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

The principal activity of the company continued to be that of the provision of temporary and permanent labour, construction and civil engineering projects along with ancillary support services to all industries.

The prior year turnover £76,525,634 compared to the current year turnover of £77,116,511 resulting in an increase of 1%.

The Company reports an operating profit for the year of £2,878,299 (2024 - £3,236,157). After interest receivable and payable, the Company reports a profit before taxation of £2,322,131 (2024 - £3,192,848). The profit before taxation represents a decrease in profitability. However, if prior year dividend income is adjusted (now paid to BMSL Group Holdings Ltd) and current year management charge to the company is removed for comparative purposes, the restated profit would be £3,042,131 compared to £2,488,132 representing an increase driven through an increase in turnover and reduction in cost where some central costs have been moved to BMSL Group Holdings Ltd.

At 30 September 2025 the company had net current assets of £5,092,404 (2024 - £4,010,319) and net assets of £5,836,516 (2024 - £5,139,966).

In the current financial year ending 30 September 2025, performance to date has been strong. Gross profit margin has increased to from 8.77% to 9%, with turnover increasing year on year. The directors expect a small increase again in the following year. Normalised operating costs are 4.4% of turnover versus 4.7% in prior year. Cash balances remain strong, supporting the ongoing utilisation of surplus cash within the wider group to reduce borrowing and interest costs in other entities.

Going concern

At the time of approving these financial statements, the directors have assessed the company’s ability to continue as a going concern and are satisfied that it has adequate resources to remain operational for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

As at 30 September 2025, the company held a net cash position of £210,056 and reported net assets of £5,836,516. The directors have prepared and reviewed forecasts covering a period of at least 12 months from the date of approval of the financial statements. These forecasts incorporate expected trading performance, operating costs, and working capital requirements. The forecasts indicate that the company will continue to meet its obligations as they fall due. In preparing the budget, management have taken a significantly prudent approach. In doing so any downside impact has been incorporated and still shows strong profitability and cash generation for the next financial year. 

The directors have also considered the company’s position within the wider ICF Group. While the company operates with a strong degree of financial independence, surplus cash may be utilised by the Group as part of its centralised treasury arrangements. The Group is expected to continue to trade profitably and maintain sufficient liquidity across its operations.

The directors have considered solvency and liquidity risks as part of their assessment. No material uncertainties have been identified that cast significant doubt on the company’s ability to continue as a going concern.

This going concern assessment reflects all known events and conditions up to the date of approval of these financial statements.

Principal risks and uncertainties

There are a number of potential risks and uncertainties which could have an impact on the company’s performance. These risks and uncertainties are monitored by the Board on a regular basis.

Management consider that the principal risks and uncertainties facing the business are as follows:

Market dependency and general economic conditions
The company operates in sectors that are influenced by broader economic conditions, particularly construction and infrastructure. While there is some sensitivity to fluctuations in project timing or funding, this is mitigated by ongoing government spending commitments in infrastructure and housing, which continue to support demand. The company also benefits from strong client relationships, framework agreements, and a diversified customer base across multiple industries.

Labour supply and personnel risk
The company’s success is dependent on access to a reliable pool of skilled and compliant labour. Shortages of qualified workers — particularly in specialist civil engineering roles — can affect the company’s ability to fulfil contracts. The business invests in staff development and retention strategies, and continues to build strong relationships with subcontractor networks and workforce partners. Succession planning for key internal roles remains a priority for the Board.

Financial risk and cash flow management
The company operates a high-volume, low-margin model where prompt payment from customers is critical to maintaining positive cash flow. Delays in customer payment, particularly from large contractors, could affect working capital. The company continues to invest in robust credit control, maintains good communication with clients, and regularly reviews cash flow forecasts. Surplus funds are actively managed, and the wider Group structure allows flexibility in the use of cash resources across entities to reduce group borrowing and interest costs.

Regulatory and legislative risk – employment and tax
Given the nature of its workforce, the company is exposed to frequent changes in employment, agency worker, and tax legislation, including IR35 and the Construction Industry Scheme (CIS). Non-compliance could result in financial penalties or reputational damage. The company mitigates this through regular engagement with legal and compliance advisers, and by working closely with its clients and labour supply partners to ensure processes and documentation remain robust.

The company introduced its own internally developed software to improve processes and prioritise staff wellbeing whilst maintaining high level service delivery to customers.

Key financial indicators are turnover and gross profit margin which indicate sustainable growth and stability of the company.

Details of these are provided in the review of business section above.

A key non-financial indicator is the number of employees required to sustain operations.

On behalf of the board

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

The principal activity of the company continued to be that of provision of temporary and permanent labour, construction and civil engineering projects and ancillary support services to all industries.

A fair review of the business is set out in the Strategic Report on page 1.

Ordinary interim dividends were paid amounting to £1,112,000. The directors do not propose a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

PKF Francis Clark were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of going concern, future trading, risks and uncertainties, KPIs and the decisions of the board.

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

• 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.

We have audited the financial statements of Beaver Management Services Limited (the 'company') for the year ended 30 September 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of the 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• adequate accounting records have not been kept, 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.

As explained more fully in the directors' responsibilities statement, set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the company's website for indication of the regulations and certifications in place and discussed these with the relevant individuals responsible for compliance.

The key regulations we identified were employment law, health and safety regulations, tax legislation, Environmental Act 2021, and anti-bribery. We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK Generally Accepted Accounting Practice and the Companies Act 2006.

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of non-compliance with laws and regulations on the company's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

- Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.

- Review the legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.

- Engaged with our tax specialists to review the company's compliance with employment and corporate tax legislation.

