The directors present the strategic report for the period ended 31 March 2026.
The Company has continued to grow, and this financial period has seen another strong performance across our Business Key Performance Indicators (“KPIs”). Growth in contracted meter point numbers and the total amount of commodity supplied to customers has led to strong underlying revenue growth during the period. On a like-for-like basis, comparing the 11 months ended 31 March 2026 with the corresponding 11 month period ended 31 March 2025, turnover increased by 15% and gross profit increased by 14%. Gross Margin (%) stayed flat year on year as the Company demonstrated the robustness of its forward hedging programme and commitment to price discipline.
As detailed below, the Company has shortened its financial year to end on 31 March rather than 30 April. Consequently, the financial results presented cover an 11 month period and are not directly comparable to the prior 12 month financial year. On a statutory basis, turnover increased by 6% and operating profit increased to £3.5m (£1.4m in 2024/25).
At the start of the financial year, the Board remained focused on delivering sustainable growth while continuing to strengthen the business for the long term. It is pleasing to report that the Company has made strong progress during the period, with continued operational development and the significant milestone of reaching 50,000 meter points.
During the period, the Company continued to invest in operational capability and customer service, supporting a more efficient and scalable operating model. This included further investment in AI-enabled tools to enhance the customer experience, alongside continued training and development for our people to ensure service standards evolve in line with the needs of the business and our customers. The progress made in this area was reflected in the business being recognised as a double finalist at the European Contact Centre & Customer Service Awards, an encouraging external endorsement of the quality of our customer service operation and the effectiveness of our ongoing investment in both technology and staff capability.
This continued focus on customer outcomes is reflected in the Company’s key performance indicators, and it is encouraging to see further improvement in our Trustpilot score to 4.3 at the period end. This progress demonstrates the value of maintaining high service standards in a competitive market.
Wholesale commodity prices were more volatile during the year, with pricing movements influenced by foreign events and wider geopolitical developments affecting global energy markets. These conditions created a more dynamic procurement environment and required continued discipline in pricing and risk management. While the market environment has remained challenging, the business has continued to monitor developments closely in order to support secure and commercially appropriate pricing for customers.
Customer cash collection performance was strong during the year, reflecting continued investment in systems, people and procedures. The expansion of in-house capability has been integral to the success of the bad debt process, providing greater insight and control while also enhancing customer service through a more effective and responsive communication process. This has supported a more disciplined approach to collections while maintaining an appropriate focus on customer outcomes.
The electricity and gas retail markets remained competitive throughout the year, requiring continued focus on both customer acquisition and retention. Product design, pricing discipline and the ability to respond quickly to changing market conditions have remained central to commercial performance. Against this backdrop, the business has continued to make progress in maintaining a balanced and diverse customer portfolio.
A further strategic priority during the year has been continued investment in our people and the support structures needed to sustain long-term growth. This has included a clear and strategic approach to succession planning, focused on identifying and developing future talent, strengthening leadership capability and building critical expertise across the business. We see this as essential to maintaining organisational resilience, supporting colleagues in their development and ensuring the business is well positioned for the next phase of growth.
The Company also continued to make good progress in smart meter growth, further expanding its capability in this area to help maintain a competitive edge in the effective use of smart meter data. This has been supported by driving smart meter installation bookings through a cross-functional approach that combines innovation, performance management and shared success across the business. We see this capability as increasingly important in improving insight, enhancing the customer proposition and supporting smarter operational decision-making over time.
Following a review with the Valda Board, the Company has decided to change its financial year end to 31 March, resulting in a shortened current financial year. This change aligns the business more closely with the UK tax year, and supports consistency with standard charging and reporting periods across the UK energy sector.
Looking ahead, I remain confident in the direction of the business. The achievement of 50,000 meter points, continued improvement in customer outcomes and the strength of our operational platform leave us well placed to continue delivering against our strategic priorities in a competitive and evolving market.
The Company faces several Business risks, however, through regular management review and policy analysis each risk has been evaluated and actions to mitigate identified.
