FOR THE YEAR ENDED 31 MARCH 2026
INTERACTION ASSOCIATES LIMITED
COMPANY INFORMATION
INTERACTION ASSOCIATES LIMITED
CONTENTS
INTERACTION ASSOCIATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors are pleased to announce a gross profit of £6,360,974 (2025: £6,512,742), and a gross margin of 22.3% (2025: 22.2%). The Company has been able to continue its investment in both employees, technology and marketing, with the intent of achieving growth in 2026/27.
The outlook for 2026/27 remains positive, with a strong order book and pipeline of opportunities. The directors remain focused on improving efficiency and productivity whilst continuing to grow the business sustainably.
Following a year which reflected delays in the commencement of several significant projects, the directors are pleased to report that the Company generated a profit before tax of £1,108,585 (2025: £1,631,322). The company are continuing to invest in its people and long-term growth.
Turnover for the year reflects delays in the commencement of a number of significant projects. The Company continued to deliver high-quality workplace design and fit-out projects whilst maintaining its strong reputation within the commercial property sector and securing a healthy pipeline of future work.
The Company is proud to report a customer NPS score of 81 which is well above the industry average.
The Company has continued to invest in its people and infrastructure despite challenging market conditions.
The Company has strong ESG principles and are proud to be recognised as B Corp certified.
The Company continues to maintain a strong balance sheet, with net current assets of £3,043,734 (2025: £3,570,428) and shareholder funds of £3,671,483 (2025: £4,264,373), providing a solid platform for future growth.
Going concern
The Company’s forecasts and projections, taking account of potential changes in trading performance, demonstrate that the Company will be able to operate within the level of its current financing.
The directors careful management balancing the growth of the business with the investment in the Company’s people, mean that a healthy cash balance of £4.0m is retained at year end and the lack of external debt leaves the Company in a strong position with good liquidity.
During 2009 a management buyout occurred and as a consequence a debtor was created whereby the company was owed £2,465,813 by its parent company GRPH Limited. The Company has the reserves to be able to settle this balance via a dividend and the directors will continue to evaluate the merit of doing so, though note that this balance is eliminated on consolidation within the GRPH Limited accounts and settlement of the balance would not affect cash reserves in either company. As this is an intercompany balance only and does not affect the overall performance of the Group, the directors have not sought to clear this balance during the year.
The outlook for 2026/27 remains positive, with a strong order book and pipeline of opportunities. The directors remain focused on improving efficiency and productivity whilst continuing to grow the business sustainably.
Following a year which reflected delays in the commencement of several significant projects, the directors are pleased to report that the Company generated a profit before tax of £1,108,585 (2025: £1,631,322). The company are continuing to invest in its people and long-term growth.
Turnover for the year reflects delays in the commencement of a number of significant projects. The Company continued to deliver high-quality workplace design and fit-out projects whilst maintaining its strong reputation within the commercial property sector and securing a healthy pipeline of future work.
The Company is proud to report a customer NPS score of 81 which is well above the industry average.
The Company has continued to invest in its people and infrastructure despite challenging market conditions.
The Company has strong ESG principles and are proud to be recognised as B Corp certified.
The Company continues to maintain a strong balance sheet, with net current assets of £3,043,734 (2025: £3,570,428) and shareholder funds of £3,671,483 (2025: £4,264,373), providing a solid platform for future growth.
Going concern
The Company’s forecasts and projections, taking account of potential changes in trading performance, demonstrate that the Company will be able to operate within the level of its current financing.
The directors careful management balancing the growth of the business with the investment in the Company’s people, mean that a healthy cash balance of £4.0m is retained at year end and the lack of external debt leaves the Company in a strong position with good liquidity.
During 2009 a management buyout occurred and as a consequence a debtor was created whereby the company was owed £2,465,813 by its parent company GRPH Limited. The Company has the reserves to be able to settle this balance via a dividend and the directors will continue to evaluate the merit of doing so, though note that this balance is eliminated on consolidation within the GRPH Limited accounts and settlement of the balance would not affect cash reserves in either company. As this is an intercompany balance only and does not affect the overall performance of the Group, the directors have not sought to clear this balance during the year.
The Company is subject to a number of principal risks, including economic uncertainty, inflationary pressures, supply chain disruption, labour availability, and project timing. These risks are reviewed regularly by management to minimise their potential impact on the business.
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INTERACTION ASSOCIATES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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 directors seek to limit the effects of the financial performance of the company by monitoring levels of exposure to financial risks as follows:
Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Measures are put in place to reduce the finance given to companies with below average credit ratings.
Liquidity risk
The company actively monitors its debt finance to ensure that the company has sufficient available funds for its operations.
Interest rate risk
The company has interest-bearing assets and interest-bearing liabilities. For significant amounts the company fixes interest rates where possible to increase certainty over future interest cash flows.
Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Measures are put in place to reduce the finance given to companies with below average credit ratings.
Liquidity risk
The company actively monitors its debt finance to ensure that the company has sufficient available funds for its operations.
Interest rate risk
The company has interest-bearing assets and interest-bearing liabilities. For significant amounts the company fixes interest rates where possible to increase certainty over future interest cash flows.
