The directors present the strategic report for the period ended 31 December 2025.
During the year the group continued to invest in its people, capital equipment and operational efficiencies. The strategic focus on higher value solutions resulted in a strong turnover for the 15 months ended 31 December 2025 of £30.0m compared to the previous 6 months to 30 September 2024 turnover of £11.1m. The group is reporting a profit before tax for the 15 months to 31 December 2025 of £761k (6 months to 30 September 2024: a loss of £252k).
The group's principal risks and uncertainties have been considered to be the credit worthiness of its clients, pressure on margins from competition in the market, rising material prices and overall uncertainties in the construction sector generally.
In a challenging market of world economy, all of our staff have gone above and beyond this year and this has shaped our company to be in a good positioning with some long-term projects that will provide long-term benefit for the group.
The financial position remains strong, with net assets of over £4 million (30 September 2024: £3.5 million). Throughout the year the group has invested over £3 million of additional plant and equipment
The group has also continued to invest in a joint venture entity. The investment in the joint venture is an investment in the future of the group, laying the foundation for the future supply of aggregate to the group company Eastern Concrete Limited.
While financial performance should always be a key concern, the focus on vision and values and on creating sustainable value for all our stakeholders has sustained Eastern Concrete Ltd (the main trading subsidiary) as a recognisable brand in East Anglia.
The key performance indicators on which the directors primarily focus are considered to be turnover, gross profit, EBITDA, aged debtor days, creditor levels including hire purchase balance. These are monitored on an ongoing basis and particularly within the quarterly management accounts.
On behalf of the board
The directors present their annual report and financial statements for the period ended 31 December 2025.
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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.
The results for the period are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
The group’s financial instruments comprise cash, invoice finance facility, hire purchase facilities, property loans and other items such as trade debtors and creditors arising directly from operations. The main objectives of the group’s policy towards its financial instruments is to maximise returns on cash balances, manage working capital requirements, maintain an excellent relationship with creditors and the group’s bankers, and finance ongoing operations.
The directors’ policy is to maintain a strong capital base to underpin the future development of the business. Operations are financed through invoice finance and the management of working capital. Major capital projects are financed in part through the use of hire purchase facilities and the property purchases via secured property loans.
We do not expect any dramatic change in the current market conditions in the forthcoming period.
Rising interest rates are a risk we have to manage to the best of our ability.
The directors consider that the group has very limited exposure to foreign exchange volatility with very few transactions outside of pound sterling. On this basis the group does not require a structured hedging policy.
The group undertakes credit references before credit facilities are provided. The group maintains a good level of credit control to ensure credit terms are not exceeded by an unacceptable time and to reduce the risk of bad debts.
The group is looking to continue providing a high level of service to its customers, by providing highest quality concrete at competitive prices, delivered to site in a safe and timely fashion.
On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company's auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising. The auditor Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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 Baker Family Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period 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 period for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control, transactions with related parties, commitments and contingencies and accounting estimates.
We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework both at the planning stage and reminded to remain alert throughout the audit;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;
reviewed and challenged accounting estimates to ensure no indication of management bias.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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.
As permitted by section 408 of the 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 £157,775 (2024 - £5,449 loss).
Baker Family Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Eastern Concrete, Stowmarket Business Park, Ernest Nunn Road, Stowmarket, IP14 2ED.
The group consists of Baker Family Holdings Limited its subsidiary Eastern Concrete Limited and a joint venture company East Coast Marine Aggregates Limited.
The company has prepared financial statements for a fifteen month period, and as a result the comparative amounts presented within these financial statements are not entirely comparable.
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 financial statements are prepared in sterling, which is the functional currency of the group. 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 freehold properties and to include investment properties and certain financial instruments at fair value. 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, including this company, 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 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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company's results are included in the consolidated financial statements presented within these financial statements.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
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.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Income is recognised when the concrete is either delivered to or collected by the customer.
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.
In the parent company financial statements, investments in the subsidiary 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.
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 and intangible 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.
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.
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 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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing assets lives, factors such as asset life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and projected disposal values.
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
Freehold land and buildings with a carrying amount of £1,746,563 (30 September 2024: £1,746,563) have been pledged to secure borrowings of the company.
Details of the company's subsidiaries at 31 December 2025 are as follows:
The investment in the subsidiary is stated at cost.
Details of joint ventures at 31 December 2025 are as follows:
The hire purchase creditors are secured on the specifically financed asset.
