Financial Statements
For the year ended 31 October 2025
Registered number: 12548732
Company Information
Contents
Strategic report
For the year ended 31 October 2025
The directors present the strategic report of the Company for the year ended 31 October 2025.
The Company's cash position was £11.4m at the year end (2024: £7.9m) and at the year end the Company had no net bank debt. The Company has access to the Group funding facility with Metro Bank and the directors believe that this provides the Company with access to sufficient liquidity for its requirements.
The Operating Profit for the year was £20.4m (2024: £3.2m). Included within this is a non recurring gain of £14.8m attributable to the release of intercompany debt following a corporate restructuring exercise.
The Operating Profit for the year was £20.4m (2024: £3.2m). Included within this is a non recurring gain of £14.8m attributable to the release of intercompany debt following a corporate restructuring exercise.
The Health, Safety and Wellbeing of the workforce remains the industry’s biggest challenge and the directors remain fully focused on ensuring it remains at the forefront of all that the Company does. We continue to work towards ensuring that everyone goes home safe after every working day and managing activities to mitigate against any longer-term health issues being created.
Every operations facing director now dedicates at least one specific period per month to engaging directly with our people and focusing specifically on their safety, health and wellbeing. Our workforce remains pivotal to all that the company does, the directors have and will continue to invest in our people’s welfare and resilience, equipping them to keep themselves and those around them safe at all times.
Every operations facing director now dedicates at least one specific period per month to engaging directly with our people and focusing specifically on their safety, health and wellbeing. Our workforce remains pivotal to all that the company does, the directors have and will continue to invest in our people’s welfare and resilience, equipping them to keep themselves and those around them safe at all times.
The directors consider the key performance indicators are turnover quality, maintenance of operating margins, control of working capital and cash, and reduction in health and safety incident rates. These are monitored at board meetings and for each business unit at monthly management meetings.
Page 1
Strategic report (continued)
For the year ended 31 October 2025
Operational
The directors have in place delegated authorities for all business units to ensure commitments on behalf of the Company are made at the appropriate level. New opportunities are assessed prior to acceptance of tender to ensure they represent an acceptable risk profile.
Projects of large size or technical complexity are referred to the Executive Investment Panel committee for independent adjudication. During the tender process, risks are identified, and strategies adopted to manage them or reduce them to an acceptable level.
The directors are committed to maintaining the health, safety and wellbeing of its employees. Providing a healthy and safe working environment for its employees is a key part of this and this commitment is also an essential part of its risk management strategy to reduce the impact of any serious incident on the Company's reputational and financial status.
The Company has a satisfactory workload following a significant increase in work winning resources allocated to increase the level of awarded work as a percentage of turnover.
Financial
The Company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The Company has in place risk management reviews that seek to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Credit risk
The Company has a low exposure to credit risk due to its early involvement in the project cycle and has a historically low level of bad debts. New credit customers are assessed as part of the pre-construction and tender process and new customers are approved by the Group Commercial Director or Chief Financial Officer.
Liquidity risk
The Company is financed with appropriate long term and short-term finance to match the need of the business. The Keltbray Group has finance facilities in place with Metro Bank (overdraft facility of £10m and a revolving credit facility of £20m) to fund capital expenditure and operating working capital.
The directors will continue to monitor economic developments as they impact the company's marketplace and take appropriate mitigating action as needed. Nonetheless, the directors are confident that the actions taken, the strength of its client base and the strong balance sheet will enable the company to trade through the current economic climate.
The Company continues to operate our normal supply chain payment practices and is committed to be a responsible contractor in the current environment.
Interest rate cash flow risk
The Company's hire purchase and lease financial liabilities bear interest at a fixed rate.
The directors have in place delegated authorities for all business units to ensure commitments on behalf of the Company are made at the appropriate level. New opportunities are assessed prior to acceptance of tender to ensure they represent an acceptable risk profile.
Projects of large size or technical complexity are referred to the Executive Investment Panel committee for independent adjudication. During the tender process, risks are identified, and strategies adopted to manage them or reduce them to an acceptable level.
The directors are committed to maintaining the health, safety and wellbeing of its employees. Providing a healthy and safe working environment for its employees is a key part of this and this commitment is also an essential part of its risk management strategy to reduce the impact of any serious incident on the Company's reputational and financial status.
The Company has a satisfactory workload following a significant increase in work winning resources allocated to increase the level of awarded work as a percentage of turnover.
Financial
The Company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The Company has in place risk management reviews that seek to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Credit risk
The Company has a low exposure to credit risk due to its early involvement in the project cycle and has a historically low level of bad debts. New credit customers are assessed as part of the pre-construction and tender process and new customers are approved by the Group Commercial Director or Chief Financial Officer.
