2,8493,3012,8493,3019,657—9,657—————————9,657—9,6579,657—9,657——————9,657—9,657——————Intangible assets amortisation was recorded as cost of sales in the income statement.The intangible asset on development costs arose in respect of the rights to receive third party revenue forming part of a 25-year contract and was being amortised over the remaining term before being fully impaired in full at 31 December, 2024.————————————————————————————————————————————————————————Amey Public Services LLPHighways managementLimited liability partnership67Amey Roads (North Lanarkshire) LimitedHighways managementA' Ordinary shares67Amey Wye Valley LimitedHighways managementOrdinary shares80Nationwide Distribution Services LimitedHighways maintenanceOrdinary shares100————1,470578December 31, 2025December 31, 2025December 31, 2025————On 30 May 2018, Amey Limited, the Company’s immediate parent company, granted a subordinated loan facility to the Company for an amount of £152.0 million. It is a perpetual loan with an applicable interest rate of 12-month LIBOR plus 200 basis points.On 30 July 2019, a number of fellow Amey group companies granted loan facilities to the Company for a total amount of £189.0 million.  These are perpetual loans with an applicable interest rate of 12-month LIBOR plus 200 basis points.These loans have no specified maturity date but can be redeemed by the Company at any time. The Company also has the power to delay timing of the interest payment at its sole discretion which cannot be claimed by the lender.As it is at the Company’s discretion to decide both the repayment of the principal and the possibility of deferring the payment of interest, the loan does not satisfy the condition to be accounted for as a financial liability since it does not include a contractual obligation to pay cash or other financial assets to discharge the liability. Accordingly, it will be classified as an equity instrument and will be recognised as “Other equity instrument”. The accrued interest will be recognised in reserves and treated in the same way as dividends.On 10 July 2020, a fellow Amey group company, Enterprise Limited, granted a further equity loan facility to the Company for a total amount of £220.0 million. This is also a perpetual loan with an applicable interest rate of 12-month LIBOR plus 200 basis points.The total amount of dividend interest accrued and not paid at 31 December, 2024 was £— (2024 - £57,801,000).The Company operates a number of defined contribution pension schemes for the benefit of employees and the Directors. Trustees or product providers administer the assets of the funded schemes in funds independent from those of the Company. Pension costs in respect of schemes offering defined benefits are assessed in accordance with the advice of independent, qualified actuaries. External professional pension administrators normally conduct the administration of these schemes. The Company sponsors a number of defined benefit pension schemes, offering benefits based on an employee’s final salary.  The assets for these schemes are held in separate, trustee administered funds.  The principal defined benefit schemes are as follows:•West Yorkshire Pension Fund, the Company has a liability to this scheme for former eligible Wakefield Council employees who transferred into the Company under TUPE transfer arrangements•West Midlands Pension Fund, the Company has a liability to this scheme for former eligible Walsall Council employees who transferred into the Company under TUPE transfer arrangementsGiven the similar characteristics of the principal defined benefit schemes, the schemes have been combined in these disclosures for presentational purposes.The current service costs as a percentage of pay are expected to rise significantly as members approach retirement.The Company’s various defined benefit pension schemes are regulated by The Pensions Regulator under the UK regulatory framework.  The corporate Trustees of the schemes are responsible for carrying out triennial funding valuations, with the advice of an independent, qualified actuary, in order to set the contributions due to the schemes.  The Trustees are also responsible for ensuring that the schemes are appropriately managed and that members’ benefit entitlements are secure.  The Trustees’ other duties include administration of scheme benefits and investment of scheme assets (subject to appropriate consultation with the Group).  The Group works closely with the Trustees to manage the pension schemes but has no representation on the Trustee Boards. No past service costs/credits have been recognised in respect of plan amendments during 2024 or 2023. Both of the schemes are now essentially closed to new members. The Company has determined that it has a right to the refund of surplus on wind-up from each of the principal defined benefit pension schemes and has therefore recognised any balance sheet surpluses that have emerged at the balance sheet date. Where surpluses have been recognised, the Company has also recognised the corresponding withholding tax applicable to that surplus at the anticipated rate of 25%. The Company is also a participating employer in the Local Government Pension Scheme (LGPS).  The Company accounts for its share of the separately identified assets and liabilities of the LGPS and the Company cannot be held liable for the obligations of other entities that participate in this scheme and as such only makes contributions in respect of its sections.  The Company’s share of the liabilities in these LGPS Funds is immaterial compared to the overall liabilities of the principal defined benefit pension schemes and therefore this has been aggregated with the principal schemes.The latest actuarial funding valuations of the Company’s principal defined benefit schemes have been updated by the actuaries to 31 December, 2024 on a basis consistent with the requirements of IAS 19. In particular, scheme liabilities have been discounted using the rate of return on high quality bonds rather than the expected rate of return on the assets used in the scheme funding valuations.West Yorkshire Pension Fund31 March, 2023West Midlands Pension Fund31 March, 2023————————————The duration of a scheme is an indicator of the weighted-average time until benefit payment will be made. For the schemes in aggregate, the weighted average duration is around 14.0 years reflecting the appropriate split and maturity of the defined benefit obligation between current employees, deferred members and pensioners.——————————————The best estimate of the contributions expected to be paid to the defined benefit schemes for the next financial year is £— (2024 -£—) for regular payments and £— (2024 -£—)for additional top-up payments.——3,296————————————————————————————————————————————————————————The assets held by the various schemes do not directly include any of the Company or Group’s own financial instruments, nor any property occupied by, nor any other assets used by the Company or Group.All of the schemes hold a proportion of their assets in liability-matching asset classes in order to either partially or fully hedge for movements in interest rates and inflation. The asset-liability matching strategies are not measured against the accounting position and as such the changes in assets to market movements may not match the movement in accounting liability.The key risks impacting the Company’s pension schemes are set out below:Investment risk: The Schemes’ accounting liabilities are calculated using a discount rate set with reference to the yield available on high-quality corporate bonds as required by the standard.  