The directors present the strategic report for the year ended 31 July 2025.
The directors report that the group has maintained its position with the market place and its financial position is very strong. The market remains competitive and as such the group is remaining focused on maintaining high quality products and service to its customers.
The directors consider the group's position at the year end to be satisfactory and in alignment with expectations. The business is in a strong financial position with stable cash flow. Management will continue to monitor the market and ensure the group stays on track.
The key risks to the group are external factors of global economic and political uncertainty. This could cause fluctuations in metal costs, exchange rates, energy costs and also fluctuations in demand for our products. Many of our suppliers use a lot of energy in their processes which they will have to pass onto us.
The group monitors costs and revenue on and going basis to ensure the financial stability of the group. The group has developed and maintains strong relationships with all its suppliers and sub-contractors to provide a solid base for the operational activities of the group.
The company continues to investigate new applications and products.
The director's consider that the key performance indicator of the group to be the strength of the financial position.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 July 2025.
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £718,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
bk plus Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Please refer to the future developments section of the strategic report.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the medium sized companies exemption.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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 United Kingdom 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 group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of E.J. Bowman Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.
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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The notes on pages 14 to 32 form part of these financial statements.
The notes on pages 14 to 32 form part of these financial statements.
The notes on pages 14 to 32 form part of these financial statements.
The notes on pages 14 to 32 form part of these financial statements.
The notes on pages 14 to 32 form part of these financial statements.
The notes on pages 14 to 32 form part of these financial statements.
The notes on pages 14 to 32 form part of these financial statements.
E.J. Bowman Properties Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Suite GA, St George's House, Lever Street, Wolverhampton, WV2 1EZ.
The group consists of E.J. Bowman Properties Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The company was incorporated on 25th October 2024. On the 14th November 2024 it acquired the entire share capital of E.J. Bowman Holdings Limited. The company financial statements are presented on a 9 month period to 31st July 2025. The group financial statements are presented on a 12 month period to 31st July 2025 as explained within note 1.3 'Business combinations'.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company E.J. Bowman Properties Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 July 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
During the year the Company became the parent undertaking of the Group as part of a group reconstruction whereby a new holding company was inserted above the existing group structure. The transaction did not result in any change in the ultimate shareholders or their respective interests in the Group.
As the transaction constitutes a group reconstruction, the consolidated financial statements have been prepared using merger accounting principles in accordance with FRS 102. Accordingly, the consolidated financial statements are presented as if the Group had been headed by the Company throughout the current financial year and comparative period. The consolidated statement of profit and loss therefore includes the results of the Group for the full financial period ended 31 July 2025.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. The group remains profitable and hold cash reserves to more than sufficiently cover the cashflow throughout the next 12 months even if unexpected events occur. Given this the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover within the group is recognised at the fair value of the consideration received or receivable for goods and management services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of manufactured goods, including heat exchangers and oil coolers is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods or delivery), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income in the company includes the rent received from the investment property held as due per contractual arrangements.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Freehold land is not depreciated.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, 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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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 group 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 group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Dividends
Dividends relating to ordinary shares are recognised as a liability in the financial statements in the period in which they are declared by the company. In the case of interim dividends, these are considered to be declared when they are paid. Dividends are recognised in the Statement of Changes in Equity as an appropriation of profit.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The group considers it necessary to evaluate the recoverability of the cost of stock. The stock levels are constantly reviewed and should there be an indication of obsolescence the stock is written down to its assessed net realisable value.
The determination of fair value for investment properties requires the use of professional judgement and estimation by external valuers. Key assumptions include recent market transactions, rental income, yield rate, occupancy levels and future economic conditions. Significant changes in these assumptions could materially affect the carrying value of the investment properties.
The valuation of the defined benefit pension scheme involves significant judgement and estimation. The scheme is currently in the process of wind-up, which introduces additional complexity and uncertainty in determining the appropriate accounting treatment and the measurement of the net pension liability.
Key areas of judgement and estimation include:
Assumptions used in actuarial valuation: The calculation of the present value of defined benefit obligations is based on actuarial assumptions including discount rate, inflation, mortality rates, and expected timing of benefit payments. These are reviewed and agreed with the actuary at each reporting date and are sensitive to changes in market conditions.
