4,3851,9314,3851,93112,68112,68112,68112,681——Intangible assets amortisation was recorded as cost of sales in the income statement. The intangible asset arose on the acquisition of certain trades from fellow group undertakings in 2004 and was being amortised over 15 years.——————————————————————————————————————————————————————————————————————————————The Company leases properties. The average lease term is 16 years. The Company’s leasing arrangements do not have any variable payment mechanisms and no residual values have been ascribed to the leases.  The Company has not entered into any sale or leaseback type of transaction.————————————————————————————————————————————————————————Amey Public Services LLPHighways managementLimited liability partnership67Amey Roads (North Lanarkshire) LimitedHighways managementA' Ordinary shares67Amey Wye Valley LimitedHighways managementOrdinary shares80Nationwide Distribution Services LimitedHighways maintenanceOrdinary shares100————382————————————————————The contract loss and claims provision represent settlement agreements and estimated future losses arising from disputes and contract obligations.  Future loss provisions of £45,773,000 are held at 31 December, 2024.  Further information in relation to individual contracts has not been disclosed due to the commercial sensitivity of these matters.  The total provision also included provision made in prior years relating to the discounted settlement payments on the agreed exit from the Birmingham City Council Highways PFI Contract with £25,000,000 million remaining at 31 December, 2023, which was fully settled in January 2023.  The contract loss provision will be utilised over a period of up to fifteen years.  Contract loss provisions have been discounted at a rate of 3% per annum (2023: 3%).The hand back provision arises in respect of obligations arising on contracts where there is a contractual requirement to deliver assets to customers before the end of a contract with £6.4 million expected to be utilised within one year and the balance utilised over a period of up to eight years.————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 - £—).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.——9,720————————————————————————————————————————————————————————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 2025TrueFull accountsAuditedFRS 101FalseTradingTruePounds sterlingEnglish0TrueThe Workiva 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REGISTERED NUMBER: 04932529 (England and Wales)
Annual Report and
Financial Statements  for the year ended 31 December 2025
for
Enterprise (AOL) Limited
Enterprise (AOL) 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 22
Page 1
Enterprise (AOL) Limited
Company InformationAnnual Report and Financial Statements 2025
Company Information for the year ended 31 December 2025
Directors
P S Anderson
K J Jarvey
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
Enterprise (AOL) 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's principal activity during the year is the provision of public services. There have been no changes in the
Company's activities in the year under review.
Review of business and future developments
The statement of comprehensive income for the year is set out on page 10 and shows revenue of £1,000 (2024 - £132,000)
and a profit after tax amounting to £4,385,000 (2024 – a profit after tax of £1,931,000), all of which arose from discontinued
operations.
The Company saw a decrease in revenue of 99.2%. An operating profit of £603,000 arose reflecting the closing out of
contractual matters following the exit from the Company’s remaining contract in 2021.
The Directors do not expect the Company to obtain new contracts and accordingly the Company will not trade but will
remain active whilst it closes out residual contractual matters. After such time as residual contract matters are resolved, the
Company will become dormant.
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 Transport Infrastructure 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
Enterprise (AOL) 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 3 July 2026 and signed on its behalf by:
.........................................
A L Nelson
Director
3 July 2026
Page 4
Enterprise (AOL) 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:
P S Anderson
K J Jarvey
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
As discussed in note 2, as a consequence of the Company's principal contract coming to an end in 2023, the financial
statements are prepared on a basis other than going concern. This has no impact on the value of assets or liabilities on the
balance sheet at 31 December 2025.
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
Enterprise (AOL) 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 3 July 2026 and signed on its behalf by:
.........................................
A L Nelson
Director
3 July 2026
Page 6
Enterprise (AOL) 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
Enterprise (AOL) Limited
Independent auditor's reportAnnual Report and Financial Statements 2025
Independent Auditor’s report to the members of Enterprise (AOL) Limited
Opinion
We have audited the financial statements of Enterprise (AOL) 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.
Emphasis of Matter – Financial statements prepared on a basis other than Going concern
We draw attention to note 2 to the financial statements which explains that the entity has ceased trading and the directors
therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial
statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in
note 2. Our opinion is not modified in respect of this matter.
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.
Page 8
Enterprise (AOL) Limited
Independent auditor's reportAnnual Report and Financial Statements 2025
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.
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.
Page 9
Enterprise (AOL) Limited
Independent auditor's reportAnnual Report and Financial Statements 2025
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, management bias through judgements and
assumptions in significant accounting estimates and significant one-off or unusual transactions.
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.
.............................................
Justin Rodrigues (Senior Statutory Auditor)
For and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London, EC4M 7AU
3 July 2026
Page 10
Enterprise (AOL) 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
1
132
Cost of sales
602
465
Gross profit
603
597
Administrative expenses
—
(3)
Operating profit
603
594
Profit before interest and taxation
603
594
Finance income
6
5,484
1,992
Finance expense
7
(1)
(11)
Profit before taxation
8
6,086
2,575
Tax charge on profit
9
(1,701)
(644)
Profit for the year
4,385
1,931
Total comprehensive income for the year
4,385
1,931
The notes on pages 13 to 22 form part of these financial statements.
Page 11
Enterprise (AOL) Limited
Balance SheetAnnual Report and Financial Statements 2025
Enterprise (AOL) Limited (Registered number: 04932529)
Balance Sheet as at 31 December 2025
2025
2024
Note
£'000
£'000
Current assets
Debtors: amounts falling due within one year
10
69,428
65,525
Debtors: amounts falling due after more than one year
10
—
181
Cash at bank and in hand
3
82
Total Current assets
69,431
65,788
Creditors: Amounts falling due within one year
11
(1,594)
(2,337)
Net current assets
67,837
63,451
Total assets less current liabilities
67,837
63,451
Net assets
67,837
63,451
Capital and reserves
Share capital
13
51,800
51,800
Retained earnings
16,037
11,651
Shareholders’ funds
67,837
63,451
The financial statements were approved by the Board of Directors on 3 July 2026 and signed on its behalf by:
.........................................
A L Nelson
Director
3 July 2026
The notes on pages 13 to 22 form part of these financial statements.
Page 12
Enterprise (AOL) 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
51,800
9,720
61,520
Profit for the year
—
1,931
1,931
Total comprehensive income
—
1,931
1,931
At 31 December 2024
51,800
11,651
63,451
Share Capital
Retained
earnings
Total
£'000
£'000
£'000
At 1 January 2025
51,800
11,652
63,452
Profit for the year
—
4,385
4,385
Total comprehensive income
—
4,385
4,385
At 31 December 2025
51,800
16,037
67,837
The notes on pages 13 to 22 form part of these financial statements.
Page 13
Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
Notes to the Financial Statements for the year ended 31 December 2024
1. General Information
The principal activity of Enterprise (AOL) Limited (the Company) is the provision of public services. Its operations include:
managing and maintaining highways; street scene activities including waste collection and grounds maintenance; and
business services including facilities management and it operates principally in 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
Enterprise (AOL) 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
As a consequence of the Company's principal contract coming to an end in 2023, the financial statements are prepared on a
basis other than going concern. This has no impact on the value of assets or liabilities on the balance sheet at 31 December
2025. The directors have also assessed the impact of preparing the financial statements on a basis other than going
concern, and have noted that existing accounting policies for assets, liabilities, income and expenses as described in note
2, remain appropriate.
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
All revenue is accounted for under the requirements of IFRS 15 – Revenue from Contracts with Customers. Set out below
are specific details of the methods applied as part of this policy:
(i) General revenue recognition criterion
The first step for revenue recognition purposes is to identify the contracts and the performance obligations contained
therein. The number of performance obligations that a contract has will depend on the type of contract and the activity. In
general, the performance obligations that the Company engages in are satisfied over time and not at a specific point in time,
since the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the service
is performed.
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Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Revenue recognition (continued)
With respect to the method for recognising revenue over time (i.e. the method for measuring progress towards complete
satisfaction of a performance obligation), the Company has established certain criteria that are applied consistently for
similar performance obligations. In this regard, the method chosen by the Company to measure the value of goods or
services for which control is transferred to the customer over time is the output method; this method is applied provided
that the progress of the work performed can be measured on the basis of the contract and during its performance.
In contracts to provide different highly interrelated goods or services in order to produce a combined output, which is
habitually the case in contracts with a construction activity, the applicable output method is that of surveys of performance
completed to date (or measured unit of work), according to which revenue is recognised corresponding to the units of work
performed and on the basis of the price allocated thereto. Under this method, on a regular basis, the units of work
completed under each contract are measured and the corresponding output is recognised as revenue. Costs of work or
services projects performed are recognised on an accrual basis, and the costs actually incurred in completing the units
performed are recognised as an expense, together with those which, even though they are expected to be incurred in the
future, have to be allocated to the units of work completed to date.
Also, in routine or recurring service contracts (in which the services are substantially the same), such as maintenance and
cleaning services, which are transferred with the same pattern of consumption over time and whose remuneration consists
of a recurring fixed amount over the term of the contract (e.g. monthly or annual payment), in such a way that the customer
receives and consumes the benefits of the services as the entity provides them, the method selected by the Company to
recognise revenue is the time elapsed output method. Under this method, revenue is recognised on a straight-line basis
over the term of the contract and costs are recognised on an accrual basis.
Lastly, only in those contracts that are not for routine or recurring services and for which the unitary price of the units to be
performed cannot be determined, use of the stage of completion measured in terms of the costs incurred (input method) is
permitted. Under this method, the entity recognises revenue based on the proportion that costs incurred to date bear to the
total costs expected to be incurred to complete the work, taking into account the expected margins of the whole project per
the latest updated budget. This method involves measuring the proportion of the costs incurred in the work completed to
date to the total costs envisaged and recognising revenue in proportion to total expected revenue. Under this method, the
proportion that contract costs incurred bear to the estimated total contract costs is used to determine the revenue to be
recognised, by reference to the estimated margin for the entire term of the contract. As indicated above, this method is only
applied to complex construction or service contracts with a fixed price (“lump sum”) in which it is not possible to break
down the units produced and measure them.
(ii) Recognition of revenue from contract modifications, claims and disputes
Contract modifications are defined as changes in the scope of the work, other than changes envisaged in the original
contract, that may result in a change in the revenue associated with that contract. Modifications to the initial contract
require the customer’s technical and financial approval before billings can be issued and the amounts relating to the
additional work can be collected. The Company does not recognise the revenue from such additional work until the
customer’s approval has been obtained. In cases where the additional work has been approved but the corresponding
change in price has not been determined, the requirement described below for variable consideration is applied: namely, to
recognise revenue for an amount with respect to which it is highly probable that a significant reversal will not occur. The
costs associated with these additional units or services performed are recognised when incurred, irrespective of whether or
not the modification has been approved.
A claim is a request for payment or compensation from the customer (for example, for compensation, reimbursement of
costs, or a legally compulsory inflation review) that is made directly to the customer. The method followed by the Company
with respect to claims is to apply the method described above for modifications, when the claims are not covered by the
contract, or the method used for variable consideration, when the claims are covered by the contract but need to be
quantified.
A dispute is the result of a disconformity or rejection following a claim made to the customer under the contract, the
resolution of which is dependent on a procedure conducted directly with the customer or a court or arbitration proceeding.
Per the criteria followed by the Company, revenue relating to disputes in which the enforceability of the amount claimed is
questioned is not recognised, and previously recognised revenue is derecognised, since the dispute demonstrates the
absence of the customer’s approval of the work completed. If the customer only questions the price, revenue recognition is
based on the criterion applied in cases of variable consideration discussed below.
Only in those cases in which there is a legal report confirming that the rights under dispute are clearly due and enforceable
and that, therefore, at least the costs directly associated with the related service will be recovered, may revenue be
recognised up to the limit of the amount of the costs incurred.
Page 16
Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Revenue recognition (continued)
(iii) Variable consideration
If the consideration promised in a contract includes a variable amount, this amount is recognised only to the extent that it is
highly probable that a significant reversal in the amount recognised will not occur when the uncertainty associated with the
variable consideration is subsequently resolved.