This report was approved by the board and signed on its behalf.
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INTERACTION ASSOCIATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The profit for the year, after taxation, amounted to £712,110 (2025: £1,260,265).
During the year the company declared and paid dividends of £1,305,000 (2025: £1,427,500)
The directors who served during the year were:
The company’s forecasts and projections, taking account of potential changes in trading performance, demonstrate that the company will be able to operate within the level of its current financing.
The general economic conditions including the impact of the war in Ukraine presents a risk to European businesses. However, the lack of external debt means the company is less exposed to interest rate rises than others.
The company is owed £2,465,813 (2025: £2,465,813) by its parent company, GRPH Limited, which it intends to clear down through future dividend distributions. Given the current level of available reserves and current profitability forecasts the directors are confident this debt will be cleared with these distributions. The directors, therefore, do not consider a provision to be required against this debt and consider it appropriate to prepare the company's accounts on the going concern basis.
The general economic conditions including the impact of the war in Ukraine presents a risk to European businesses. However, the lack of external debt means the company is less exposed to interest rate rises than others.
The company is owed £2,465,813 (2025: £2,465,813) by its parent company, GRPH Limited, which it intends to clear down through future dividend distributions. Given the current level of available reserves and current profitability forecasts the directors are confident this debt will be cleared with these distributions. The directors, therefore, do not consider a provision to be required against this debt and consider it appropriate to prepare the company's accounts on the going concern basis.
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 financial risk management.
The auditors, Old Mill Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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INTERACTION ASSOCIATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This report was approved by the board and signed on its behalf.
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INTERACTION ASSOCIATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
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INTERACTION ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERACTION ASSOCIATES LIMITED
We have audited the financial statements of Interaction Associates Limited (the 'company') for the year ended 31 March 2026, which comprise 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 and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INTERACTION ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERACTION ASSOCIATES LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the 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:
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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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INTERACTION ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERACTION ASSOCIATES LIMITED (CONTINUED)
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 auditors' 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
Cathedral Avenue
Wells
Somerset
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INTERACTION ASSOCIATES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2026
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INTERACTION ASSOCIATES LIMITED
REGISTERED NUMBER:02683104
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 24 form part of these financial statements.
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Interaction Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Quarter, 3-4 Edgar Mews, Bath, United Kingdom, BA1 2FX.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 company's functional currency is Sterling.
The company's functional currency is Sterling.
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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of GRPH Limited as at 31 March 2025 and these financial statements may be obtained from the registered office.
The current changing political landscape presents a potential risk to the company by creating uncertainty. However, to date the company has continued to trade strongly with cost savings being implemented. The company’s forecasts and projections, taking account of potential changes in trading performance, demonstrate that the company will be able to operate within the level of its current financing for a period of at least 12 months from the approval date of the financial statements.
The company is owed £2,465,813 (2025: £2,465,813) by its parent company, GRPH Limited, which it intends to clear down through future dividend distributions. Given the current level of available reserves and current profitability forecasts the directors are confident this debt will be cleared with these distributions.
The directors, therefore, consider it appropriate to prepare the company's accounts on the going concern basis. These financial statements do not include any amendments which may be necessary should the going concern basis of accounting not be appropriate.
The company is owed £2,465,813 (2025: £2,465,813) by its parent company, GRPH Limited, which it intends to clear down through future dividend distributions. Given the current level of available reserves and current profitability forecasts the directors are confident this debt will be cleared with these distributions.
The directors, therefore, consider it appropriate to prepare the company's accounts on the going concern basis. These financial statements do not include any amendments which may be necessary should the going concern basis of accounting not be appropriate.
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the directors' estimation of the stage completion of each contract as a proportion of the total contract value or as calculated by an external valuer. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
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 within 'administrative expenses' in the Statement of comprehensive income.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the Statement of comprehensive income.
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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 has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Work in progress
Work in progress is calculated with reference to the stage of completion of ongoing contracts and the estimated total cost of each contract. The calculation of the total cost of a contract requires management to apply judgment in determining a best estimate of such costs.
Dilapidations provision
The dilapidations provision is made for liabilities arising in respect of leasehold dilapidations in accordance with the underlying lease and management's best estimate of the cost of remedial work required at the termination of a lease.
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
10.TAXATION (CONTINUED)
The company is currently assessing a number of projects it has undertaken during the year and anticipates making a research and development claim. The directors have elected not to include an estimate of this future benefit as they do not believe it will be material.
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
14.DEBTORS (CONTINUED)
There are no financial assets or liabilities held at fair value through profit or loss at the year end date (2025: £Nil).
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
18.DEFERRED TAXATION (CONTINUED)
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The Company operates a defined contribution 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 £66,743 (2025: £128,665). Contributions totalling £20,934 (2025: £24,042) were payable to the fund at the reporting date.
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INTERACTION ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The ultimate parent company is GRPH Limited, a company incorporated in the United Kingdom. The registered office is The Quarter, 3-4 Edgar Mews, Bath, United Kingdom, BA1 2FX.
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