK's extensive waterways to reach our own remediation processing facilities.
Keltbray aims to improve energy efficiency in both its project delivery operations and its fixed buildings and depots. Fossil fuels are being replaced increasingly by renewable energy sources. Increased energy efficiency is vital to reducing our carbon footprint and the associated costs both within our own operations, as well as benefiting our customers, the end users and the local communities who host us when we deliver projects.
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Group strategic report (continued)
For the year ended 31 October 2025
Methodology
We first calculated our baseline emissions in 2023 and selected 2019 as the baseline year, in line with best practice at that time and to support our commitment to achieving Net Zero by 2050. However, this historic baseline is no longer representative of our business due to significant organisational changes, including divestments and dissolutions. These changes have resulted in a substantially smaller organisational footprint, making previous emissions data unreflective of our current operations.
To ensure transparency and accuracy, we have therefore established a new baseline year of 2024. This represents the earliest point at which our financial and operational boundaries can be clearly separated and our emissions accurately reported for our current business structure across Scope 1, Scope 2 and Scope 3 categories. Our reporting approach is consistent with the GHG Protocol Corporate Standard, applying the operational control boundary.
In 2025, we introduced the Gaia carbon accounting platform to further enhance the transparency and robustness of our reporting. The platform calculates our Scope 1, 2 and 3 emissions using DEFRA/BEIS emission factors and supplier specific emissions data where available.
We apply a hybrid methodology to quantify our greenhouse gas emissions. For key suppliers, we collect primary (supplier-level or product level) emissions data. For other categories, we supplement our assessment with high quality secondary data using an extended input–output (EEIO) method, linking financial expenditure to sector level average emission factors. All data sources are processed, quality checked, and consolidated within the Gaia platform. While spend based accounting is a valuable tool for screening Scope 3 emissions and identifying carbon hotspots, we recognise its limitations and are increasing our use of activity based and supplier specific data wherever feasible.
Our Scope 3 emissions have been calculated for all indirect emissions across categories 1a, 1b, 2, 3, 4, 5, 6, 7 and 8 of the Greenhouse Gas Protocol. In 2025, primary quantity data were collected for road fuel, plant fuel, electricity, and for key concrete suppliers.
We first calculated our baseline emissions in 2023 and selected 2019 as the baseline year, in line with best practice at that time and to support our commitment to achieving Net Zero by 2050. However, this historic baseline is no longer representative of our business due to significant organisational changes, including divestments and dissolutions. These changes have resulted in a substantially smaller organisational footprint, making previous emissions data unreflective of our current operations.
To ensure transparency and accuracy, we have therefore established a new baseline year of 2024. This represents the earliest point at which our financial and operational boundaries can be clearly separated and our emissions accurately reported for our current business structure across Scope 1, Scope 2 and Scope 3 categories. Our reporting approach is consistent with the GHG Protocol Corporate Standard, applying the operational control boundary.
In 2025, we introduced the Gaia carbon accounting platform to further enhance the transparency and robustness of our reporting. The platform calculates our Scope 1, 2 and 3 emissions using DEFRA/BEIS emission factors and supplier specific emissions data where available.
We apply a hybrid methodology to quantify our greenhouse gas emissions. For key suppliers, we collect primary (supplier-level or product level) emissions data. For other categories, we supplement our assessment with high quality secondary data using an extended input–output (EEIO) method, linking financial expenditure to sector level average emission factors. All data sources are processed, quality checked, and consolidated within the Gaia platform. While spend based accounting is a valuable tool for screening Scope 3 emissions and identifying carbon hotspots, we recognise its limitations and are increasing our use of activity based and supplier specific data wherever feasible.
Our Scope 3 emissions have been calculated for all indirect emissions across categories 1a, 1b, 2, 3, 4, 5, 6, 7 and 8 of the Greenhouse Gas Protocol. In 2025, primary quantity data were collected for road fuel, plant fuel, electricity, and for key concrete suppliers.