Liquidity risk
The Company is financed with appropriate long term and short-term finance to match the need of the business. The Keltbray Group has finance facilities in place with Metro Bank (overdraft facility of £10m and a revolving credit facility of £20m) to fund capital expenditure and operating working capital.
The directors will continue to monitor economic developments as they impact the company's marketplace and take appropriate mitigating action as needed. Nonetheless, the directors are confident that the actions taken, the strength of its client base and the strong balance sheet will enable the company to trade through the current economic climate.
The Company continues to operate our normal supply chain payment practices and is committed to be a responsible contractor in the current environment.
Interest rate cash flow risk
The Company's hire purchase and lease financial liabilities bear interest at a fixed rate.
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Strategic report (continued)
For the year ended 31 October 2025
Sustainability
As a key player developing and maintaining Britain's built environment, the directors' goal is to make a positive contribution to the world we live and work in and to be the best in our sector.
As a market-leading specialist engineering solutions provider, our ambition is to continue to position sustainability at the heart of what we do and in the solutions we provide to our clients, to ensure we run a profitable business with a commitment to helping society prosper. This is captured in the Group's core purpose: "To redefine the way sustainable development is delivered". Keltbray do this using a framework based on the three pillars of sustainability, including the generation of economic, social and environmental value, aligned to the UN Sustainability Goals, and Government Industrial Strategy sustainability targets.
Together with the safety and wellbeing of our people, our core sustainability objectives are to minimise our carbon footprint by reducing waste to landfill, optimising efficient energy and materials resources, and engaging proactively with the people who work at Keltbray and the communities that host us. We firmly believe this generates mutual value for our customers by supporting their own sustainability commitments, whilst enhancing our own business in addressing the global challenges determined by the UN Sustainable Development Goals. To this end we have committed to the achievement of the Net Carbon Zero by 2050 or sooner through the application of the Science Based Targets initiative.
During the financial year, we made good progress in embedding our Group Sustainability and Social Value strategy across the Group particularly in areas of employee wellbeing, carbon reduction, energy efficiency, product innovation, community relations, social engagement and responsible financial management. As part of the Company's commitment to achieving sustainable growth the directors work closely with employees and partners, such as customers and suppliers, as well as standard setting bodies, regulators and trade bodies.
In line with the Keltbray long term business plan, objectives are set annually in consultation with operational managers and the Keltbray Group Board. They are constructed to support our clients' priorities and optimising industry-leading standards.
The Managing Director of Keltbray's core operating business is responsible for legal and ethical compliance, and the implementation and monitoring of sustainable development performance. This is done with support from a centralised Health, Safety, Quality and Environmental function and the Group-wide Training & Development function. Keltbray's performance is also independently audited to ensure governance and compliance with internal and external standards.
As a key player developing and maintaining Britain's built environment, the directors' goal is to make a positive contribution to the world we live and work in and to be the best in our sector.
As a market-leading specialist engineering solutions provider, our ambition is to continue to position sustainability at the heart of what we do and in the solutions we provide to our clients, to ensure we run a profitable business with a commitment to helping society prosper. This is captured in the Group's core purpose: "To redefine the way sustainable development is delivered". Keltbray do this using a framework based on the three pillars of sustainability, including the generation of economic, social and environmental value, aligned to the UN Sustainability Goals, and Government Industrial Strategy sustainability targets.
Together with the safety and wellbeing of our people, our core sustainability objectives are to minimise our carbon footprint by reducing waste to landfill, optimising efficient energy and materials resources, and engaging proactively with the people who work at Keltbray and the communities that host us. We firmly believe this generates mutual value for our customers by supporting their own sustainability commitments, whilst enhancing our own business in addressing the global challenges determined by the UN Sustainable Development Goals. To this end we have committed to the achievement of the Net Carbon Zero by 2050 or sooner through the application of the Science Based Targets initiative.
During the financial year, we made good progress in embedding our Group Sustainability and Social Value strategy across the Group particularly in areas of employee wellbeing, carbon reduction, energy efficiency, product innovation, community relations, social engagement and responsible financial management. As part of the Company's commitment to achieving sustainable growth the directors work closely with employees and partners, such as customers and suppliers, as well as standard setting bodies, regulators and trade bodies.
In line with the Keltbray long term business plan, objectives are set annually in consultation with operational managers and the Keltbray Group Board. They are constructed to support our clients' priorities and optimising industry-leading standards.
The Managing Director of Keltbray's core operating business is responsible for legal and ethical compliance, and the implementation and monitoring of sustainable development performance. This is done with support from a centralised Health, Safety, Quality and Environmental function and the Group-wide Training & Development function. Keltbray's performance is also independently audited to ensure governance and compliance with internal and external standards.