If the Schemes’ assets underperform this yield, this will cause a deficit to emerge in the Schemes over time.  The Schemes hold growth assets, such as equities, property and hedge funds.  These asset classes are expected to outperform corporate bonds over the long-term but are more volatile and generate risk for the Schemes in the short-term.  However, the Schemes hold a diversified portfolio of assets to minimise this risk.  The Company has ensured that a robust investment management framework is in place to mitigate as much as possible the risks associated with the investment strategy.Changes in bond yields: A decrease in corporate bond yields will increase the value placed on the Schemes’ liabilities.  This will be partially offset by an increase in the value of the Schemes’ holdings in gilts, corporate bonds and insurance policies, which the Schemes hold in order to match some of the movement in their liabilities.  However, some of the assets held to match movements in liabilities are held to match movements in gilt yields.  This will match movement in the accounting liabilities to the extent that the corporate bond yields move alongside gilt yields.  As such the Schemes are exposed to movement in the spread between gilt yield and corporate bond yields.Inflation risk: Many of the Schemes’ benefits are linked to inflation so higher expectations of future inflation leads to a higher value being placed on the liabilities.  However, there are caps on the level of inflationary increases which protect the Schemes in the extent of extreme inflation.  The Schemes each hold assets to match a specified proportion of movements in inflation.  The remainder of the assets are unaffected by (i.e. fixed interest bonds) or loosely correlated with (i.e. equities and property) inflation, meaning that an increase in inflation will also increase the deficit.  The extent to which the Schemes’ liabilities move due to inflation varies on a scheme-by-scheme basis, influenced by the benefits provided by the individual pension schemes.  Liabilities will also increase should actual inflation be higher than expected in the liability valuation.Following the Government’s announcement in November 2020 that RPI would be aligned with CPIH from 2030, the approach for deriving the inflation assumptions was changed.  There is a different approach to pre- and post- 2030 assumptions with a term-dependent approach for deriving the CPI assumption and the Inflation Risk Premium was decreased from 0.4% in 2022 to 0.3% for 2022 and onwards.Life expectancy: The Schemes’ obligations are to provide benefits for the life of the member after retirement and their spouse following the member’s death.  As a result, higher life expectancies will lead to a higher value being placed on the liabilities.  This is particularly relevant where the Schemes have significant inflationary increases, as this results in a higher sensitivity to changes in life expectancy.  The Company notes that this is a risk to which any defined benefit pension scheme is exposed.On 27 March 2024, the Company issued seven new additional Ordinary shares of £1 each at a premium for a total value of £560,999,999.On 27 March 2024, the Company used the proceeds of the share issue to repay £560,999,999 of subordinated hybrid loans classed as an Other equity instrument. The hybrid loan facilities were cancelled and any interest accounted for on the subordinated hybrid loans was also cancelled.On 27 March 2024, the Company’s fellow group undertaking, Enterprise Limited, repaid the £189,000,000 investment subordinated loan and the facility was cancelled.  No interest was received in respect of this loan.Following this, management carried an assessment of the recoverable amounts of the investments in subsidiary undertakings and its value in use and compared against the carrying amount of its investments. As a result of this exercise, management recorded a credit of £50,000 in respect of the provisions against impairments of investments in subsidiary and other group undertakings (2024– a credit of £8,000).1 January 202531 December 202531 December 202531 December 2025TrueFull accountsAuditedFRS 101FalseTradingTruePounds sterlingEnglish0TrueThe Workiva 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REGISTERED NUMBER: 03744754 (England and Wales)
Annual Report and
Financial Statements for the year ended 31 December 2025
for
Amey Group Services Limited
Amey Group Services Limited
ContentsAnnual Report and Financial Statements 2025
Contents of the Financial Statements for the year ended 31 December 2025
2 to 3
4 to 5
7 to 9
Statement of Comprehensive Income
13 to 25
Page 1
Amey Group Services Limited
Company InformationAnnual Report and Financial Statements 2025
Company Information for the year ended 31 December 2025
Directors
A L Milner
A L Nelson
Company Secretary
Sherard Secretariat Services Limited
Registered Office
Chancery Exchange
10 Furnival Street
London
EC4A 1AB
United Kingdom
Auditor
Forvis Mazars LLP
30 Old Bailey
London
EC4M 7AU
United Kingdom
Page 2
Amey Group Services Limited
Strategic ReportAnnual Report and Financial Statements 2025
Strategic Report for the year ended 31 December 2025
The Directors present their Strategic Report for the year ended 31 December 2025.
Ultimate parent undertaking
The Company is a member of the Amey UK Limited group of companies, wholly owned by a company (Project Ardent Bidco
Limited) controlled by One Equity Partners and Buckthorn Partners, private equity investors.
Principal activity
The Company is principally engaged in the activity of providing services to the Amey Group, including legal, accounting,
insurance and other central management services. There have been no changes in the Company's activities during the year.
Review of business and future developments
The statement of comprehensive income for the year is set out on page 10 and shows revenue of £76,335,000 (2024 -
£73,563,000) and a profit after tax amounting to £2,849,000 (2024 – £3,301,000), all of which arose from continuing
activities.
Revenue for the Company represents recharge of costs incurred on behalf of other Amey Group companies and
management fees for services provided to other Amey Group companies based on a percentage of each company's
revenue.
Revenue saw an increase of 3.8% year-on-year. The level of management fees directly affects the Company's
profitability and the operating profits made. The increase in 2025 is a direct result of increased revenues across the Amey
Group. There was a slight reduction in profitability due to increased one off costs including legal fees.
The Directors expect the same level of activity for 2026.
There have been no events since the balance sheet date which materially affect the position of the Company.