Commodity Risk
The Company operates a fully hedged wholesale energy policy, aiming to de-risk our exposure to the energy market. The forecast energy demand for all customer contracts is calculated using considerable internal resource and modelling. This modelling is continually developing, using up to date, real-time customer data combined with knowledge and experience of operating within the energy retail sector.
The main hedging related risks are broadly categorised as prolonged periods of extreme weather, changes in customer consumption and changes in the rate in which contracted customers move out of their properties. These are managed, in turn, by receiving weather forecasts from relevant weather stations across the country, adjusting hedge volumes accordingly, and by having forecasts that update based on the latest customer consumption information. Detailed analysis to review the half hourly volumes consumed by our existing portfolio is also applied to this calculation as well as the development of a comprehensive customer performance library.
Credit Risk
Bad debts derived from customers who fail to pay their electricity and gas invoices represent a significant administrative expense to the Business.
Effective credit risk management is fundamental in ensuring that there is an appropriate balance between this risk and facilitating the growth of the Business. The Company controls the exposure to credit risk from customers with the Credit Assessment decision path that integrates with the Business acquisition online platform. Furthermore, the Business devotes significant resource to manage its customer portfolio to mitigate credit exposure and any negative effect on cash flows. Through historical analysis and current customer performance, the Business forecasts and then analyses expected customer behaviour against allowed tolerances.
Third Party Sales Intermediaries
The Business engages with Third Party Intermediaries and the identified risk is a reduction in the number of parties operating in this sector potentially reducing market competition. The most likely cause for a possible reduction in the TPI sector is recognised as either increased consolidation activity, or possible changes in regulation.
The Directors believe that a strong and robust TPI market can support healthy competition within the energy retail market, and the Business actively engages with the Regulator and other parties to be at the forefront of discussions considering enhancements to the sector.
Resourcing
With Employees being at the centre of our continued success, the Business recognises the risk of not being able to meet our resourcing requirements. The Directors employ an Attract and Retain strategy at the core of our business culture. We recognise that this culture is the most important intangible Business asset, providing a key tool in establishing our competitive advantage, delivering for our customers as well as all our stakeholders.
The directors monitor the key performance indicators (KPIs) of the business on a regular basis. Where relevant, the Directors monitor both statutory and like-for-like measures. Like-for-like comparisons are presented to remove the impact of the shortened financial period and provide a more meaningful comparison of underlying business performance.
| FY 2026 | FY2025 | YOY Change |
| FY2025 | YOY change |
| (11 mths) | (12 mths) | (Statutory) |
| (11 mths) | (LFL*) |
|
|
|
|
|
|
|
Turnover | £149m | £141m | +6% |
| £129m | +15% |
Gross Margin | 13.8% | 14.0% | -20 bps |
| 13.9% | -10 bps |
Operating profit | £3.5m | £1.4m | +146% |
| £1.2m | +191% |
*Like for like (LFL) comparison compares the 11 month period ended 31st March 2026 with the exact corresponding 11 month period ended 31st March 2025.
Directors' Statement of Compliance with Duty to Promote the Success of the Company
The information below incorporates information about the ways in which the Directors discharge their duties under the Companies Act 2006, s172.
Company Board Members and Shareholders
Ahead of matters being put to the Company Board for consideration, significant levels of engagement are often undertaken by the broader business ahead of many projects or activities. This engagement is often governed by formulated policies, control frameworks, regulation and legislation. Dependent on the project activity Board members may participate in this engagement.
Commodity Delivery Partners
The Company signed a three-year extension to their existing Wholesale Energy Agreement with AXPO UK in 2024, the British based subsidiary of AXPO Holdings AG, which runs until 2029. The two businesses first partnered in 2019 and this latest extension demonstrates AXPO's continued confidence in Valda Energy. The terms of the agreement enable full adherence to our agreed Commodity Risk policy and provide pricing security and stability for our customers.