Wind-up adjustments: The company has made assumptions regarding the expected cost and timing of the wind-up, including estimates of expenses to be incurred and any potential settlement costs. As the wind-up is ongoing, no settlement gain or loss has been recognised. Final figures will depend on the outcome of insurer negotiations and trustee decisions.
Recognition of liabilities and provisions: Judgement is required in determining the extent of the company’s continuing obligation to the scheme during the wind-up and in assessing whether any additional provisions are necessary for related costs or contingent liabilities.
Management believes that the estimates used are reasonable based on the information available at the reporting date. However, given the inherent uncertainties associated with the wind-up process, actual outcomes may differ materially from those estimates in future periods.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
No directors’ emoluments were paid or payable in respect of the year ended 31 July 2025 from the Company.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The investment properties were revalued at 31st July 2025 by Stratfords Commercial Chartered Surveyors and Sellers Chartered Surveyors, independent valuers not connected with the company on an open market value basis by reference to market evidence of transaction prices for similar properties.
During the year the entire share capital of E.J. Bowman Holdings Limited was acquired by E.J. Bowman Properties Limited.
Details of the company's subsidiaries at 31 July 2025 are as follows:
The amounts owed by group undertakings are unsecured, interest free, and repayable on demand.
Included with trade debtors are provisions for doubtful debts of £117,674 (2024: £118,659).
Listed investments included above:
The open market value of these investments at the year end was £1,876,140 (2024: £1,417,020).
The amounts owed to group undertakings are unsecured, interest free, and repayable on demand.
The following are the major deferred tax liabilities and assets recognised by the group and company:
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
The Group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.
Defined benefit pension scheme (Scheme wind-up)
The Group operated a defined benefit pension scheme, E.J. Bowman (Birmingham) Limited Retirement Benefit Scheme, which was funded by employer contributions and administered by independent trustees. The scheme provided retirement benefits based on members’ final pensionable salary and years of service.
On 31st December 2021, the trustees commenced the formal wind-up of the scheme. This decision followed the Group's closure of the scheme to future accrual.
As at the reporting date, the wind-up is ongoing. The trustees are in the process of securing members’ benefits via the purchase of annuity policies. No further defined benefit accrual is taking place, and active membership ceased.
The Group remains liable for any funding deficit during the wind-up process, however the company is in a surplus position.
Valuation and accounting
A qualified independent actuary carried out a valuation of the scheme liabilities as at 30th June 2025, updated in accordance with FRS 102. The difference between the scheme date and Group year end is immaterial. The results are summarised below:
| 2025 (£’000) | 2024 (£’000) |
|
|
|
Bulk surrender value | 1,275 | 1,249 |
Indicative terminal bonus Fair value of scheme assets Present value of defined benefit obligations | 600 1,875 583 | 510 1,759 557 |
Net defined benefit surplus | 1,292 | 1,202
|
|
|
|
As the wind-up process is ongoing, no settlement gain or loss has been recognised in the financial statements. A settlement adjustment will be recognised when the final liability is discharged and any surplus or deficit crystallises.
The Group has recognised a provision of £323,000 (2024: £300,500) for the estimated tax on the surplus at 25% (2024: 25%).
The actuarial gain on the defined benefit plan during the year was £67,500 (2024: £468,600) which is the movement of the net defined benefit surplus totalling £90,000 (2024: £536,000) and estimated tax movement on the surplus of £22,500 (2024: £67,400).
Risks and uncertainties
There is material uncertainty regarding:
The final cost of securing members’ benefits, particularly in light of fluctuating insurer pricing and discount rates.
The timing of wind-up completion, which is currently anticipated to occur by 31st December 2025.
The Group's ongoing liability for any shortfall, should scheme assets prove insufficient to cover the obligations in full
Contributions
No further contributions are payable in respect of future service. The Group will contribute additional funds only if required to complete the wind-up.
At the reporting end date the group had contracted with tenants for the following minimum lease payments: