REGISTERED NUMBER: 01279304 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2025

for

Ivygrove Developments Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

J S Blount

N J Blount

R A Blount

A M Foulke ACA

D J Ball

SECRETARY:

A M Foulke ACA

REGISTERED OFFICE:

Racecourse Industrial Park

Mansfield Road

Derby

DE21 4SX

REGISTERED NUMBER:

01279304 (England and Wales)

AUDITORS:

Bates Weston Audit Ltd

Statutory Auditors

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

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

The annual figures are shown in £   's to aid clarity.

PRINCIPAL ACTIVITIES

The principal activities of the company are;

-

The construction of premium quality housing

-

The development of industrial units and brownfield sites

-

The rental of commercial warehousing and office space

REVIEW OF BUSINESS

The key performance indicators are gross and net profit as detailed below. In addition, the directors compare quarterly results to budgets.

Year Ended

Year Ended

Year Ended

30/09/2025

30/09/2024

30/09/2023

£   's

£   's

£   's

Turnover

£15,041

£12,652

£8,310

Gross Profit

£6,132

£5,050

£3,860

Gross Profit %

41%

40%

46%

Net Profit (excl. revaluations)

£2,798

£1,261

£1,058

Net Profit %

19%

10%

13%

Shareholders Funds

£38,950

£35,930

£36,512

Increase in Shareholders Funds

Profit before tax & revaluations

£2,798

£1,269

£1,058

Tax

(£1,122)

(£0)

(£180)

Dividends

(£400)

(£1,600)

(£100)

Revaluations

£1,743

(£251)

£57

Increase in year

£3,020

(£582)

£835

The company has performed largely in line with directors expectations, with better margins this year.

PRINCIPAL RISKS AND UNCERTAINTIES

Fire

Safety policies are in place to minimise risks and adequate insurance cover is maintained. Terrorism cover is not taken as this risk is considered minimal.

Liquidity

Maintaining adequate cash flow is of vital importance. Liquidity is maintained by maintenance of a comprehensive cash flow forecast, regular supplier payment runs, effective credit control measures and not taking on projects that cannot be financed without putting undue pressure on cashflow.

Safety

Construction is a relatively dangerous occupation and accordingly, the company gives a high priority to the safety of workers on its sites. Site managers and external consultants are used to ensure the sites are as safe as they can be.

Economic Downturn

The risk of the economy receding due to external forces e.g. war, pandemic or a recession poses a risk to the company's future sales. As a precaution, the company maintains a contingency plan detailing steps to take in order to maintain profitability, including essential staff and maximum debt level targets. In addition, legal exchanges are sought as early as possible and up to date leases are maintained, removing or extending break clauses wherever possible. The substantial property portfolio also avoids over-dependence on any one tenant.

Labour & Subcontractor Shortage

The country is suffering a nationwide skills shortage. This reduces the number of skilled staff available to the company and can increase project durations The company works hard to attract and retain a high quality of staff in various skill sectors and ensures payments are made promptly to maintain goodwill.

This could potentially slow construction times and cause cashflow problems, particularly if we are unable to finish buildings and obtain completion. This is mitigated by maintaining long term relationships with key suppliers.

Inflation

Although falling in general it still remains a problem in the construction sector. Prices are already so high that it is making new build units increasingly unaffordable to businesses.

Fraud/Computer Virus

The main threat would be if a hacker managed to get into the system and make fraudulent payments. Daily and weekly back-ups of the server are made, and anti-virus protection is in place, together with regular staff training to try and prevent this. In addition, a regular check is made on all requests to change bank details and all large payments are double checked to original supplier records.

FUTURE DEVELOPMENTS

Housing

The company has performed well under difficult circumstances, being the result of Government Policy with housing in particular becoming unviable in almost every category of development.

A healthy Housing and Construction Industry generates employment and prosperity throughout the country and all Contractors, Tradesman Supplies and the Professions benefit.

A reduction in Stamp Duty and reform in Greenbelt Policy is all that;s needed to have a thriving Industry.

However, Ivygrove Housing Division will close during 2026 and is unlikely to re-commence in future years.

Industrial

The shortage of Employment Land and the Planning process is making new build Industrial Units difficult to make even modest margins and almost unviable.

Ivygrove's core business building small and medium size Units is under threat and difficult to justify with only Pension Funds and high worth Companies being able to afford them.