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Strategic report (continued)
For the year ended 31 October 2025
The directors aim to provide a workplace where everyone is respected and treated fairly. The goal is also to promote training and development and engage positively with local communities and other stakeholders.
Employees are selected based on their 'can-do' attitude and ability to do the job irrespective of gender, sexual orientation, marital status, age, ethnic origin, religion or disability.
The Company is committed to widen the talent pool to tap into the real diversity that exists in this country, particularly in terms of female and ethnic minority capacity.
Employees are selected based on their 'can-do' attitude and ability to do the job irrespective of gender, sexual orientation, marital status, age, ethnic origin, religion or disability.
The Company is committed to widen the talent pool to tap into the real diversity that exists in this country, particularly in terms of female and ethnic minority capacity.
Environment
The directors are committed to minimising the impact our operations have on the environment, and continue to focus on optimising resources, improving air quality by reducing harmful emissions, reducing waste to landfill and championing environmental innovations.
Keltbray and its people have provided a range of support to local communities through the donation of training, offsetting CO2, volunteering and many fundraising initiatives. Working with organisations already embedded in the communities such as MOLA and SHP, Crash, St Marks Hospice, Lighthouse Club and other not for profit organisations, has helped us widen our impact.
Information on the company's carbon reporting is included in the Strategic report of Keltbray Group Limited.
Page 4
Strategic report (continued)
For the year ended 31 October 2025
Activities of the Main Board in 2025
Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, among other matters, to the:
1. Likely consequences of any decisions in the long term;
Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, among other matters, to the:
1. Likely consequences of any decisions in the long term;
2. Interests of the Company's employees;
3. Need to foster the Company's business relationships with suppliers, customers and others;
4. Impact of the Company's operations on the community and environment;
5. Desirability of the Company maintaining a reputation for high standards of business conduct; and
6. Need to act fairly as between members of the Company.
In discharging our section 172 duties, we have regard to the factors set out above. We also have regard to other factors that we consider relevant to the decision being made by providing guidance on the following areas:
∙Purpose and leadership
∙Board Composition
∙Director responsibilities
∙Opportunity and risk
∙Succession and Remuneration; and
∙Stakeholders
We acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders. By considering the Company's purpose, and values together with its strategic priorities and having a clear governance process in place for decision making, we do however, aim to make sure that our decisions are consistent and predictable.
As is normal for large private companies, we delegate authority for day to day management of the Company to executives and then engage management in setting, approving and overseeing execution of the business strategy and related policies. We regularly review health, safety and environmental matters, financial and operational performance as well as other areas over the course of the financial period including the Group's business strategy, key risks, employee-related matters, diversity and inclusivity, corporate responsibility, governance, compliance and legal matters.
As a result of this we have had an overview of engagement with stakeholders and other relevant factors which allows us to understand the nature of the stakeholders' concerns and to comply with our section 172 duty to promote the success of the Company.
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Strategic report (continued)
For the year ended 31 October 2025
The following table provides examples of how the Directors have satisfied their duty under section 172 of the Companies Act 2006 to engage with our stakeholders in 2025:
This report was approved by the board of directors on 14 May 2026 and signed on behalf of the board by.
Page 6
Directors' report
For the year ended 31 October 2025
The directors present their report and the financial statements for the year ended 31 October 2025 .
The profit for the year, after taxation, amounted to £19,310,582 (2024 - £3,211,124 ).
Dividends of £411,857 were paid during the year (2024: £239,000 ).
The directors who served during the year were:
The following directors were appointed subsequent to the year end:
Page 7
Directors' report (continued)
For the year ended 31 October 2025
During the year, the policy of providing employees with information about the Company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
The auditor, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board of directors on 14 May 2026 and signed on its behalf.
Page 8
Independent auditor's report to the members of Keltbray Built Environment Limited
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Keltbray Built Environment Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of Keltbray Built Environment Limited (continued)
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Independent auditor's report to the members of Keltbray Built Environment Limited (continued)
We apply professional scepticism throughout the audit to consider potential deliberate omission or concealment of
significant transactions, or incomplete/ inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 May 2026
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Statement of comprehensive income
For the year ended 31 October 2025
Page 13
Statement of financial position
As at 31 October 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 May 2026.
The notes on pages 16 to 33 form part of these financial statements.
Page 14
Statement of changes in equity
For the year ended 31 October 2025
Statement of changes in equity
For the year ended 31 October 2024
Page 15
Notes to the financial statements
For the year ended 31 October 2025
Keltbray Built Environment Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is St. Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9TA.
