The directors present the strategic report for the year ended 31 October 2025.
The Directors are satisfied with the results for the year under review that were in line with expectations. The Company is a holding company that has one subsidiary, the Group having been formed on 30 November 2019 and accounted for as a merger. The subsidiary, G&V Gallagher is a an established principal contractor delivering construction, civil engineering and utility infrastructure projects across a diverse range of industry sectors. Since its incorporation in 2017, the Company has achieved sustained growth by combining technical expertise, operational excellence and a commitment to long-term client partnerships.
Headquartered in Northamptonshire, the GVG Group is strategically positioned to serve a portfolio of blue-chip clients throughout the Midlands, East Anglia and the South East of England. The Group's reputation for quality, safety and reliability continues to underpin its success, enabling it to secure repeat business while expanding into new markets and service areas.
Business Review and Performance
The Directors are pleased to report another year of strong performance, with turnover increasing by over 23% compared with the previous financial year. This growth reflects the continued confidence of our clients, the successful execution of our strategic objectives and the dedication of our employees.
During the year, the Group continued to strengthen its leadership capability following the appointment of three additional Directors towards the end of the previous financial year. These appointments have broadened the Board's collective expertise, enhanced governance and strengthened the Group's ability to respond proactively to evolving construction technologies, client expectations and market opportunities.
Our business model is founded on collaborative working, early engagement and long-term relationships with our clients. This approach continues to generate a significant proportion of repeat business and has enabled the Group to successfully deliver a number of complex and technically demanding projects during the year. Every project was completed safely, on programme and to the high standards of quality expected by our clients, further reinforcing G&V Gallagher's reputation as a trusted delivery partner.
The Board also implemented a range of strategic initiatives to mitigate the effects of inflationary pressures experienced across the construction industry. Through disciplined commercial management, proactive procurement and effective cost control, the Group has protected its financial resilience whilst maintaining operational performance and service excellence.
Progress against our long-term growth strategy has continued throughout the year. By broadening the range of services provided to existing clients while simultaneously expanding our customer base, the Group has further diversified its revenue streams and strengthened its market position. This measured approach provides a strong platform for sustainable future growth.
Principal risks and uncertainties
The Board recognises that effective risk management is fundamental to the long-term success and sustainability of the business. Principal risks are reviewed regularly as part of the Group's governance framework, with appropriate mitigation strategies implemented to manage both operational and strategic risks.
Whilst the construction sector continues to face a challenging economic environment, the Directors believe the Group remains well positioned to respond effectively. Supported by a strong balance sheet, experienced management team and diversified client portfolio, G&V Gallagher has demonstrated resilience throughout periods of market uncertainty.
Economic conditions remain the most significant external risk facing the business. Inflationary pressures, labour availability, supply chain disruption and fluctuations in material costs continue to be monitored closely, with management taking proactive steps to minimise their impact on project delivery and profitability.
The Group enters the new financial year with a strong forward order book extending into 2026/27 and beyond, providing good visibility of future revenues. Continued investment in client relationships, operational capability and service diversification has enabled the business to further strengthen its position across both existing and emerging sectors.
There are a number of potential risks and uncertainties which could impact the Group’s performance, and these are considered by the Board on a regular basis. The Board of Directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and in the Group’s operations. The key risks affecting the business are as follows:
Operating Risk - The Group mitigates operational risk by maintaining exceptionally high standards of project delivery, technical expertise and customer service. Strong relationships with clients, suppliers and subcontractors enable the business to respond quickly to changing project requirements whilst maintaining quality and programme certainty.
Operational risk is further reduced through a diversified client base comprising a number of established market-leading organisations operating across multiple sectors. The Group continues to invest in its people, systems and operational processes to support future growth while maintaining the flexibility required to respond to changing market conditions
Market risk - The Group operates in a highly competitive marketplace and seeks to maintain its competitive advantage through service quality, technical capability, innovation and the professionalism of its workforce. Close engagement with clients, together with ongoing monitoring of industry trends, regulatory developments and wider economic conditions, enables management to identify emerging risks and opportunities at an early stage.
The Board remains committed to expanding the Group's client base and service offering whilst maintaining the high standards that have become synonymous with the G&V Gallagher brand.
Personnel Risk – the Group is a privately-owned business and places great emphasis on recruiting, training, rewarding and retaining high quality people. The Directors consider staff resourcing on a regular basis. We promote from within whenever we can to maintain the Group culture. We also embrace new people from elsewhere as they bring fresh ideas and the benefits of their experience. The Board have tried to ensure that the knowledge base of the operational management team is shared as much as possible throughout the Group.
Taxation risk -the Group is exposed to financial risks from increases in tax rates and changes to the basis of taxation including corporation tax and VAT. Principal controls to mitigate this risk include regular monitoring of legislative proposals and the engagement of experienced executives and the use of experienced sector-specific professional advisers to mitigate the impact of any changes and ensure compliance.