The only way forward in the current market is to acquire existing sites with Industrial Building thereon and with potential for further new build construction.

Sites of this nature can be refurbished and create rental income income in a relatively short period whilst planning consent for new build is submitted.

Rental Income in general has increased substantially with Armitage Park and Merlin Park coming on stream and with continual Rent Reviews from our Portfolio.

The Company will strive to continue increasing rental income in future years, create a strong Balance Sheet and generally concentrate on acquiring existing sites with potential.

ON BEHALF OF THE BOARD:

J S Blount - Director

26 June 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £ 400,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

J S Blount

N J Blount

R A Blount

A M Foulke ACA

D J Ball

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J S Blount - Director

26 June 2026

Opinion

We have audited the financial statements of Ivygrove Developments Limited (the 'company') for the year ended 30 September 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

-

Enquiry of management around actual and potential litigation and claims;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Wayne Thomas FCA (Senior Statutory Auditor)

for and on behalf of Bates Weston Audit Ltd

Statutory Auditors

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

26 June 2026

TURNOVER

4

15,041,444

12,651,849

Cost of sales

8,909,569

7,620,582

GROSS PROFIT

6,131,875

5,031,267

Administrative expenses

1,672,212

2,049,934

4,459,663

2,981,333

Other operating income

204,111

203,759

OPERATING PROFIT

6

4,663,774

3,185,092

Interest receivable and similar income

1,198

9,853

4,664,972

3,194,945

Gain/loss on revaluation of investment property

1,743,408

(66,399

)

6,408,380

3,128,546

Interest payable and similar expenses

7

1,866,578

1,925,320

PROFIT BEFORE TAXATION

4,541,802

1,203,226

Tax on profit

8

1,122,188

-

PROFIT FOR THE FINANCIAL YEAR

3,419,614

1,203,226

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,419,614

1,203,226

FIXED ASSETS

Tangible assets

10

64,090

73,863

Investments

11

186

206

Investment property

12

73,112,774

68,276,377

73,177,050

68,350,446

CURRENT ASSETS

Work in progress

13

2,397,185

6,178,193

Debtors

14

3,872,620

677,670

Cash at bank

160,813

130,004

6,430,618

6,985,867

CREDITORS

Amounts falling due within one year

15

7,507,990

26,582,065

NET CURRENT LIABILITIES

(1,077,372

)

(19,596,198

)

TOTAL ASSETS LESS CURRENT LIABILITIES

72,099,678

48,754,248

CREDITORS

Amounts falling due after more than one year

16

(27,600,000

)

(8,304,184

)

PROVISIONS FOR LIABILITIES

20

(5,550,000

)

(4,520,000

)

NET ASSETS

38,949,678

35,930,064

CAPITAL AND RESERVES

Called up share capital

21

40,000

40,000

Fair value reserve

22

18,627,761

17,616,918

Retained earnings

22

20,281,917

18,273,146

SHAREHOLDERS' FUNDS

38,949,678

35,930,064

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2026 and were signed on its behalf by:

J S Blount - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2023

40,000

18,603,521

17,683,317

36,326,838

Changes in equity

Dividends

-

(1,600,000

)

-

(1,600,000

)

Total comprehensive income

-

1,269,625

(66,399

)

1,203,226

Balance at 30 September 2024

40,000

18,273,146

17,616,918

35,930,064

Changes in equity

Dividends

-

(400,000

)

-

(400,000

)

Total comprehensive income

-

2,408,771

1,010,843

3,419,614

Balance at 30 September 2025

40,000

20,281,917

18,627,761

38,949,678

Cash flows from operating activities

Cash generated from operations

1

5,351,645

7,630,930

Interest paid

(1,866,417

)

(1,924,397

)

Interest element of hire purchase payments paid

(161

)

(923

)

Tax paid

-

(50,163

)

Net cash from operating activities

3,485,067

5,655,447

Cash flows from investing activities

Purchase of tangible fixed assets

(11,594

)

(4,540

)

Purchase of investment property

(3,302,989

)

(4,663,259

)

Sale of tangible fixed assets

-

97,800

Sale of fixed asset investments

20

-

Sale of investment property

390,000

-

Interest received

1,198

9,853

Net cash from investing activities

(2,923,365

)

(4,560,146

)