Included within other creditors is £1,210,715 (30 September 2024: £1,423,213) which is secured by an all assets debenture.
The hire purchase creditors are secured on the specifically financed asset.
The long-term loans are secured by fixed charges over the freehold property and land.
The company's subsidiary, Eastern Concrete Limited, has provided the bank a guarantee of £1,015,000 in respect of the above borrowings.
The company has taken out two property loans which are due to mature on 15 December 2031. Both loans have interest charged at 2.7% per annum over base rate and are subject to monthly repayments.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company:
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.
The company has issued multiple classes of ordinary shares, all of which are non-redeemable. The rights attaching to each class are summarised below:
Class A ordinary shares
A ordinary shares carry four votes per share. They confer rights to participate in approved income distributions, which may differ from distributions declared for other share classes. They also participate in approved capital distributions (including on a winding up), subject to a cap of £8,000,000 in aggregate payable to holders of all share classes other than G ordinary shares.
Class B ordinary shares
B ordinary shares carry four votes per share. They entitle holders to participate in approved income distributions, which may vary from those of other classes. They also participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap applicable to all share classes other than G ordinary shares.
Class C ordinary shares
C ordinary shares carry voting rights of two votes for every eleven shares held. They entitle holders to participate in approved income distributions, which may differ from other share classes. They participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap shared with all classes except G ordinary shares.
Class D ordinary shares
D ordinary shares carry voting rights of two votes for every eleven shares held. They entitle holders to participate in approved income distributions, which may differ from those of other classes. They participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap applicable to all share classes other than G ordinary shares.
Class E ordinary shares
E ordinary shares carry voting rights of two votes for every five shares held. They confer rights to participate in approved income distributions, which may differ from distributions of other classes. They also participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap shared with all classes except G ordinary shares.
Class F ordinary shares
F ordinary shares carry voting rights of two votes for every five shares held. They entitle holders to participate in approved income distributions, which may differ from those of other share classes. They participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap applicable to all share classes other than G ordinary shares.
Class G ordinary shares
G ordinary shares do not carry general voting rights, except on matters affecting the rights attaching to those shares. They do not participate in income distributions. They are entitled to participate in capital distributions (including on a winding up) only after an aggregate amount of £8,000,000 has been distributed to holders of all other share classes.
During the year, the company undertook a reorganisation of its share capital, comprising a bonus issue of shares and a subsequent redesignation of its share classes.
Bonus issue
The company capitalised £200 from distributable reserves and issued 200 Class G Ordinary shares as fully paid bonus shares to existing shareholders. Prior to this transaction, the company had only Class A Ordinary shares in issue.
The bonus issue did not change the total net assets of the company but resulted in a transfer from profit and loss reserves to share capital. The newly issued Class G Ordinary shares rank in accordance with the rights attaching to that class, as disclosed above.
Redesignation of share capital
Following the bonus issue, the company redesignated its share capital into multiple classes of shares (including Class A to Class G Ordinary shares). This redesignation did not change the total issued share capital of the company but amended the rights attaching to the shares, including voting rights and rights to income and capital distributions, as described above.
No consideration was received or paid in respect of the redesignation, and accordingly there was no impact on the total equity of the company.
Amounts contracted for but not provided in the financial statements:
Included within capital commitments is £750,000 (30 September 2024: £29,750) which has been recognised within debtors.
The remuneration of key management personnel is as follows.
At the balance sheet date the company was owed £249,950 (September 2024: £249,950) by East Coast Marine Aggregates Limited, a joint venture company. This amount has been fully provided for at the balance sheet date.
During the year the the subsidiary Eastern Concrete Limited made sales of £Nil (September 2024: £Nil) and purchases of £1,702,620 (September 2024: £697,806) with the joint venture East Coast Marine Aggregates Limited. At the balance sheet date, Eastern Concrete Limited owed East Coast Marine Aggregates Limited £110,702 (September 2024: £249,249).
The subsidiary Eastern Concrete Limited has provided the bank a guarantee of £1,015,000 (September 2024:£1,015,000) in respect of the borrowings of the company.
Dividends totalling £0 (2024 - £0) were paid in the period in respect of shares held by the company's directors.
At the balance sheet date, the group owed the directors £783,154 (September 2024: £835,807) in respect of a loan account which is repayable on demand and subject to interest at 8%, which during the period amounts to £80,853 (September 2024: £29,545).