Financial Risk- the Group finances its operation through the generation of cash from operating activities. The financial risk management objectives of the Group in relation to financial instruments are set by the board of directors with a view to minimising exposure to price risk, credit risk, liquidity risk and cash flow risk. Financial monitoring, forecasting, and planning are ever present processes with the care taken to achieve a reasonable profit margin and investment in resources whilst maintaining delivery of a high-quality service to its clients - see also Financial instruments.
Information Technology – the Group relies heavily on systems to operate its business, ordering goods, paying suppliers, ensuring health and safety records are accurate, accounting and payroll. The risk of Cyber-attacks is ever present and an increasing risk to every business. Ensuring we have robust and up to date Cyber security measures and vigilant users is critical to the successful running of these systems, as well as employing appropriately skilled and experienced staff and external specialist support as required.
Economic risk - the Directors have identified and evaluated risks and uncertainties and have controls in place to mitigate these. Responsibility for management of each key risk is identified and delegated. The Group is exposed to the economic risks that could lower the Group's revenues and operating results in the future. However, actions continue to be taken to maximise the Group's performance in all aspects of the business.
The balance sheets on pages 12 and 13 of the financial statements show that the Group's and Company's financial position at the year end.
The Group regularly reviews a number of financial and non-financial key performance indicators at both Board and operational levels. The Group carries out monthly detailed reviews of each operational and support function at which all aspects of each business and key performance indicators are reviewed. The key financial and non financial performance indicators used to determine the progress and performance of the Group are set out below:
2025 2024
Turnover £19,759,542 £16,006,890
Gross profit £4,380,010 £3,603,376
Gross margin 22.2% 22.5%
Operating profit £2,860,760 £2,227,475
Operating profit as a % of sales 14.5% 13.9%
Net assets £9,855,905 £9,607,701
Net cash balance £2,545,342 £1,193,309
Market Share
The Group's subsidiary, G&V Gallagher Limited is a medium-sized privately owned construction company based in England. Although difficult to quantify the company is estimated to have a strong market share.
Cash measure
The net cash balance (cash and cash equivalents less borrowings) is a measure of the strength of the balance sheet and to confirm that the Group has the funds necessary to continue to fund its operations and to continue to grow organically.
At the year end, the Group had a net cash balance of £2,545,342 (2024: £1,193,309), an increase of £1,352,033 on the previous year.
The Group reviews non-financial KPIs on a regular basis in a number of areas:
Health, Safety & Environmental Commitment
The health, safety and wellbeing of our employees, subcontractors, clients and the communities in which we operate remain our highest priority. We are committed to maintaining the highest standards of health and safety across all aspects of our business, with a strong culture that promotes personal responsibility, continuous improvement and proactive risk management.
Health and safety is embedded within our day-to-day operations through robust management systems, regular training, effective supervision and ongoing performance monitoring. These measures have enabled the Group to maintain an excellent safety record while ensuring that projects are delivered safely, efficiently and in full compliance with all relevant legislation and industry best practice.
The Group is equally committed to minimising the environmental impact of its operations and supporting the transition to a more sustainable construction industry. Working collaboratively with our clients, suppliers and subcontractors, we continue to implement initiatives aimed at reducing carbon emissions, improving resource efficiency, minimising waste generation and maximising opportunities for reuse and recycling.
Environmental considerations are integrated into project planning and delivery, ensuring that sustainable practices form part of our decision-making process. The Board remains committed to continually improving the Group's environmental performance while supporting clients in achieving their own sustainability objectives.
Accreditations and memberships
The Group has been assessed and has achieved the following accreditations and has the following memberships:
ISO 9001: 2015 Quality Management System.
ISO 14001: 2015 Environmental Management System.
ISO 45001:2018 Health & Safety
PQS Health & Safety Approved - SSIP Core Criteria
Constructionline Gold Member.
SafeContractor Certificate of Approval
UVDB Certificate of Audit - Category B2 Audit
Achilles UVDB Certificate of Registration
The Directors are of the opinion that these certifications and accreditations will ensure the continued efficiency of its internal and external processes, and aid the Group's commitment to working towards health, safety and environmental best practice across the business.
Staff turnover – employees who leave and the reasons thereto.
Tenders - enquiry success rate for tenders and price estimates.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 October 2025.
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £1,900,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Objectives and policies
The Group's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to and from related and group companies. The main purpose of these instruments is to raise funds for the Group's operations and to finance the Group's operations. The Group's approach to managing other risks applicable to the financial instruments concerned is shown below.
Cash flow and liquidity risk
In respect of bank balances the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through an agreed payment policy. Strict payment terms are negotiated with the Group's customers which enables it to ensure that it is paid promptly once an application has been issued. This policy ensures that sufficient funds are available to meet amounts due to trade creditors.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding and the timely chasing of outstanding debt.
In respect of loans to and from related companies, these are unsecured, at an agreed rate of interest, with no fixed date for repayment.
The Directors remain confident in the Group's long-term prospects and are committed to delivering profitable, sustainable growth while maintaining the high standards of quality, safety and service that underpin the business.
The Group's growth strategy continues to focus on expanding its client base, increasing market share across its core sectors and securing a greater proportion of projects in the role of Principal Contractor. This strategic emphasis strengthens G&V Gallagher's position within the marketplace, enhances project delivery capabilities and provides opportunities to generate greater long-term value.
Building on the momentum achieved during the year, the Group will continue to broaden its service offering and pursue opportunities within both existing and emerging sectors. The Board believes that the Group's strong reputation, technical expertise and collaborative approach place it in an excellent position to respond to changing market conditions and capitalise on future opportunities.
The Directors remain confident that the Group's strategy of providing a comprehensive range of construction services, combined with its commitment to developing long-term partnerships with clients, will continue to improve operational efficiency, enhance profitability and support sustainable growth.
With a healthy pipeline of secured work, a strong balance sheet and an experienced leadership team, the Board's immediate focus is on successfully delivering recently secured projects, further strengthening client relationships and investing in the people, systems and capabilities that will support the Group's continued success in the years ahead.
The auditor, Goldblatts , is deemed to be reappointed under section 487(2) 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 GVG Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
the engagement partner ensured the engagement team had the appropriate competence, capabilities and skills to identify or recognise possible non-compliance with applicable laws and regulations.
we identified significant laws and regulations applicable to the company through discussions with directors, along with our commercial knowledge and experience of the construction sector in which our client operates.
we focused on specific laws and regulations which we consider may have a material effect on the financial statements or operations of the company, including the Companies Act 2006, taxation legislation, data protection, health and safety, and employment law.
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
have performed analytical procedures to identify any unusual variances
reviewed and tested journal entries and other adjustments to identify any unusual transactions
assessed judgements and assumptions used in determining the accounting estimates which could indicated any potential bias
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
reviewing disclosures in the financial statements and testing to supporting documentation.
reviewing meeting minutes where available
discussions with management regarding actual or potential litigations and / or claims.
reviewing correspondence with HMRC and other relevant regulators.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters which we are required to address
The financial statements for the year ended 31 October 2024, forming the corresponding figures of the financial statements for the year ended 31 October 2025, are unaudited as the directors claimed exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 £2,175,201 (2024 - £1,751,611 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
GVG Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.
The group consists of GVG Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
As from 30 November 2019, G&V Gallagher Limited is a wholly owned subsidiary of GVG Group Limited and the results of , G&V Gallagher Limited are included in the consolidated financial statements of GVG Group Limited which are available from Crossroads, Sywell Road, Holcot, NN6 9SN.
The consolidated group financial statements consist of the financial statements of the parent company GVG Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. 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 on the basis of work measured, valued and certified at the year end. The policies adopted for the recognition of turnover are as follows:
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
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.
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.
When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.
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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition is a key area of judgement especially in companies operating in the construction industry. Recognition of turnover and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.
The value of work completed at the balance sheet date is assessed by undertaking surveys and completing internal valuations on each element of works and in progress. Regular management reviews of contract work in progress are undertaken.
The age, nature and recoverability of all debtors and amounts recoverable on long term contracts are reviewed regularly by management and provisions made where appropriate.
The Directors have ensured that generally accepted industry practices and methodologies are followed by all relevant personnel and that accounting and quality management systems are regularly evaluated. Consistent procedures and management tools are in place to ensure that estimates are applied and results determined on a consistent basis.
Management regularly review intercompany balances for recoverability.
All sales were in the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The directors have opted to account for the company's investment in subsidiaries at cost less impairment as set out in the above accounting policies and in accordance with the FRS 102. The reason for choosing this method is that the subsidiary has always been privately owned and its shares have never been publicly traded.
Details of the company's subsidiaries at 31 October 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Other debtors falling due within one year include amounts due from related companies. The amounts are unsecured, interest-free, are repayable on demand and have no fixed repayment terms.
The amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
Other creditors falling due within one year include amounts due to related companies. The amounts are unsecured, interest-free, are repayable on demand and have no fixed repayment terms.
The following are the major deferred tax liabilities and assets recognised by the group and company:
Of the deferred tax liability set out above, £11,341 is expected to reverse within the next 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The company has one class of ordinary shares which carry no right to fixed income.
Operating lease commitments are in respect of three (2024: two) tenancy agreements for business premises lasting for a period of 12 months.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
The amounts outstanding are unsecured, repayable on demand and will be settled in cash.
Loans have been granted by the group to its directors as follows:
The maximum amount outstanding during the year was £25,000. The loan was unsecured and repayable on demand. Interest of £333 was charged at the rate of 2.25%.
These group accounts are available to the public from the company's registered office address at 17 Pennine Parade, Pennine Drive, London, NW2 1NT.