Cash flows from financing activities

New loans in year

938,319

4,400,000

Loan repayments in year

-

(3,870,777

)

HP repayments

(7,878

)

(12,837

)

Amount introduced by directors

-

481,451

Amount withdrawn by directors

(354,925

)

-

Equity dividends paid

(400,000

)

(1,600,000

)

Net cash from financing activities

175,516

(602,163

)

Increase in cash and cash equivalents

737,218

493,138

Cash and cash equivalents at beginning of year

2

(576,405

)

(1,069,543

)

Cash and cash equivalents at end of year

2

160,813

(576,405

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

4,541,802

1,203,226

Depreciation charges

21,367

36,257

Profit on disposal of fixed assets

(180,000

)

(62,891

)

(Gain)/loss on revaluation of fixed assets

(1,743,408

)

66,399

Finance costs

1,866,578

1,925,320

Finance income

(1,198

)

(9,853

)

4,505,141

3,158,458

Decrease in work in progress

3,781,008

2,421,499

(Increase)/decrease in trade and other debtors

(3,194,950

)

591,783

Increase in trade and other creditors

260,446

1,459,190

Cash generated from operations

5,351,645

7,630,930

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

160,813

130,004

Bank overdrafts

-

(706,409

)

160,813

(576,405

)

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

130,004

103

Bank overdrafts

(706,409

)

(1,069,646

)

(576,405

)

(1,069,543

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank

130,004

30,809

160,813

Bank overdrafts

(706,409

)

706,409

-

(576,405

)

737,218

160,813

Debt

Finance leases

(7,878

)

7,878

-

Debts falling due within 1 year

(18,757,497

)

18,357,497

(400,000

)

Debts falling due after 1 year

(8,304,184

)

(19,295,816

)

(27,600,000

)

(27,069,559

)

(930,441

)

(28,000,000

)

Total

(27,645,964

)

(193,223

)

(27,839,187

)

1.	STATUTORY INFORMATION

Ivygrove Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The accounts have been prepared on the going concern basis. The directors have confirmed the current liability position will be managed as part of the liquidity risk measures, which include monitoring the maintenance of a comprehensive cash flow forecast, regular supplier payment runs, effective credit control measures and not taking on projects that cannot be financed without putting undue pressure on cashflow.

Preparation of consolidated financial statements

The financial statements present information about the company as an individual entity and not about its group.

The company has one subsidiary undertaking, which has not been consolidated in these financial statements because it is not material for the purpose of giving a true and fair view. These financial statements have been prepared as if the company were not a parent company, in accordance with section 405 of the Companies Act 2006.

Details of the subsidiary are disclosed in the notes to these financial statements.

Turnover

Turnover represents the amount (excluding value added tax) of property sales and rents receivable. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment. Turnover is recognised on the completion date of the property sale.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Plant and machinery

- 25% on reducing balance

Motor vehicles

- 25% on reducing balance

The assets' residual values, useful lives and the depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is not depreciated but is revalued annually at its fair value. Any aggregate surplus or deficit arising from changes in fair value is charged to the profit and loss account, then transferred to a fair value reserve.

Investment property comprises freehold and long leasehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the balance sheet date.

Investment property under construction is retained at cost less impairment and revalued on the completion of works.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.

Subsequent expenditure is added to the assets carrying amount only when it is probable that the future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Cost represents the purchase price of land and development costs. Net realisable value is based on the estimated selling price less further costs expected to be incurred in completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Provision is made at current rates for taxation deferred in respect of all material timing differences, including provisions made for potential tax arising on assets which have been revalued balance sheet

Leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

The directors have based the fair value of properties held for investment purposes initially on professional valuation and updated for considerations to capital improvements, rental yields, market conditions and other external factors that could bring about a change in the fair value.

4.

TURNOVER

Turnover comprises:-

2025

2024

£

£

Development properties

8,811,257

7,225,024

Rents and service charges receivable

5,660,187

5,426,825

Transfers to fixed assets

570,000

15,041,444

12,651,849

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,088,278

1,563,459

Social security costs

164,892

179,691

Other pension costs

70,652

259,267

1,323,822

2,002,417

The average number of employees during the year was as follows:

2025

2024

Management

8

8

Administrative

9

9

Operatives

-

7

17

24

2025

2024

£

£

Directors' remuneration

781,771

986,212

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

216,973

314,999

The directors are the key management personnel.