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Group strategic report (continued)
For the year ended 31 October 2025
Activities of the Main Board in 2025
Section 172 of the Companies Act 2006 requires a director of a Company to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, among other matters, to the:
1. Likely consequences of any decisions in the long term;
2. Interests of the Company's employees;
3. Need to foster the Company's business relationships with suppliers, customers and others;
4. Impact of the Company's operations on the community and environment;
5. Desirability of the Company maintaining a reputation for high standards of business conduct; and
6. Need to act fairly as between members of the Company.
In discharging our section 172 duties, we have regard to the factors set out above. We also have regard to other factors that we consider relevant to the decision being made by providing guidance on the following areas:
Section 172 of the Companies Act 2006 requires a director of a Company to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, among other matters, to the:
1. Likely consequences of any decisions in the long term;
2. Interests of the Company's employees;
3. Need to foster the Company's business relationships with suppliers, customers and others;
4. Impact of the Company's operations on the community and environment;
5. Desirability of the Company maintaining a reputation for high standards of business conduct; and
6. Need to act fairly as between members of the Company.
In discharging our section 172 duties, we have regard to the factors set out above. We also have regard to other factors that we consider relevant to the decision being made by providing guidance on the following areas:
∙Purpose and leadership
∙Board Composition
∙Director responsibilities
∙Opportunity and risk
∙Succession and Remuneration; and
∙Stakeholders
We acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders. By considering the Company's purpose, and values together with its strategic priorities and having a clear governance process in place for decision-making, we do however, aim to make sure that our decisions are consistent and predictable.
As is normal for large private companies, we delegate authority for day-to-day management of the Company to executives and then engage management in setting, approving and overseeing execution of the business strategy and related policies. We regularly review health, safety and environmental matters, financial and operational performance as well as other areas over the course of the financial year including the Group's business strategy, key risks, employee-related matters, diversity and inclusivity, corporate responsibility, governance, compliance and legal matters.
As a result of this we have had an overview of engagement with stakeholders and other relevant factors which allows us to understand the nature of the stakeholders' concerns and to comply with our section 172 duty to promote the success of the Company.
The following table provides examples of how the Directors have satisfied their duty under section 172 of the Companies Act 2006 to engage with our stakeholders in 2025:
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Group strategic report (continued)
For the year ended 31 October 2025
This report was approved by the board on 1 June 2028 and signed on its behalf.
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Directors' report
For the year ended 31 October 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
The Company was incorporated on 29th May 2024, and this is the first period in which statutory financial statements have been produced.
The profit for the year, after taxation and minority interests, amounted to £10,460,236 (2024 - loss £6,163,353).
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Directors' report (continued)
For the year ended 31 October 2025
The directors who served during the year were:
Subsequent to the year end the following director was appointed:
During the year, the policy of providing employees with information about the Group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by disabled persons. Where an existing employee becomes disabled, it is the Group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.
There have been no significant events affecting the Group since the year end.
The auditor, Grant Thornton (NI) LLP, was appointed during the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Directors' report (continued)
For the year ended 31 October 2025
This report was approved by the board on 1 June 2028 and signed on its behalf.
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Independent auditor's report to the members of Project Osprey Holdings Limited
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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from the date 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.
The 17 month period ended 31 October 2025 was the first accounting period of the Company since incorporation. Grant Thornton (NI) LLP were appointed as external statutory auditors for the 17 month period.
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Independent auditor's report to the members of Project Osprey Holdings Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
∙the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of Project Osprey Holdings Limited (continued)
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Independent auditor's report to the members of Project Osprey Holdings Limited (continued)
In response to these principal risks, our audit procedures included but were not limited to:
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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
Date:
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Consolidated statement of comprehensive income
For the year ended 31 October 2025
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Consolidated statement of financial position
As at 31 October 2025
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Consolidated statement of financial position (continued)
As at 31 October 2025
The profit for the financial year of the parent company was £Nil.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 June 2028.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 June 2028.
The notes on pages 25 to 49 form part of these financial statements.
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Company statement of financial position
As at 31 October 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 June 2028 .
The notes on pages 25 to 49 form part of these financial statements.
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