Customers
We remained firmly committed to placing our customers at the centre of our operations through proactive, transparent, and responsive engagement.
We published monthly blogs offering insights into our services, industry developments, and practical guidance, while regular press releases were shared across our website and social media channels to communicate key business updates and community initiatives.
To further support our customers, we issued proactive email communications designed to assist with account management and provide timely, relevant information. We also gathered customer feedback following every call, using these insights to inform strategic decisions and drive continuous service improvement.
This consistent and multi-channel engagement has strengthened customer trust, enhanced service quality, and ensured our offerings remain aligned with evolving customer needs.
Community
Over the year the company has continued its support of local communities across Oxfordshire, Northamptonshire and Buckinghamshire, donating thousands of pounds to local organisations, including funding eight Oxfordshire sports clubs, helping to finance accessible training sessions for youth with ADHD and autism.
At Valda, we remain committed to empowering local talent and helping communities thrive. The company took part in 12 school and college engagement events and is guiding local apprentices to qualification. The company’s apprenticeship scheme, which is now in its third year, is giving young adults the opportunity to study for a nationally recognised qualification that will improve their overall career prospects. Alongside business specific learning, apprentices at Valda are also provided with life skills lessons, covering health, nutrition and banking, which contribute to their overall well-being and financial literacy. Participants are offered a permanent role immediately after they complete their study programme, allowing them to utilise their newly developed skills within the workplace.
This active community presence, combined with supplying 520 Oxfordshire business clients, earned the company consecutive finalist nominations for Employer of the Year at both the 2025 and 2026 Oxfordshire Business Awards.
Employee Engagement
On a regular basis, management engages with employees on a business or function basis through a range of formal and informal channels, including:
Emails from Executive Leadership team
Senior Leader communications
Townhalls
Team meetings
Online publications
In addition, the annual People Survey, which measures employee engagement, is an opportunity for employees to give their opinion on a series of topics ranging from leadership, business direction communication, inclusion, and pride in company. The purpose of the survey is to enable ongoing constructive dialogue between management and employees, enabling trends to be identified and areas of focus to deliver business outcomes.
Policy Makers and Regulators
The Business operates in a highly regulated industry and welcomes strong, sensible regulation. We regularly engage with the energy regulator, Ofgem, and the Department for Energy Security and Net Zero, both directly and through public consultations and industry forums. The Company’s Directors consider both regulatory and compliance risks and the potential impacts they may have on our Business. The Company maintains a constructive dialogue with policy makers on matters relevant to its current operations, longer term strategy and purpose.
On behalf of the board
The directors present their annual report and financial statements for the period ended 31 March 2026.
The results for the period are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.
Sustainability Strategy
During the period, we implemented several initiatives to reduce the Company's carbon footprint:
Upgraded computer equipment to reduce energy consumption
Waste recycling of electrical and office consumables
Replaced kitchen appliances with more energy efficient options.
The Company continues to support the UK’s transition to net zero by sourcing electricity through Power Purchase Agreements (PPAs) direct from small-scale renewable generators. By supporting smaller-scale, community-driven projects through PPAs, Valda Energy is contributing to a more distributed and resilient renewable energy system. These agreements play a critical role in unlocking investment in clean energy infrastructure and help empower local people to take charge of their energy future.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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;
state whether applicable UK 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 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 Valda Energy Limited (the 'company') for the period ended 31 March 2026 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 (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 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 period 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.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
reviewing relevant Ofgem correspondence.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the 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 above results were derived from continuing operations.
Valda Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Talisman Business Centre, Talisman Road, Bicester, Oxfordshire, OX26 6HR.
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 £.
During the year, the Board approved a change to the Company’s financial year end from 30 April to 31 March. Accordingly, the current financial period covers the 11 months ended 31 March 2026, rather than a full 12‑month period. The comparative information presented relates to the 12 months ended 30 April 2025.