Key performance indicators
The Company's principal key performance indicators are revenue and profit after tax which are shown in the statement of
comprehensive income for the year set out on page 10.
Principal risks and uncertainties
The Company's risks and other key performance indicators are only reported and managed on a Divisional basis. To gain a
further understanding of this business, details of the principal risks and uncertainties and other key performance indicators
are contained in the Annual Report and Financial Statements of the intermediate parent undertaking, Amey UK Limited ('the
Group'), for the year ended 31 December 2025. The Company is a member of the Central Services division of the Group.
Financial risk management
A discussion of the objectives and policies employed in managing risk and the Company’s use of financial instruments can
be found in the Amey UK Limited Annual Report and Financial Statements for the year ended 31 December 2025 as the
Company is subject to the application of Group-wide policies and practices when assessing financial risk.
The Company does not hold any cash flow hedge derivative financial instruments. There is no material financial risk arising
on the assets and liabilities held by the Company.
Page 3
Amey Group Services Limited
Strategic ReportAnnual Report and Financial Statements 2025
Statement by the Directors in performance of their statutory duties in accordance with
s172(1) of the Companies Act 2006
The Directors consider, both individually and collectively, that they have acted in the way they consider, in good faith,
would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to
the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 December
2025 (see also the Corporate Governance statement and a detailed s172(1) statement on the Amey Group’s website:
www.amey.co.uk and the Amey UK Limited 2025 Annual Report and Financial Statements for more information).
In discharging their duties in relation to s172(1) of the Companies Act 2006, the Directors have paid regard to the following
matters:
(a) the likely consequences of any decision in the long term, such as strategic planning, Brexit impact and business
development opportunities;
(b) interests of the Group’s employees including health and safety, employee involvement and initiatives, diversity, inclusion
and gender pay gap issues;
(c) the need to foster relationships with suppliers, customers and others including supplier evaluation, social values and
payment practices;
(d) to act fairly between members of the Company;
(e) impact of operations on community and the environment, including carbon management, climate crisis initiatives; and
(f) reputation for high standards of business conduct including adoption of corporate governance standards, training of
directors and whistleblowing reporting.
As the Company is a wholly owned subsidiary of the Amey group of companies, the Company’s Directors discharge their
duties within policies, procedures and authorisation limits set out on a group-wide basis.  Further information on how
officers within the Amey Group of companies discharge their duties is included in the Amey UK Limited 2025 Annual Report
and Financial Statements.  The Directors of this Company also achieve this through attendance at relevant executive
meetings, involvement in executive briefings and training, and through having responsibility for implementation of group-
wide initiatives to promote best practice.
Approved by the Board on 26 June 2026 and signed on its behalf by:
.........................................
A L Nelson
Director
26 June 2026
Page 4
Amey Group Services Limited
Report of the DirectorsAnnual Report and Financial Statements 2025
Report of the Directors for the year ended 31 December 2025
The Directors present their Annual Report with the audited financial statements of the Company for the year ended
31 December 2025.
Strategic Report
Details of future developments, post balance sheet events (if any) and financial risk management can be found in the
Strategic Report on pages 2 to 3 and forms part of this report by cross reference.
Dividends
No dividends were paid by the Company during the year (2024 - £nil). The Directors do not recommend the payment of a
final dividend.
Energy and Carbon Performance
The Company has taken exemption from reporting on Energy and Carbon Performance as this information is included in the
consolidated Annual Report and Financial Statements of Amey UK Limited, of which this Company is a member. Full
disclosure can be found in the Amey UK Limited Annual Report and Financial Statements for 2025.
Business Relationships
The Directors have had regard to the need to foster the company’s business relationships with stakeholders. This is
explained further within the s172 statement in the strategic report on page 3.
Directors of the Company
The Directors who held office during the year and up to the date of this Report were as follows:
A L Milner
A L Nelson
Directors’ indemnity
Directors and Officers of the Company benefitted during 2025 from group-wide Directors’ and officers’ liability insurance
cover in respect of legal actions brought against them. Accordingly, the Company does not maintain its own equivalent
Directors’ indemnity insurance cover arrangements. In addition, Directors of the Company are indemnified under the
Company’s articles of association to the extent permitted by law, such indemnities being qualified third party indemnities.
Going concern
After making enquiries and based on the assumptions outlined in note 2 to the financial statements, the Directors have
concluded that the Company has adequate resources to meet its obligations as they fall due for a period of at least twelve
months from the date of approving these financial statements. For this reason, they continue to adopt the going concern
basis in preparing the financial statements.
Policy on slavery and human trafficking
In accordance with the Modern Slavery Act 2015, the Amey Group of which this Company is a member, is committed to
ensuring that there is no modern slavery or human trafficking in our supply chains, or in any part of our business, with a zero
tolerance for non-compliance. A full statement reflecting that commitment can be found on the Amey website
www.amey.co.uk and an abridged statement is included in the financial statements of the Company's intermediate parent
company, Amey UK Limited.
Page 5
Amey Group Services Limited
Report of the DirectorsAnnual Report and Financial Statements 2025
Statement as to disclosure of information to the auditor
So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act
2006) of which the Company's auditor is unaware, and each Director has taken all the steps that he or she ought to have
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the
Company's auditor is aware of that information.
Auditors
Forvis Mazars LLP has been appointed as Auditor and has expressed their willingness to continue in office as Auditor. In
accordance with s487 of the Companies Act 2006, Forvis Mazars LLP will be re-appointed as Auditor to the Company.
Approved by the Board on 26 June 2026 and signed on its behalf by:
.........................................
A L Nelson
Director
26 June 2026
Page 6
Amey Group Services Limited
Statement of Directors' ResponsibilitiesAnnual Report and Financial Statements 2025
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 'Reduced Disclosure Framework'.