The principal activity of the Company is that of construction and engineering.
The principal activity of the Company is that of construction and engineering.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
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Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
The Group remains mindful of the economic and trading uncertainties resulting from macroeconomic and geopolitical conditions in the UK and overseas. While these factors have driven cost inflation and aggressive pricing behaviour across elements of the construction market, particularly among some main contractors, the Specialist Engineering sector is gradually emerging from these conditions.
This position is supported by the Group’s contract profile, which typically comprises shorter duration contracts and an increasing proportion of cost reimbursable arrangements within the overall portfolio. Keltbray’s robust governance over work winning activities has resulted in the Group continuing to bid selectively, including stepping away from opportunities that do not meet minimum margin requirements or where the risk profile does not align with that of the Group. Taken together with the Group’s significant awarded workload, this provides a more resilient operating base and enables the directors to adopt a longer term view of the markets in which the Group chooses to operate.
The directors regularly review the Group’s working capital requirements through detailed monthly cash flow forecasting, quarterly re forecasting and annual budget scenario planning. Forecasts have been prepared for the period to 31 October 2028. These forecasts, while subject to the inherent uncertainties associated with forecasting, indicate continued growth in turnover, improved margins driven by profitable trading, and stabilising levels of working capital investment.
As a response to the demand side uncertainty in some of the Group’s traditional markets, the Group has focused its work winning activities on those major projects, in both infrastructure and counter recessionary markets which provide a hedge against the more cyclical sectors.
Margins are forecast to increase modestly on a year on year basis over the forecast period. This reflects the continued strengthening of governance over tendering activities and the Group’s increased focus on infrastructure related markets, which are typically characterised by more stable risk profiles and returns.
The Group has prepared cash flow forecasts for the period from 31 October 2025 to 31 October 2028. Based on these forecasts, the directors consider that the Group has sufficient cash reserves and committed finance facilities to meet its financial obligations as they fall due and to remain compliant with its quarterly financial covenants.
After making appropriate enquiries and having considered the factors and sensitivities outlined above under a range of scenarios, together with the Group’s diversified customer base and substantial level of awarded work, the directors have a reasonable expectation that the Group 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 annual financial statements.
Page 17
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
The majority of turnover is on long-term contracts. These contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs by reference to the stage of completion at the reporting date. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss accounts as the difference between the reported turnover and related costs for that contract. Provision is made for all known or expected losses.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 18
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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.
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Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and 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 in profit or loss.
Page 20
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Investments in non-derivative instruments that are equity to the issuer are measured:
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
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Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Impairment of trade debtors is reviewed on an ongoing basis. The Company trades with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The Company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required.
Contract revenue and costs are recognised when the outcome of a construction contract can be reliably estimated. The percentage of completion method is used to value revenue and costs at year end; these are included in the profit or loss account. At year end, the Company reviews the recoverability of amounts already recognised as contract revenue. If, on the review of market conditions and conversations with the client, the debtor is not considered to be recoverable, the unrecoverable amount will be expensed in the year. When, on review of programmes and costs to complete, it is deemed probable that total contract costs will exceed total contract revenue the expected loss is recognised as an expense immediately, with a corresponding provision for an onerous contract.
Page 22
Notes to the financial statements
For the year ended 31 October 2025
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Page 23
Notes to the financial statements
For the year ended 31 October 2025
Page 24
Notes to the financial statements
For the year ended 31 October 2025
Page 25
Notes to the financial statements
For the year ended 31 October 2025
14.Taxation (continued)
Page 26
Notes to the financial statements
For the year ended 31 October 2025
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Page 27
Notes to the financial statements
For the year ended 31 October 2025
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Page 28
Notes to the financial statements
For the year ended 31 October 2025
Page 29
Notes to the financial statements
For the year ended 31 October 2025
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Page 30
Notes to the financial statements
For the year ended 31 October 2025
23.Deferred tax asset (continued)
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £
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Page 31
Notes to the financial statements
For the year ended 31 October 2025
Share premium account
Profit and loss account
Comparative information has been reclassified where necessary to conform to the current financial year.
There was no impact on reported profit for the year ended 31October 2024, or on retained earnings as at 1
November 2024, or on net assets as at 31 October 2024.
There was no impact on reported profit for the year ended 31October 2024, or on retained earnings as at 1
November 2024, or on net assets as at 31 October 2024.
Page 32
Notes to the financial statements
For the year ended 31 October 2025
The largest and smallest group in which the group is consolidated is Keltbray Group Limited, a company incorporated in England and Wales. The address is St Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9TA.
The Company's ultimate controlling party is
These financial statements are available to the public from Companies House
Page 33