The decision to change the financial year end was taken to better align the Company’s reporting cycle with its operational and regulatory environment. The principal reasons for the change are as follows:
to align the Company’s financial reporting period with the UK tax year;
to align reporting and charging periods with those commonly adopted within the UK energy industry.
As a result of the shortened current period, the financial performance and position presented in these financial statements are not directly comparable with the prior year. Users of these financial statements should take this into consideration when assessing trends in the Company’s results and financial position.
There has been no change to the Company’s accounting policies as a result of this change in financial year end.
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.
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 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, 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 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.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
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.
Accrued income - unbilled amounts
It is the aim of the company to generate a bill every month for all electricity and gas customers. Revenue is recognised on the basis of electricity and gas supplied during the accounting period using the monthly customer billed data where available. Unbilled amounts are recognised based on actual customer tariffs and industry expected settlement data for each customer from their last bill date to the period end date. The industry expected settlement data is the estimated quantity the industry system deems the individual suppliers, including the Company, to have supplied. Any unbilled amounts are included to the extent they are considered recoverable.
Bad debt provision
Recoverability is assessed by looking at the portfolio as a whole and taking a view on the stage of debt collection to determine what estimated provision is necessary to provide for debts deemed doubtful.
Accruals
Cost of sales accruals are based on reported supply volumes and in some cases, estimated £/MWh prices which can lead to variances once the settlement runs are finalised. The accrual is based on the best available information as at the balance sheet date from supply data and industry driven knowledge to produce an appropriate estimate of liabilities due.
Share based payments
The directors consider the use of Black-Scholes an appropriate model for use in arriving at an estimation of fair value per issued share option at grant date.
Deferred tax asset
This is primarily based on available carried forward losses (where held) and share options alongside management’s assessment of recoverability against future profits.
The average monthly number of persons (including directors) employed by the company during the period was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2025 - 5).
The comparatives have been restated to reclassify employee costs that were previously included as part of Directors' remuneration. The impact of this has been a decrease of £327,024 in amounts allocated to Directors' remuneration and national insurance, with a corresponding increase in employee costs. The net effect of this restatement on the profit and loss is £nil and is an adjustment to disclosure only.
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
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.
Included in the balance sheet are unpaid pension contributions of £60,791 (2025: £31,232).
The following are the major deferred tax liabilities and assets recognised by the company:
The Valda Energy share option scheme
The company’s controlling party Valda Energy Group Limited offers a share option scheme which is available to the employees of Valda Energy Limited.
The scheme is an equity settled share based option scheme, which gives the option to purchase Ordinary shares. The scheme is available to employees of the company and certain non-employees of the company. The employee options may only be exercised if the employees remain employed by the company. The options will lapse on the maximum 10th year anniversary of date of grant, if a performance target applying to the whole of the option becomes incapable of being met, the option holder attempts to transfer or assign the option or create an interest security over it, if the option holder becomes bankrupt or enters into an individual voluntary arrangement, or if the option holder ceases for any other reason to be the sole legal or beneficial owner.
The exercise of options are subject to full board approval.
The weighted average fair value of options granted in the previous period were determined using the Black-Scholes option pricing model which is considered to be the most appropriate valuation method in estimating the fair value of the option at grant date. No options were granted in the period ended 31 March 2026.
During the period, the Company maintained a share-based payment arrangement with an external third party, under which share options were granted subject to vesting contingent upon the occurrence of an uncertain future event. As the fair value of the options at the reporting date indicates no charge to profit or loss is required for the period, no expense has been recognised.
The arrangement remains equity-settled and is subject to non-market vesting conditions.
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:
The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.
Sale of energy to related parties
Purchases from related parties
During the period, Valda Energy Limited paid Swanee River Limited for the rental of offices that are used by a Director conducting Valda business. The Director has an interest in Swanee River Limited, and is the majority owner of Valda Energy Group Limited.
The rental expense in the period totalled £58,568 (2025: £60,148), and VAT inclusive amount of £nil (2025: £nil) remained outstanding at 31 March 2026.
The following amounts were outstanding at the reporting end date: