The directors present the strategic report for the year ended 31 December 2025.
2025 has been another strong year for the Done and Dusted Group, underpinned by continued demand across its key markets and robust performance across all key financial metrics.
Turnover Growth
In 2025, the group reported a turnover of £124.1m. Although lower than previous year, this figure still highlights the company’s robust market position and the effectiveness of its strategic initiatives. Overall performance continues to reflect strong demand for our services across both established and emerging markets.
Operating Profit
Operating profit for the year stood at £8.1m. Although this represents a decrease compared to the previous year, the group continues to demonstrate strong operational efficiency, supported by the successful implementation of cost control measures alongside revenue expansion. This performance highlights the group’s ability to maintain healthy margins despite the challenges posed by inflation and global economic uncertainty.
Regional Contribution: Middle East
The group continues to expand its operations in the Middle East, which has contributed significantly to both turnover and operating profit. The region has experienced an ongoing demand for our services, driven by a combination of new projects and long-standing partnerships. As a key strategic priority, the Middle East has delivered strong results, demonstrating the effectiveness of this focus. We anticipate that the region will continue to play an integral role in driving future growth.
USA
The United States delivered a strong performance in 2025, supported by the positive impact of our integration with Endeavor. This partnership enabled the group to secure four annual shows, strengthening our position in the market and contributing to improved performance compared to 2024.
Strategic Focus and Market Expansion
2025 has enabled us to continue diversifying our service offerings and expanding our geographical footprint. The group has strengthened its position across both established territories and emerging markets. With an increased focus on innovation and adapting to evolving customer needs, we are well positioned to build on this momentum in the years ahead
Done and Dusted Group has continued to expand its presence across key international markets, resulting in a more diversified global portfolio. In 2025, the group’s operations reflected a broad geographic split, with 45.1% of revenue generated in the United States, followed by 42.4% in Asia. The UK, Europe, and the Rest of the World (ROW) accounted for the remaining 12.5%.
This distribution highlights our strategic focus on high-growth regions, particularly Asia and North America, where we continue to strengthen our position and drive future growth.
As we move forward, we remain committed to further enhancing our global reach and exploring new opportunities across both established and emerging regions. In 2025, Done and Dusted Group continued to strengthen its market position through diversification into new and emerging sectors. A key area of focus has been the expansion of our gaming and brands initiatives, enabling us to tap into dynamic, high-growth industries. This strategic diversification has allowed the company to capitalise on new opportunities, reach a broader audience, and reinforce our reputation as a forward-thinking and adaptable business.
At the same time, we remain mindful of the evolving geopolitical landscape, including ongoing conflict in the Middle East, which may have wider economic implications. Such developments could create knock-on effects into 2026, particularly in relation to market stability, client activity, and regional operations. We continue to monitor these factors closely and will adapt our strategy as needed to mitigate potential impacts and maintain resilience.
Our integration into the Endeavor Group has provided access to new networks and resources, while also enabling us to explore innovative avenues for growth. By joining Endeavor, Done and Dusted is well positioned to capitalise on emerging trends, drive further diversification, and strengthen its competitive edge in an evolving marketplace. As we continue to expand, we remain committed to investing in opportunities that align with our core values and long-term vision, supporting the group’s sustained growth and future success.
Conclusion
In conclusion, 2025 has been another successful year for Done and Dusted Group, with the US and Middle East playing pivotal roles in driving this performance. Our strategic focus on operational excellence, market diversification, and customer satisfaction has established a strong foundation for sustained growth. We are confident that the positive momentum achieved in 2025 will continue to propel the business into its next phase of growth and success.
The board of Done and Dusted Group is committed to ensuring that the business operates efficiently and in alignment with both the requirements for timely decision-making and commercial realities. As part of our ongoing efforts to manage potential risks, the company maintains a robust risk management framework. Potential business risks are regularly identified and monitored, allowing us to quantify and address these risks wherever possible.
For the year ending 31 December 2025, the Group achieved a profit before tax of £8.0 million, with net assets of £33.2 million and cash reserves of £43.4 million. These strong financial results reflect the company's solid performance and effective management of resources. Post year-end, the Group continues to maintain high levels of cash reserves, ensuring its stability and financial health.
The directors have prepared cash flow projections, which confirm that the company has sufficient liquidity to continue trading for at least 12 months from the date of signing these accounts. As a result, the accounts have been prepared on a going concern basis, reinforcing the company's ability to sustain operations and remain financially viable.
Market and Economic Risks
Done and Dusted Group acknowledges the inherent market and economic risks that could impact its performance, as well as the unsettled climate in the Middle East. Key factors such as changes in interest rates, geopolitical instability, and potential global recessions may disrupt market conditions. These external pressures can affect costs, demand, and operational efficiency, posing challenges to both profitability and growth. As a forward-thinking organisation, the group remains committed to closely monitoring these risks and implementing strategic measures to mitigate their impact, ensuring continued resilience and long-term success.
Financial control risk
Done and Dusted Group maintains a financial control framework to ensure the integrity and accuracy of its financial operations. The company is committed to upholding best practices in financial management, providing robust internal controls that mitigate financial risks and enhance the reliability of financial reporting. By regularly monitoring and reviewing financial processes, we safeguard against potential discrepancies and inefficiencies, ensuring operational transparency and accountability.
Foreign exchange and liquidity risks
Done and Dusted Group acknowledges the potential risks associated with foreign exchange and liquidity management, which are critical factors in the stability and sustainability of our operations, especially in international markets. The company is committed to actively managing and mitigating these risks to ensure financial stability and operational efficiency. The Group has a range of foreign bank accounts so to mitigate exchange rate risk, especially as a large amount of sales are not invoiced in the Group's functional currency.
Currency Fluctuations
The current economic environment is characterised by significant fluctuations that are impacting various aspects of the business landscape. These fluctuations, driven by factors such as global economic uncertainty, geopolitical events, and market volatility, have the potential to influence both operational performance and financial outcomes. As these changes continue to unfold, Done and Dusted Group remains agile in adapting to shifting conditions and by doing so, we aim to mitigate the potential impact of currency fluctuations on our financial performance.
Liquidity
Maintaining strong liquidity is a key priority for the Group. Our liquidity management strategy involves carefully monitoring cash flow, managing working capital efficiently, and maintaining appropriate cash reserves. By implementing prudent financial planning and forecasting, we ensure that the company has the necessary liquidity to operate effectively, invest in growth opportunities, and navigate periods of financial volatility.
Operational and Supply chain risks
Done and Dusted Group recognises the importance of a well-functioning operational framework and robust supply chain in ensuring the continuity and efficiency of our business. However, as with any global operation, we are exposed to various risks within both areas that can impact our ability to deliver products and services reliably.
Operational Risks
Operational risks are inherent in all aspects of our business, including the management of resources, technology, and workforce. These risks may arise from internal factors such as system failures, human error, or operational inefficiencies, as well as external factors like changes in regulatory requirements or market conditions. To mitigate these risks, we have built and continue to build strong supplier relationships and ensure that they are kept well informed of our expectations and requirements.
Supply Chain Risks
The global nature of our supply chain exposes us to risks such as supply disruptions, fluctuations in material costs, and delays caused by external factors like geopolitical events, natural disasters, or trade restrictions. To address these risks, Done and Dusted Group maintains close relationships with our suppliers, ensuring clear communication and transparent collaboration. We also employ a diversified supplier base to reduce reliance on any single source, thereby enhancing the resilience of our supply chain. In addition, we work proactively to forecast potential disruptions and develop contingency plans to maintain operational continuity, ensuring that we can continue to meet customer demands even in challenging circumstances.
Cyber Security risks
The increasing threat landscape in the digital world has made cybersecurity a priority for the Done and Dusted Group. We fully acknowledge the growing risks posed by cyber threats, which can have a significant impact on both our operations and the security of our clients' data. As cyberattacks become more sophisticated, the company remains committed to strengthening its defences to protect sensitive information and maintain business continuity.
Legal and Regulatory risks
At Done and Dusted Group, we are fully committed to upholding the highest standards of legal compliance across all aspects of our business operations. We recognise that adhering to relevant laws and regulations is not only a legal obligation but also integral to maintaining our reputation and trust with clients, suppliers, and stakeholders.
Our approach to legal compliance involves continuous monitoring of applicable local and international laws, including those related to labour practices, environmental protection, data privacy, and corporate governance. We ensure that all aspects of our business are conducted in full accordance with these regulations, minimising the risk of legal exposure and safeguarding the integrity of our operations.
By maintaining strict legal compliance, Done and Dusted Group not only mitigates legal and financial risks but also reinforces our commitment to ethical business practices, enhancing our ability to operate with confidence and integrity in every market we serve.
Sustainability and Environment risks
At Done and Dusted Group, we are deeply committed to sustainable business practices and minimizing our environmental impact. We recognize that addressing environmental risks is crucial not only for the health of the planet but also for the long-term success and resilience of our business. Our approach to sustainability focuses on reducing our ecological footprint while ensuring that we continue to operate efficiently and responsibly.
Our commitment to sustainability and environmental stewardship ensures that we not only meet current regulatory requirements but also take proactive steps toward a greener future. The Group will use as many local resources as possible when operating abroad and actively seek the use of more environmentally friendly equipment and vehicles. By continuing to focus on sustainable practices, we aim to contribute positively to the environment, society, and our stakeholders while securing long-term business growth.
Health and Safety risks
As part of the Endeavor Group, Done and Dusted Group now benefits from access to a wide range of programs and schemes designed to promote employee wellbeing. This partnership allows us to provide enhanced support for our team members, focusing on their physical, mental, and emotional health. Additionally, employees now have access to private healthcare, ensuring that they have the resources and care they need to stay healthy and perform at their best. By prioritising employee wellbeing and providing these valuable benefits, we aim to foster a supportive and healthy work environment, minimising risks associated with employee health and safety while ensuring a strong, engaged workforce.
The directors of Done and Dusted Group consider gross profit margin to be the primary key performance indicator (KPI) of the business. In 2025, the group achieved a gross profit margin of 17.6% (2024: 18.5%), reflecting continued efforts to improve operational efficiency and enhance overall profitability.
It is important to note that the gross profit margin can vary significantly depending on the nature of each event. Factors such as the size, complexity, and location of the event all play a role in determining the margin for that specific project. As such, the margins for individual events are regularly reviewed and assessed by management to ensure that the company remains aligned with its financial objectives and continues to maximize profitability.
Through careful monitoring and analysis of these key metrics, Done and Dusted Group ensures that it remains responsive to changes in the business environment and continues to deliver strong financial performance.
Non‑financial KPIs
Based on the nature of the group’s business, the most relevant non-financial key performance indicators (KPIs) include:
Client Satisfaction scores
Percentage of repeat clients
Number of major productions delivered
On-time project delivery rates
Percentage of local sourcing for international productions (supporting ESG objectives)
In accordance with Section 172(1) of the Companies Act 2006, the directors of Done and Dusted Group are required to act in the best interests of the company, taking into consideration the long-term impact of their decisions on the company, its employees, suppliers, customers, shareholders, and the wider community. In making decisions, the directors give careful consideration to the following factors:
1. Long-Term Consequences
The directors ensure that decisions are made with a focus on long-term sustainability and growth. They carefully assess the potential long-term impacts of business decisions, seeking to promote sustainable growth and protect the future success of the company.
2. Employee Interests and Well-Being
The directors recognise the importance of the company’s employees and are committed to promoting their well-being, engagement, and development. We foster an environment where employees are valued and supported, ensuring their contributions are recognised and that they have opportunities for personal and professional growth.
3. Fostering Business Relationships
Building and maintaining strong relationships with suppliers, customers, and other key stakeholders is central to the company’s strategy. The directors take steps to ensure that these relationships are positive and mutually beneficial, recognising that collaboration with these stakeholders is essential for the company’s success.
4. Impact on the Community and Environment
The directors are conscious of the company’s operations and their impact on the community and the environment. We actively seek to minimise any negative effects and contribute positively to local communities through charitable initiatives, sustainable practices, and responsible operations.
5. Maintaining a Reputation for High Standards of Business Conduct
The company places significant importance on upholding high ethical standards in all aspects of business. The directors are committed to ensuring that Done and Dusted Group operates with integrity, transparency, and fairness, promoting a strong reputation for business conduct that reflects positively on the company and its stakeholders.
6. Fairness to Members of the Company
The directors ensure that all decisions are made fairly, taking into account the interests of all members of the company. They are dedicated to acting in a manner that treats all shareholders equitably, balancing the interests of the company and its stakeholders.
In fulfilling our obligations under Section 172(1), the directors are committed to ensuring that the company operates with a focus on long-term value creation, taking into account both the interests of the business and those of its employees, clients, suppliers, and the broader community.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ordinary dividends were paid amounting to £nil (2024: £nil). The directors do not recommend payment of a final dividend.
In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.
In accordance with the requirements of the Streamlined Energy and Carbon Reporting (SECR) framework, Done and Dusted Productions Limited has assessed its UK energy usage for the financial year ending 31 December 2025. The company has determined that it qualifies for an exemption from SECR reporting as it consumed less than 40,000kWh of energy during the reporting period. As a result, the group is not required to disclose energy and carbon information under the SECR regulations.
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 Done and Dusted Productions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise 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
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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial 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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and group and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company’s profit for the year was £3,321,700 (2024 - £10,930,765 profit).
Done and Dusted Productions Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2nd Floor, 55 Greek Street, London, W1D 3DT.
The group consists of Done and Dusted Productions Limited and all of its subsidiaries as set out in note 17.
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 management accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The management accounts have been prepared under the historical cost convention. These accounting policies are consistent with those in the previous year other than for revenue recognition on events which is explained in note 1.4. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Done and Dusted Productions 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 December 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.
The Group made a profit before tax for the year of £8.0m (2024: £12.9m), and at the year end had net assets of £33.2m (2024: £26.6m) and cash reserves of £43.4m (2024: £35.3m).
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
For event related services, revenue is recognised on the date the event takes place. Advance billings for events are recorded as deferred income pending the event date. Costs incurred ahead of the event are prepaid until the date of the event. No production fee is recognised until the event takes place as this is when the risks and rewards are transferred between the contracted parties. The delivery of the event is the point at which the performance obligation of the contract is satisfied. Previously, both fee income and recharged costs were recognised in the period in which the work was completed or the costs incurred. Revenue was recognised as the contact activity progresses, so that for contracts where events take place after the year end it reflects the partial performance of the contractual obligations in accordance with Section 23 of FRS 102. The reason for the change in policy is to align accounting policies with the ultimate parent company. No prior period adjustment has been made, as the profit under both the new and old policy recognise profit on the date of the event.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs When services are performed by an indeterminate number of acts over a specified period of time revenue is recognised on a straight-line basis over the specified period. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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 joint ventures 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.
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.
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.
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.
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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.
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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
There is judgement involved in assessing the degree of completion of jobs which are in progress at the year end. Management apply their experience with similar projects when making this assessment.
Pre-production costs were incurred in respect of a new project in the year. It was decided to discontinue that project at the year end and accordingly the capitalised pre-production costs have been impaired in the year.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 2).
The charge for the year can be reconciled to the profit per the profit and loss account as follows:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
More information on impairment movements in the year is given in note 13.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Group companies incorporated in England and Wales have a registered office at 55 Greek Street, London, W1D 3DT.
Companies incorporated in the US are situated at 1716 12th St, Santa Monica, CA 90404.
Companies incorporated in the UAE are registered at 801A, TwoFour54, Park Rotana Building, Abu Dhabi, United Arab Emirates, P.O. Box 769784.
Companies incorporated in the KSA are registered at 6697 Prince Turki Ibn Abdulaziz Al Awal, Riyadh, Kingdom of Saudi Arabia, 13516.
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £15,103 (2024: £3,573) were payable to the fund at the year end and are included in creditors.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel is as follows.
The company had related party transactions with wholly owned subsidiaries and as such has taken advantage of the exemption permitted under section 33.1A not to provide disclosures of transaction entered into with other wholly owned members of the group.
During the year the company made sales of £738 (2024: £2,105) and purchases of £1,585 (2024: £86,925) to Berkeley 31 Limited, a related party by virtue of common directorship. At year end £nil was due from Berkeley 31 Limited (2024: £2,256). No amounts were written off or provided for during the year.
During the year an advance of £440 (2024: £2,434) was made to a director of a subsidiary undertaking. At the year end an amount of £58,974 (2024: £58,534 ) was outstanding. The loan is interest-free and repayable on demand. No amounts were repaid during the year.