The directors present the strategic report for the year ended 31 December 2025.
The principal activity of the group is the manufacture of parts for aerospace, industrial gas turbine and defence markets.
On 23rd July 2025, the group acquired Aeromet Holdings Limited and its subsidiaries. The results of Aeromet Holdings were consolidated from the acquisition date.
Business Review & Performance
The year to 31st December 2025, has seen an increase in revenue to £57.2m (2024: £35.3m). This was driven by sales growth from existing operations of 20% plus the acquisition of Aeromet Holdings Limited and its subsidiaries by Paradigm Burnley Limited on the 23rd July 2025.
The company has focused on careful cost management and efficiencies alongside growing revenue. This resulted in an increase in gross margins to 38.6% (2024: 31.9%) and an operating profit of £6.8m (2024: £1m).
The business operates a ‘kaizen’ continuous improvement philosophy to drive operational excellence. Paradigm continues to invest in its people and the latest equipment to remain competitive.
Paradigm Burnley Holdings Limited is a wholly owned subsidiary of its parent company PPW Aero Topco Inc trading as Pursuit Aerospace and retains its full support.
Future Developments
The group is well positioned to capitalise on future growth opportunities within the aerospace market. The group continues to make significant investments in both its people and manufacturing capabilities.
The outlook for 2026 anticipates a further substantial increase in revenue, supported by a full year contribution from Aeromet Holdings Limited and a strong order pipeline across the group. In addition, the group has recently secured several significant new contracts, with programme activity expected to commence during 2027.
The directors have identified several key risks and uncertainties that could impact the company’s performance and strategic objectives. These risks are reviewed regularly and managed through a combination of internal controls, operational planning, and group-wide support functions.
A key risk identified by management continues to be business cash flow. This risk is mitigated through the use of a 52-week rolling cash flow forecast, updated weekly and monitored against key financial metrics. The company continues to have access to group funds where required but is cash generative.
Credit risk remains a consideration due to the potential for non-payment by customers. This is managed through a robust credit control process, including customer credit checks, regular account reviews, and escalation procedures for overdue balances. Systems are in place to ensure appropriate alerts for changes in customer status.
Foreign exchange risk is present due to trading in USD with both customers and intercompany loans. These loans, denominated in USD, are subject to revaluation, and losses on translation were recognised in the period. The group does not currently hedge its foreign exchange exposure, but risk is partially mitigated through sourcing materials and agreeing contracts in USD where possible to match exposure.
A key risk is the availability and retention of skilled labour, particularly given the competitive local market. Several large aerospace employers in the region have increased recruitment activity, leading to staff attrition during the year. To address this, the company continues to invest in its apprenticeship programme and ongoing staff development.
Cost inflation has had a significant impact on the business. The business is actively pursuing long-term supply agreements and energy efficiency initiatives, including investment in renewable sources, to mitigate ongoing exposure. Material cost inflation is being addressed through contract negotiation and price escalation clauses in new customer agreements, where possible.
The directors believe identifying key performance indicators is important and use several indicators to monitor and improve the development, performance and position of the business.
The directors have identified the following metrics as being key financial indicators of performance:
Turnover - £57.2m (2024 - £35.3m)
Gross profit margin – 38.6% (2024 – 31.9%)
Operating profit £6.8m (2024: £1m)
The Directors are fully aware of their responsibilities to promote the success of the Group in accordance with section 172 of the Companies Act 2006 and have acted in accordance with these responsibilities during the year.
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in their decision making. The Directors continue to have regard to the interests of the Group’s employees and other stakeholders, including the impact of its activities on the community, the environment and the Group’s reputation, when making decisions. Acting in good faith and fairly between members, the Directors consider what is most likely to promote the success of the Group for its members in the long term.
Our core values are:
S – Service – We are dedicated to serving one another, our customers, our shareholders and our communities
C – Curiosity – We are life-long learners with “soft minds” always asking questions,
O – Openness – We are committed to keeping an open mind as we pursue a better way.
P – Process – Process drives everything we do, with intention
E- Excellence – The practice of setting ambitious goals, maintaining focus and holding ourselves accountable
These ensure that we act consistently in the interests of our stakeholders.
Throughout the year the Board considered the wider impact of strategic and operational decisions on the Group’s stakeholders.
Employee Engagement
The group is committed to maintaining open and effective engagement with employees across all areas of the business, guided by our SCOPE values of Service, Curiosity, Openness, Process and Excellence. During the year, employees were regularly informed of matters affecting the business through company briefings, departmental meetings and ongoing communication with management teams. These communications included updates on operational performance, strategic developments, health and safety, investment activity and market conditions.
The directors recognise the importance of employee involvement in the continued success of the business and encourage regular consultation and feedback at all levels of the organisation. Employees are encouraged to contribute ideas for operational improvements and efficiency initiatives, supporting a culture of continuous improvement and shared accountability. The group also seeks to promote awareness amongst employees of the financial and economic factors affecting business performance and the wider aerospace market.
The group continues to invest in employee training and development to support career progression, skills enhancement and long-term retention across the organisation.
Disabled Employees
The group is committed to providing equal opportunities to all employees and applicants, including disabled persons. Applications for employment from disabled persons are fully and fairly considered, having regard to the aptitudes and abilities of the individual concerned.
Where an existing employee becomes disabled, the group seeks to continue their employment wherever practicable and appropriate support is provided, including adjustments to working arrangements where possible. The group is committed to ensuring that disabled employees have access to training, career development and promotion opportunities on an equal basis with other employees.
Engagement with Suppliers, Customers and Other Stakeholders
The directors recognise the importance of fostering strong and collaborative relationships with suppliers, customers and other key stakeholders in support of the group’s long-term success. Consistent with Pursuit’s SCOPE values, the group seeks to operate with openness, integrity and a focus on service across all business relationships.
During the year, the directors continued to engage regularly with customers and suppliers through ongoing operational dialogue, performance reviews and collaborative planning activities. Maintaining strong supplier relationships remains important in supporting operational performance, supply chain resilience and quality standards, while close engagement with customers supports long-term partnerships and future growth opportunities.
In considering principal decisions taken during the year, the directors had regard to the likely long-term consequences of those decisions on employees, customers, suppliers and the wider stakeholder group, together with the importance of maintaining the group’s reputation for high standards of business conduct and operational excellence.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group continues to invest in research and development.
In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the group will be put at a General Meeting.
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
The only subsidiary company that is within the scope of the requirements is Aeromet International Limited and the information below relates only to Aeromet International Limited.
On 23rd July 2025, Paradigm Burnley Ltd acquired Aeromet International Limited. The energy information disclosed below represents the consumption and emissions of Aeromet International Limited for the full financial year ended 31 December 2025, including the period prior to acquisition.
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 2020 UK Government’s Conversion Factors for Company Reporting
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of turnover, a widely used ratio for the sector.
Aeromet International Limited continues to monitor its energy usage and emissions profile and seeks to identify opportunities to improve energy efficiency across its operations. This includes ongoing review of operational processes, equipment utilisation and energy consumption patterns.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Paradigm Burnley Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:
The nature of the industry, the company and the group’s control environment, the significant laws and regulations relevant to the group and to the company, and the group and the company's policies on detection of fraud;
Results of our enquiries of management and of those charged with governance;
Our review of disclosures included in the financial statements, and
Engagement team discussions in respect of any potential indicators of non-compliance or fraud.
We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.
We did not identify a material risk of non-compliance with laws and regulations or of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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 loss for the year was £511,185 (2024 - £652,976 loss).
Paradigm Burnley Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Bentley Wood Way, Network 65 Business Park, Hapton, Burnley, Lancashire, BB11 5TG.
The group consists of Paradigm Burnley Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company has taken advantage of FRS 102 paragraph 33.1A, in respect of not disclosing related party transactions between wholly owned group companies.
This 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 within its own 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’;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
The consolidated group financial stataments consist of the financial statements of the parent company Paradigm Burnley Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2025.
All intra-group transactions, balances and unreaslised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also estimated 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 and parent company have 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.
The group is able to manage its cash through working capital and its own cash reserves.
The directors are of the opinion that the group will be able to continue trading as a going concern, on the basis that the group is not required to repay the intercompany loan payable to fellow group company Turbocombustor Technology, Inc.
If Turbocombustor Technology, Inc demanded repayment of the loan, the group would not have sufficient funds to settle the liability. As a result of this, the directors have obtained a letter of support from Turbocombustor Technology, Inc, indicating the parent company’s intent to continue to support the group and not demand repayment of the loan for a period of at least 12 months from the date of the signed financial statements. The directors are satisfied that Turbocombustor Technology, Inc has the financial means not to demand repayment of this loan.
On this basis, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
Turnover relates to the sale of goods and is stated net of VAT and trade discounts. Turnover is recognised when the significantly risks and rewards are considered to have been transferred to the buyer. Turnover is recognised at the point of despatch for the intercompany samples and at the point of delivery for third party sales.
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.
Fixed asset investments are stated at cost less any provision for diminution in value.
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 group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 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.
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.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within "finance income or costs". All other foreign exchange gains and losses are presented in profit or loss.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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.
On 23 July 2025, Paradigm Burnley Limited acquired Aeromet Holdings Limited. During the period post acquisition, Aeromet International Limited incurred a number of one-off non-recurring costs in connection with the acquisition.
These comprised of, long term incentive plan payments of £1,380,000, stock adjustments totalling £1,145,000 to align the company's stock valuation policy with that of the Group, and other ancillary acquisition costs amounting to £185,347.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
As total directors' remuneration for the years ended 31 December 2025 and 2024 respectively was £Nil, no disclosure is required.
The actual credit 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:
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
The following companies are exempt from the requirements of the Companies Act 2006 relating to the audit of their individual accounts as Paradigm Burnley Holdings Limited has provided a guarantee under Section 479A.
Paradigm Burnley Limited 08661320
Merc Aerospace Holdings Limited 14052579
Merc Group Limited 06734014
Stocks are stated after provisions for impairment of £4,719,848 (2024: £1,502,159).
Trade debtors are stated after provisions of £96,203 (2024: £106,689).
Other debtors includes amounts due in respect of corporation tax refunds of £943,745 (2024: £976,332).
Obligations under finance lease agreements are secured against the assets to which they relate.
Amounts owed to group undertakings represents amounts owed to fellow subsidiaries Turbine Engine Components Technologies Corporation and Turbocombustor Technology, Inc. Both companies are registered in the United States of America.
The amounts are unsecured and include an element which bears interest at 6% per annum.
Obligations under finance lease agreements are secured against the assets to which they relate.
The amount owed to group undertakings is unsecured and carries interest of 6% per annum.
The dilapidations provision relates to the property which the group occupies. It is expected that the amount will become payable in February 2028
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 group's other reserves represent a capital contribution reserve which arose as a result of a loan from the group's ultimate parent company being converted to equity. The reserve represents an irrevocable gift granted to the group from its ultimate parent company.
On 23 July 2025 the group acquired 100% of the issued capital of Aeromet Holdings Limited.
In addition to the £44,038,050 of consideration, Paradigm Burnley Limited made a capital contribution of £14,038,171 to Aeromet Holdings Limited.
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:
Amounts contracted for but not provided in the financial statements:
The group discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.