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true
and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing
these financial statements, the Directors are required to:
• select suitable accounting policies and 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 Company will
continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
Page 7
Amey Group Services Limited
Independent Auditor's ReportAnnual Report and Financial Statements 2025
Independent Auditor’s report to the members of Amey Group Services Limited
Opinion
We have audited the financial statements of Amey Group Services Limited (the ‘company’) for the year ended 31 December
2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and
notes to the financial statements, including a summary of material accounting policy information.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting
Practice).
In our opinion, the financial statements:
• give a true and fair view of the state of the company’s affairs as at 31 December 2025  and of its profit for the year then
ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial
statements” section of our report. We are independent of the company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
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 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
The other information comprises the information included in the annual report, other than the financial statements and our
auditor’s report thereon. The directors are responsible for the other information contained within the annual report.  Our
opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work
we have performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the 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.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we
have not identified material misstatements in the strategic report or the directors’ report.
Page 8
Amey Group Services Limited
Independent Auditor's ReportAnnual Report and Financial Statements 2025
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to
report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the directors’ responsibilities statement set out on page 6, 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 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 company or to cease operations, or have no realistic alternative but to do
so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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. 
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws
and regulations might have a material effect on the financial statements: health and safety regulation, anti-money
laundering regulation, the Bribery Act, the Finance Act, climate change regulations on financial reporting, Modern Slavery
Act and environmental laws.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks
of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
• Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in
compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and
regulations;
• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
• Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-
compliance throughout our audit; and
• Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such
as tax legislation, pension legislation, the Companies Act 2006 and the Climate Change Act 2008.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the
financial statements, including the risk of management override of controls, and determined that the principal risks related
to: posting manual journal entries to manipulate financial performance, overstatement of assets, understatement of
expenses/liabilities, management bias through judgements and assumptions in significant accounting estimates in particular
in relation to significant one-off or unusual transactions.
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Amey Group Services Limited
Independent Auditor's ReportAnnual Report and Financial Statements 2025
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged
fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and
detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection
of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal
controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company and the company’s members as a body for our audit
work, for this report, or for the opinions we have formed.
.............................................
Uzair Khan (Senior Statutory Auditor)
For and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London, EC4M 7AU
26 June 2026
Page 10
Amey Group Services Limited
Statement of Comprehensive IncomeAnnual Report and Financial Statements 2025
Statement of Comprehensive Income for the year ended 31 December 2025
2025
2024
Note
£'000
£'000
Revenue
4
76,335
73,563
Cost of sales
(30,597)
(21,575)
Gross profit
45,738
51,988
Administrative expenses
(45,562)
(47,291)
Operating profit
176
4,697
Profit before interest and taxation
176
4,697
Finance income
6
3,845
1,214
Finance expense
7
(219)
(46)
Profit before taxation
8
3,802
5,865
Tax charge on profit
9
(953)
(2,564)
Profit for the year
2,849
3,301
Total comprehensive income for the year
2,849
3,301
The notes on pages 13 to 25 form part of these financial statements.
Page 11
Amey Group Services Limited
Balance SheetAnnual Report and Financial Statements 2025
Amey Group Services Limited (Registered number: 03744754)
Balance Sheet as at 31 December 2025
2025
2024
Note
£'000
£'000
Tangible assets
10
801
867
801
867
Current assets
Debtors: amounts falling due within one year
11
100,351
78,252
Debtors: amounts falling due after more than one year
11
724
755
Cash at bank and in hand
1,470
578
Total current assets
102,545
79,585
Creditors: amounts falling due within one year
12
(54,707)
(39,609)
Net current assets
47,838
39,976
Total assets less current liabilities
48,639
40,843
Creditors: amounts falling due after more than one year
12
(639)
(775)
Provisions for liabilities
13
(5,116)
(33)
Net assets
42,884
40,035
Capital and reserves
Share capital
15
40,030
40,030
Retained earnings
2,854
5
Shareholders’ funds
42,884
40,035
The financial statements were approved by the Board of Directors on 26 June 2026 and signed on its behalf by:
.........................................
A L Nelson
Director
26 June 2026
The notes on pages 13 to 25 form part of these financial statements.
Page 12
Amey Group Services Limited
Statement of Changes in EquityAnnual Report and Financial Statements 2025
Statement of Changes in Equity for the year ended 31 December 2025
Share Capital
Retained
earnings
Total
£'000
£'000
£'000
At 1 January 2024
40,030
(3,296)
36,734
Profit for the year
—
3,301
3,301
Total comprehensive income
—
3,301
3,301
At 31 December 2024
40,030
5
40,035
Share Capital
Retained
earnings
Total
£'000
£'000
£'000
At 1 January 2025
40,030
5
40,035
Profit for the year
—
2,849
2,849
Total comprehensive income
—
2,849
2,849
At 31 December 2025
40,030
2,854
42,884
The notes on pages 13 to 25 form part of these financial statements.
Page 13
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
Notes to the Financial Statements for the year ended 31 December 2025
1. General Information
The principal activity of Amey Group Services Limited (the Company) is providing services to the Amey Group, including
legal, accounting, insurance and other central management services and it operates principally within the UK. The Company
is a private company limited by share capital, incorporated and domiciled in the UK and registered in England and Wales.
The Company Secretary and address of the registered office is as follows:
Sherard Secretariat Services Limited
Chancery Exchange
10 Furnival Street
London
EC4A 1AB
United Kingdom
2. Accounting Policies
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure
Framework’ and the Companies Act 2006. The financial statements have been prepared under the historical cost
convention.
The following amendments to existing standards were effective for the Company from 1 January 2025. These amendments
have not had a material impact. 
StandardEffective date
Amendments to IAS21 - Lack of Exchangeability               01 January 2025
The new standards, amendments and interpretations approved by the IASB and for use in the United Kingdom at 31
December 2025 but which are not applicable at this date are as follows:
StandardEffective date
IFRS 18 - Presentation and Disclosure in Financial Statements01 January 2027
IFRS 19 - Subsidiaries without Public Accountability: Disclosures 01 January 2027
IFRS 11 - Joint Arrangements                                                                                              01 January 2026
IFRS 9 - Financial Instruments                                                                                          01 January 2026
IFRS 7 - Financial Instruments: Disclosures                                                                      01 January 2026
Annual Improvements to IFRS Accounting Standards - Volume 1101 January 2026
The Company has not adopted these new standards, amendments and interpretations early for the year ended 31
December 2025 but will adopt them in line with the commencement date stated above. With the exception of IFRS 18, they
are not expected to have a significant impact on the company.
To understand the impact of IFRS 18, the Amey Group has carried out an assessment during the year. This assessment
highlighted a number of key areas for management to consider ahead of the January 2027 commencement date. No areas
of significant change were identified, with the findings being deemed to require moderate or mild level work input.
Management will work through these findings during 2026 in readiness.
Page 14
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Summary of disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as
permitted by FRS 101 “Reduced Disclosure Framework”:
• the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
• the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p),
B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
• the requirements of paragraph 33(c) of IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations;
• the requirements of IFRS 7 Financial Instruments: Disclosures;
• the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
• the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in
respect of:
– paragraph 79(a)(iv) of IAS 1;
– paragraph 73(e) of IAS 16 Property, Plant and Equipment;
– paragraph 118(e) of IAS 38 Intangible Assets;
– paragraphs 76 and 79(d) of IAS 40 Investment Property;
• the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of
Financial Statements;
• the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;
• the requirements of IAS 7 Statement of Cash Flows;
• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
• the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or
more members of a group;
• IAS 36, ‘Impairment of assets’ paragraphs 134 and 135;
• IFRS 15, ‘Revenue from contracts with customers’: second sentence of paragraph 110, and paragraphs 113(a), 114, 115,
118, 119 (a) to (c), 120 to 127 and 129; and
• IFRS 16, ‘Leases’: paragraph 52, the second sentence of paragraph 89 and paragraphs 90, 91 and 93.  Paragraph 58,
provided that the disclosure of details of indebtedness required by paragraph 61(c) of Schedule 1 of the Regulations is
presented separately for lease liabilities and other liabilities in total.
Going concern
The Company is a subsidiary of Amey UK Limited (the Group) and its financial resources are managed on a group basis.
The going concern assessment of the Company is intrinsically linked to the assessment for the Group as a whole. The
Company has also received written confirmation from its parent undertaking, Amey UK Limited, that it will continue to
provide financial support to the Company for a period of at least twelve months from the date of signing these financial
statements in order to fund day-to-day operations and to meet liabilities to the extent that the Company is unable to do so.
The Group is financed through a mixture of shareholder equity, bank loans, overdrafts and leases. Details of all bank loans,
leases and their maturity are set out in the Amey UK Limited financial statements for 2025, as are details of financial risks.
Page 15
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Going concern (continued)
The Group has access to a committed, syndicated Revolving Credit Facility with a tenor of 6.5 years. On 1 May 2025, the
RCF’s limit was increased with the addition of ING Bank N.V., London Branch, to the lending group. This amendment
increased the RCF overall limit by £25 million to £150 million and the borrowing limit from £75 million to £100 million. The
RCF is provided by JPMorgan Chase Bank, N.A., London Branch, National Westminster Bank PLC, HSBC UK Bank plc and
ING Bank N.V., London Branch acting as lenders and with HSBC UK Bank plc acting as agent.
A Term Loan facility of £280 million extended to the Group’s immediate parent, Project Ardent Bidco Limited, under the
same facility remained unchanged throughout 2025. The facility has a tenor of seven years and is provided by a syndicate
of lenders arranged by Apollo and with HSBC UK Bank plc acting as agent. Security is limited to each of Project Ardent
Bidco Limited, Amey UK Limited and Amey Holdings Limited providing security over their shares in their respective direct
subsidiary and, in the case of Amey Limited, providing security over its shares in certain other Group companies that are
Guarantors under the facilities (being: Amey Community Limited, Amey Defence Services Limited, Amey Defence Services
(Housing) Limited, Amey Fleet Services Limited, Amey OWR Limited and Amey Rail Limited).
On 18 May 2026, an additional Term Loan Facility of £120 million was extended to Project Ardent Bidco Limited. The new
facility has the same tenor as the original term loan facility and is also provided by a syndicate of lenders arranged by Apollo
and with HSBC UK Bank plc acting as agent.
As of 31 December 2025, no borrowings were drawn against the RCF and the Group also held £62.4 million of unrestricted
cash on the Group balance sheet.
Notwithstanding this continuity of available financing, the directors of the Group have reviewed several factors including:
• the future business plans of the Group including the current year results and cash flows up to the date of these accounts,
the current forecast for 2026 and the strategic plan for 2027 to 2030;
• the availability of core and ancillary financing facilities;
• compliance with banking covenants regarding net leverage;
• projected drawn positions and headroom available on the core committed financing facilities
• the projected future cash flows of the Group comprising:
– a Base Case forecast built up from the budget and strategic plan for 2026-30;
– a Reasonable Worst Case (‘RWC’) forecast which applies sensitivities against the Base Case;
– Reverse stress testing group liquidity resilience against extreme events;
– Additional facility draw down by the Group's immediate parent company in May 2026.
The sensitivities applied to the RWC include specific, unbudgeted cash flows in 2026 and cash flow stress cases in 2027
ranging from 60% to 70%. The Group’s cash flow forecasts show that there is sufficient liquidity to enable it to continue
trading should these scenarios materialise. In addition, management has considered significant additional reductions in
headroom due to unforeseen events such as supply shocks, in particular oil shortages, and widespread client defaults,
along with potential mitigations. Inflation is not considered a significant risk to the Group’s liquidity as the majority of its
revenues are index-linked and so are naturally hedged against inflationary pressures.
Reverse stress testing showed that the Group would have sufficient liquidity in all but the most extreme case, where 100%
of local government clients and 15% of central government and agency clients default. The impact of this scenario could be
offset by increased liquidity from mitigating actions and is, in any case, considered an extremely remote possibility.
Furthermore, the Group’s operations and suppliers are primarily in the United Kingdom and the majority of its clients are
government or government-backed and so the Group is not considered to be exposed to vulnerable markets or sectors or
from global geopolitical impacts such as armed conflicts. The Group's financial position is not expected to be significantly
impacted by fluctuating US tariffs on imported goods since it primarily provides services within the UK and any US activities
will remain service focused for the foreseeable future.
The directors of the Group have considered pension risks and sensitivities and reviewed Value at Risk analysis. They
consider the exposure to be adequately mitigated by strong governance, de-risked scheme assets (including insurance
policies), various contingent assets and committed payments for the benefit of the schemes.
The directors of the Group are satisfied the Group has adequate resources to meet its obligations as they fall due for a
period of at least twelve months from the date of approving these financial statements and, for this reason, they continue to
adopt the going concern basis in preparing the Group financial statements.
On the same basis, the Directors of this Company have adopted the going concern basis in preparing these financial
statements.
Page 16
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Other principal accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
Revenue recognition
Revenue is the total amount receivable by the Company for goods supplied and services provided, excluding VAT.
Foreign currency transactions and balances
The functional currency is the currency of the primary economic environment in which the Company operates (Pound
Sterling). Foreign currency denominated transactions and balances are translated using the exchange rate ruling at the date
of the transaction or balance. Gains or losses arising are included in the income statement as they arise.
Tangible assets
Tangible fixed assets are stated at historical cost less depreciation and impairment. Depreciation is calculated to write down
the cost less estimated residual value of all tangible fixed assets by equal annual instalments over their expected useful
lives. Freehold land and buildings are not depreciated. The rates generally applicable are:
Short leasehold land and buildings - term of the lease
Plant and machinery - 33% per annum
Leases
The Company as lessee
The Company assesses whether a contract is or contains a lease at inception of the contract.  The Company recognises a
right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except
for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (less than
£5,000). For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis
over the term of the lease unless another systematic basis is more representative of the time pattern in which economic
benefits from the leased assets are consumed.
The lease liability is initially measured at the net present value of the future lease payments at the commencement date,
discounted using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental
borrowing rate.  The Company has taken advantage of the practical expedients available in IFRS 16 to apply a single
discount rate to a portfolio of leases.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using
the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The lease asset is initially measured at the net present value of the future lease payments at the commencement date,
discounted using the rate implicit in the lease. The asset is subsequently depreciated over the lease term.
Financial instruments
Recognition and de-recognition
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of
the financial instrument. Financial assets are de-recognised when the contractual rights to the cash flows from the financial
asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is de-
recognised when it is extinguished, discharged, cancelled or expires.
Page 17
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Financial instruments (continued)
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component, and which are measured at the
transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for applicable
transaction costs. Financial assets, other than those designated and effective as hedging instruments, are classified into the
following categories: amortised cost; fair value through profit or loss (FVTPL); or fair value through other comprehensive
income (FVOCI). The classification is determined by both the Company's business model for managing the financial asset
and the contractual cash flow characteristics of the financial asset.
Subsequent measurement of financial assets
(a) Financial assets at amortised cost - financial assets are measured at amortised cost if the assets meet the following
conditions (and are not designated as FVTPL): they are held within a business model whose objective is to hold the financial
assets and collect its contractual cash flows and the contractual terms of the financial assets give rise to cash flows that
are solely payments of principal and interest.
(b) Financial assets at FVTPL - financial assets that are held within a different business model other than 'hold to collect' or
'hold to collect and sell' are categorised at FVTPL. Further, irrespective of business model, financial assets whose
contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial
instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge
accounting requirements apply (see below).
(c) Financial assets at FVOCI - the Company accounts for financial assets at FVOCI if the assets meet the following
conditions: they are held under a business model whose objective is ‘hold to collect’ the associated cash flows and the
contractual terms of financial assets give rise to cash flows that are solely payments of principal and interest. Any gains or
losses recognised in other comprehensive income (OCI) will be recycled upon de-recognition of the asset.
Impairment of financial assets
IFRS 9's impairment requirements use forward-looking information to recognise expected credit losses the 'expected credit
loss (ECL) model'. Instruments within the scope of the requirements include loans and other debt-type financial assets
measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and
loan commitments and some financial guarantee contracts (for the issuer) that are not measured at FVTPL. Recognition of
credit losses is no longer dependent on the Company first identifying a credit loss event. Instead, the Company considers a
broader range of information when assessing credit risk and measuring expected credit losses, including past events,
current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows
of the instrument.
In applying this forward-looking approach, a distinction is made between: Stage 1 - financial instruments that have not
deteriorated significantly in credit quality since initial recognition or that have low credit risk; Stage 2 - financial instruments
that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low; and Stage 3 -
financial assets that have objective evidence of impairment at the reporting date. Twelve-month expected credit losses are
recognised for the first category while lifetime expected credit losses are recognised for the second category.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the
expected life of the financial instrument.
(a) Trade and other receivables - trade receivables are initially recognised and carried at the lower of their original invoiced
value and recoverable amount. Balances are written off when the probability of recovery is remote. The Company makes
use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime
expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at
any point during the life of the financial instrument. The Company uses historical experience, external indicators and
forward-looking information to calculate the expected credit losses. The Company assesses impairment of trade
receivables on a collective basis. Where they possess shared credit risk characteristics, they have been grouped based on
industry sector global default rates.
(b) Intercompany loans receivable - intercompany advances to other Group companies are all held to maturity, neither party
has an option to call or prepay the loan before the contracted maturity date. Such assets are held under a business model
to hold and collect contractual cash flows and therefore meet the ‘solely payments of principal and interest’ test. No
embedded derivatives are currently recognised in these advances, and the amortised cost classification is not impacted. All
intercompany advances are assessed for impairment under the ECL model using the general approach
.
Classification and measurement of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered. An equity instrument is any contract that provides a residual interest in the assets of a business after deducting all
other liabilities.
Page 18
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Financial instruments (continued)
The Company's financial liabilities include borrowings, trade and other payables and derivative financial instruments.
(a) Borrowings - borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are
subsequently stated at amortised cost unless they form part of a fair value hedge relationship. Any difference between the
amount initially recognised (net of transaction costs) and the redemption value is recognised in the income statement over
the period of the borrowings using the EIR method. Borrowings being novated or cancelled and re-issued, with a substantial
modification of the terms, are accounted for as an extinguishment of the original financial liability and the recognition of a
new financial liability, with any resulting gain or loss recognised in the income statement.
(b) Trade and other payables - trade and other payables are non-interest bearing and are stated at their fair value and
subsequently measured at amortised cost using the EIR method.
Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other
comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively
enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is
determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against
deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered
based on current or future taxable profit.
Trade and other receivables
Trade and other receivables are amounts due from customers for services performed in the ordinary course of business.
They are initially recognised at fair value and subsequently measured at amortised cost, less provision for impairment.
Cash at bank and in hand
Cash at bank and in hand includes cash and deposits with banks. Bank overdrafts are shown within borrowings in current
liabilities.
Creditors
Obligations to pay for goods and services are recognised initially at fair value and subsequently measured at amortised
cost.
Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of
the obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at
the reporting date and are discounted to present value where the effect is material.
Page 19
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
3. Critical accounting estimates and judgements
Accounting estimates
In the financial statements for 2025, estimates have been made to measure certain assets, liabilities, income, expenses and
obligations reported herein.  These estimates relate to the following:
1. The assessment of possible legal contingencies
2. The assessment of possible impairment losses on certain assets
3. Business performance projections that affect the estimates of the recoverability of tax assets and the expected period
over which it is probable such assets can be recovered
Although these estimates were made on the basis of the best information available at 31 December 2025 on the events
analysed, events that take place in the future might make it necessary to change these estimates. Changes in accounting
estimates would be applied prospectively in accordance with the requirements of IAS 8 (Accounting Policies, Changes in
Accounting Estimates and Errors).
The key accounting estimates and judgements are further considered below:
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified during the preparation of these financial statements.
Key judgements
No key judgements have been identified during the preparation of these financial statements.
4. Revenue
Revenue is mainly attributable to the principal activity of providing services to the Amey Group, including legal, accounting,
insurance and other central management services. All revenue arises solely in the UK.
5. Employees and Directors
The Company had no direct employees in either 2025 or 2024. The costs of employees of Amey Services Limited are
recharged to this Company in direct support of its trade.
No Directors were remunerated through the Company in either 2025 or 2024.
Details of the remuneration of the Directors, whose services are of a non-executive nature and who are also directors of the
Company's intermediate parent undertaking, Amey UK Limited, are disclosed in that company's financial statements. Their
remuneration is deemed to be wholly attributable to their services to that company.
6. Finance income
2025
2024
£'000
£'000
Foreign exchange gains
1
29
Interest receivable from fellow group undertakings
3,844
1,185
3,845
1,214
7. Finance expense
2025
2024
£'000
£'000
Foreign exchange losses
5
4
Other interest payable
19
5
Lease interest
195
37
219
46
Page 20
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
8. Profit before taxation
The profit before taxation is stated after charging/(crediting):
2025
2024
£'000
£'000
Depreciation - leased/right of use assets
299
415
Bid and mobilisation costs
24
—
Short term and low value lease rentals:
Land and buildings
345
318
Plant and machinery
130
330
IT licences and rentals
858
799
Cost of inventory recognised as an expense
35
45
Profit on disposal of property, plant and equipment
(6)
(5)
Audit of the Company's financial statements
57
54
Audit of Amey UK Limited and the consolidated financial statements
138
138
Audit of fellow subsidiary undertakings
1,765
1,699
Short term and low value lease rentals include recharge of costs incurred by fellow group undertakings on behalf of the
Company.
9. Taxation
Analysis of tax expense
2025
2024
£'000
£'000
Current tax
Tax - UK corporation tax
—
—
Tax - Group relief
922
2,039
UK corporation tax adjustment to prior periods
—
327
Total current tax charge
922
2,366
Deferred tax - transfers DT asset
31
198
Deferred tax charge
31
198
Total tax expense in statement of comprehensive income
953
2,564
Page 21
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
9. Taxation (continued)
Factors affecting the tax expense
The tax assessed for the year differs from the standard rate of corporation tax in the UK of 25% (2024: 25%).
The differences are reconciled below:
2025
2024
£'000
£'000
Profit before income tax
3,802
5,865
Tax on Profit calculated at standard rate
951
1,466
Effects of:
Increase  in tax from adjustment for prior periods
—
335
Recognition of previously unrecognised tax losses
2
—
Expenses not deductible
—
763
Tax expense
953
2,564
Pillar Two legislation, reflecting the OECDs Base Erosion Profit Shifting (“BEPS”) framework, seeks to enforce a minimum tax
rate on large and multinational groups in each jurisdiction in which it operates.  This legislation has been enacted or
substantively enacted in the UK, and many other countries, and applies to entities which are part of groups with revenue
exceeding €750 million through the tested period. The Group is within the remit of the rules.
The legislation is effective for the financial year beginning 1 January 2024.  The Group has performed an assessment of the
Group’s potential exposure to Pillar Two income taxes.  This assessment is based on most recent information available
regarding the financial performance of the constituent entities of the Group.  Based on the assessment performed, the
Group is expected to fall within the available exceptions and therefore does not expect a potential exposure to Pillar Two
top-up taxes.
10. Tangible fixed assets
Plant and
Machinery
Right of use
Total
£'000
£'000
£'000
Cost
At 1 January 2025
680
3,125
3,805
Additions
—
288
288
Disposals
—
(176)
(176)
At 31 December 2025
680
3,237
3,917
Depreciation
At 1 January 2025
(680)
(2,258)
(2,938)
Charge for the year
—
(299)
(299)
Disposals
—
121
121
At 31 December 2025
(680)
(2,436)
(3,116)
Net book value
At 31 December 2025
—
801
801
At 31 December 2024
—
867
867
Page 22
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
10. Tangible fixed assets (continued)
Right-of-use assets
The Company leases properties. The average lease term is 8 years. The Company’s leasing arrangements do not have any
variable payment mechanisms and no residual values have been ascribed to the leases.
2025
2024
£'000
£'000
Amounts recognised in profit and loss
Short Leasehold - Depreciation
299
415
Interest expense on lease liabilities
195
37
Lease liabilities
At the reporting date, the Company had outstanding commitments for future minimum lease payments under non-
cancellable operating leases, which fall due as follows:
2025
2024
Note
£'000
£'000
Lease Liabilities
Within one year
357
310
In the second to fifth years inclusive
689
721
Total undiscounted lease liabilities at 31 December
1,046
1,031
Impact of future finance costs
(120)
(151)
926
880
Current
12
287
105
Non-current
12
639
775
Lease liabilities included in the Statement of Financial Position at 31
December
926
880
11. Trade and other receivables
2025
2024
Note
£'000
£'000
Amount falling due within one year:
Trade debtors
—
42
Amounts owed by group undertakings
47,626
25,446
Amounts owed by joint ventures
38
93
Amounts owed by parent undertaking of the Company
48,585
48,989
VAT
1,261
1,279
Other debtors
1
1
Prepayments and accrued income
2,840
2,402
100,351
78,252
Amounts falling due after more than one year:
Deferred tax asset
14
724
755
724
755
Page 23
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
12. Creditors
2025
2024
Note
£'000
£'000
Amounts falling due within one year:
Trade creditors
2,831
571
Payments received on account
173
—
Amounts owed to other fellow subsidiaries/group undertakings of the Amey
UK Limited group
42,668
27,567
Social security and other taxes
422
527
Accruals
8,326
10,839
Lease liability
10
287
105
54,707
39,609
Amounts falling due after more than one year:
Lease liabilities
10
639
775
639
775
13. Provisions for liabilities
2025
2024
£'000
£'000
Other Provision
2,895
—
Onerous lease provision
2,221
33
5,116
33
Other
provision
Dilapidations
provisions
Total
£'000
£'000
£'000
At 1 January 2025
—
33
33
Charged to profit and loss account – cost of sales
2,895
1,136
5,131
Utilised in the year
—
(48)
(48)
At 31 December 2025
2,895
1,121
5,116
The dilapidations provision is in respect of property leases. This is expected to be utilised over and at the end of the
remaining lease terms.
The other provision is in relation to a contract dispute. This is expected to be settled in 2026.
14. Deferred tax asset
Fixed asset
timing
differences
Provisions
Other timing
differences
Total
£'000
£'000
£'000
£'000
At 1 January 2025
767
(37)
25
755
Credited to statement of comprehensive income during year
(6)
—
(25)
(31)
At 31 December 2025
761
(37)
—
724
Page 24
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
14. Deferred tax asset (continued)
2025
2024
£'000
£'000
Deferred tax asset/(liability) comprises:
Fixed asset timing differences
761
767
Provisions recognised
(37)
(37)
Other timing differences
—
25
Balance at 31 December
724
755
The Company has recognised deferred tax assets in full.
On 10 June 2021, Finance Act 2021 gained Royal Assent and included provision for the main rate of UK corporation tax to
increase to 25% on 1 April 2023. All deferred tax assets have been measured at a rate of 25% (2024- 25%).
15. Share capital
2025
2024
£'000
£'000
Balance at 31 December
Authorised:
40,030,001 Ordinary shares of £1 each
40,030
40,030
Called up, allotted and fully paid:
Ordinary shares of £1 each
40,030
40,030
16. Contingent liabilities
As a member of the Amey UK Limited Group of Companies, the Company is a participator in bank account pooling
arrangements, Group VAT registrations and HMRC UK Corporation Tax Group Payment arrangement and is jointly and
severally liable with other group companies for the total Group balances outstanding. At 31 December 2025, the only net
liability was £47,229,360 ( 2024 - £41,084,194) in respect of VAT.
Losses, for which no provision has been made in these financial statements, which might arise from litigation in the normal
course of business are not expected to be material in the context of these financial statements.
There were no other contingent liabilities at 31 December 2025 or at 31 December 2024.
17. Capital commitments
The Company had no capital commitments at 31 December 2025 or at 31 December 2024.
Page 25
Amey Group Services Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
18. Controlling parties
The immediate parent undertaking is Amey Limited.
The ultimate parent undertaking, the ultimate controlling party and the largest group to consolidate these financial
statements is Project Ardent Bidco Limited.
The Company is wholly owned by both the immediate and ultimate parent undertaking.
The parent of the smallest group in which these financial statements are consolidated is Amey UK Limited, incorporated in
England and Wales.
Copies of the Project Ardent Bidco Limited or Amey UK Limited consolidated financial statements can be obtained from the
registered office as follows:
The Company Secretary
Chancery Exchange
10 Furnival Street
London EC4A 1AB
United Kingdom