As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We assessed the susceptibility of the financial statements to material misstatements through management override or fraud and obtained an understanding of the controls in place to mitigate the manipulation of the financial statements. The key risk we identified was manipulation of results with the principal risks relating to the existence of revenue. Based upon our understanding we designed and conducted audit procedures including:

- We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

-We challenged assumptions and judgements made by management in its significant accounting estimates.

- Performed occurrence testing on revenue recognised in the year.

- Investigated the rationale behind significant or unusual transactions.

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are less likely to become aware of instances of non-compliance with laws and regulations that are closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 24 form an integral part of these financial statements.

The notes on pages 12 to 24 form an integral part of these financial statements.

The notes on pages 12 to 24 form an integral part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 12 to 24 form an integral part of these financial statements.

Beaver Management Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Manor Way, Belasis Business Park, Billingham, TS23 4HN.

The company's principal trading address is 12 Tiller Road, London, England, E14 8PX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of ICF Holdings Limited. These consolidated financial statements are available from its registered office, UHY Hacker Young, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW

The company's accounting reference (ARD) date is 30 September, however, the company has a weekly reporting cycle, therefore, it is practical for the financial statements to be reported in line with this business cycle; therefore the company has taken advantage of the option afforded by the Companies Act 2006 to make up its accounts to a date up to 7 days either side of its ARD. The current period is made up to 30/09/2025 (52 weeks); the comparative period was made up to 29/09/2024 (52 weeks).

At the time of approving these financial statements, the directors have assessed the company’s ability to continue as a going concern and are satisfied that it has adequate resources to remain operational for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

Further details about the company's ability to continue as a going concern are given in the strategic report.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue arising from the provision of direct labour is recognised when the services are provided, based upon the hours provided. When income has been billed in advance of the service being provided it is deferred and if billed in arrears that amount is accrued.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

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 credited or charged to profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

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 company’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.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense.

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 leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The directors are required to make certain estimates as to how the company's long term contracts will complete, and the value of the recoverable work to be agreed with customers, the estimate of income recognition timing and the costs to be incurred to generate revenues. This involves an inherent degree of uncertainty which the directors mitigate via the use of staff experienced in the management of such contracts.

The amounts recoverable from debtors are subject to uncertainty. The company has appropriate control procedures to manage the risk of debtor default. These procedures include credit worthiness checks and insurance policies. At each year-end the company assesses the likelihood of debtor default and makes provision for amounts which are considered to be irrecoverable.

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

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Other borrowings totalling £7,889,920 (2024 - £9,071,038) related to invoice finance facilities which are secured against trade debtors.

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

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year 3 Ordinary shares of £0.01 and 5,101,297 Ordinary G shares of £0.01 were issued and fully paid.

The Ordinary shares and the Ordinary G shares (the "Growth shares") rank pari-passu except for on winding up or exit. On wind up or exit, the holders of the Ordinary shares receive 100% if the EV is less than the threshold amount; if the EV is more than the threshold amount the holders of the Growth shares receive 10% of the surplus and the Ordinary shareholders receive the remainder.

During the year, the company had an intercompany balance with BMSL Group Holdings Limited, the immediate parent company of Beaver Management Services Limited. At the year end, the balance outstanding was £1,424,049 (2024 - £1,264,255), this amount being included in debtors: amounts falling due within one year. During the year, the company had management charges paid of £720,000 (2024 - £360,000) with BMSL Group Holdings Limited.

The company had an existing loan with Bema Rail Training Limited, a subsidiary of the group. At the year end, the balance outstanding was £5,078 (2024 - £555), this amount being included in debtors: amounts falling due within one year.

The company had an existing loan with BMSL Contracting Ltd, a subsidiary of the group. At the year end, the balance outstanding was £142,441 (2024 - £922), this amount being included in debtors: amounts falling due within one year.

The company had an existing loan with LEC5 Rail Personnel Limited, a subsidiary of the group. At the year end, the balance outstanding was £764 (2024 - £764), this amount being included in debtors: amounts falling due within one year.

The company had an existing loan with UK Rail Limited, a subsidiary of the group. At the year end, the balance outstanding was £363,211 (2024 - £363,000), this amount being included in debtors: amounts falling due in more than one year.

The company had an existing loan with Manley Summers Limited, a subsidiary of the group. At the year end, the balance outstanding was £5,737 (2024 - £9,084 creditor) this amount being included in debtors: amounts falling due in more than one year.

The company had an existing loan with Woodland Site Services Limited, a subsidiary of the group. At the year end, the balance outstanding was £930,405 (2024 - £nil), this amount being included in debtors: amounts falling due in more than one year.

The company had an existing loan with Indigo Service Solutions Ltd, a subsidiary of the group. At the year end, the balance outstanding was £1,100,305 (2024 - £1,095,732), this amount being included in debtors: amounts falling due within one year.

The company had an existing loan with Ovio Solutions Ltd, a subsidiary of the group. At the year end, the balance outstanding was £36,210 (2024 - £71,717), this amount being included in creditors: amounts falling due within one year. During the year, the company had expenses of £28,840,085 (2024 - £22,680,231) with Ovio Solutions Ltd.

The company had an existing loan with Indigo Platform Limited, a company under common control. At the year end, the balance outstanding was £151,200 (2024 - £Nil), this amount being included in creditors: amounts falling due within one year.

On the 15th May 2024, BMSL Group Holdings Limited acquired a controlling shareholding in Beaver Management Services Limited and became the parent company, the ultimate parent company continues to be ICF Holdings Limited, incorporated in England and Wales.

ICF Holdings Limited is the parent undertaking of the smallest and largest group which includes the company for which group financial statements are prepared. Copies of the group financial statements of ICF Holdings Limited are available from the registered office; Bradbury House, Mission Court, Newport, NP20 2DW.