(iv) Balance sheet items relating to revenue recognition: amounts recoverable on contracts/payments received on account
Unlike the method used to recognise contract revenue, the amounts billed to the customer are based on achievement of the
various milestones established in the contract and on acknowledgement thereof by the customer, which takes the form of a
contractual document called “certificate of completion” or “work order”. Thus, the amounts recognised as revenue for a
given year do not necessarily coincide with the amounts billed to or certified by the customer. In the case of contracts in
which the goods or services transferred to the customer exceed the related amount billed or certified, the difference is
recognised (as a contract asset) in an asset account called “Amounts recoverable on contracts” under “Trade and other
receivables”, whereas in contracts in which the goods or services transferred are lower than the amount billed to or certified
by the customer, the difference is recognised (as a contract liability) in a liability account called “Deferred income” under
“Trade and other payables”.
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.
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.
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.
Page 17
Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Financial instruments (continued)
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.
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.
Page 18
Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
2. Accounting Policies (continued)
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using either the weighted average
method or the first-in, first-out method as appropriate.
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.
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. Estimates taken into consideration for the purpose of recognising revenue from contracts with customers including most
notably those associated with:
• determining whether enforceable rights exist, in order to recognise revenue;
• determining whether a contract modification has been approved;
• establishing whether the conditions for recognising revenue for variable consideration are met;
• recognising revenue in relation to a claim or a dispute;
• establishing whether the contract includes one or several performance obligations, and determining the price allocable to
each of them;
• defining for each performance obligation the applicable method for recognising revenue over time, taking into account
that, based on the accounting policy established by the Company, the preferred method is the ‘survey of performance
completed to date’ output method (units of production or based on time elapsed), and the ‘stage of completion measured
in terms of costs incurred’ input model is applied in those cases in which the services provided are not routine and
recurring services, and in which the unit price of the units of work to be performed cannot be determined;
• in the case of contracts recognised using the survey of performance completed to date method, measuring the units
completed and the price that can be allocated thereto;
• in the case of contracts recognised using the ‘percentage of completion method’ input method, defining the costs
incurred relative to total contract costs, and the expected profit margin for the contract;
• determining whether to capitalise bidding costs and mobilisation costs;
• making estimates relating to the calculation of the provision for expected losses and deferred expenses including the
level of discount rate to be applied when calculating the provision; and
• the aim of the criterion described above is to provide the most faithful depiction of the transfer of performance
obligations.
2. The assessment of possible legal contingencies
3. The assessment of possible impairment losses on certain assets
4. 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.
Page 19
Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
4. Revenue
Revenue is wholly attributable to the principal activity of provision of public services. All revenue arises solely in the UK and
arose from closing out residual contractual matters.
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 other Directors, whose services are of a non-executive nature and who are also directors
of the Company's intermediate parent undertaking, Amey UK Limited, or of its fellow group undertaking, Amey Highways
Limited, are disclosed in those companies’ financial statements. Their remuneration is deemed to be wholly attributable to
their services to those companies.
6. Finance income
2025
2024
£'000
£'000
Interest receivable from fellow group undertakings
5,484
1,992
5,484
1,992
7. Finance expense
2025
2024
£'000
£'000
Other interest payable
1
11
1
11
8. Profit / Loss before taxation
The profit before taxation is stated after charging/(crediting):
2025
2024
£'000
£'000
Short term and low value lease rentals:
Land and buildings
(512)
512
Plant and machinery
8
(29)
IT licences and rentals
(8)
42
Cost of inventory recognised as an expense
(9)
233
The auditor’s remuneration is borne by Amey Group Services Limited, a fellow subsidiary undertaking of the Company, and
is not recharged. The allocation to the Company of the auditor’s fees, which are attributable solely to the audit of these
financial statements, is £13,000 (2024: £13,000).
Short term and low value lease rental charges include recharge of costs incurred by fellow group undertakings on behalf of
the Company.
Page 20
Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
9. Taxation
Analysis of tax charge
2025
2024
£'000
£'000
Current tax
Tax - UK corporation tax
—
—
Tax - Group relief
1,520
601
Total current tax charge
1,520
601
Deferred tax - current year charge
—
43
Deferred tax - adjustment in respect of prior periods
181
—
Deferred tax charge
181
43
Total tax charge in statement of comprehensive income
1,701
644
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
6,086
2,575
Tax on Profit calculated at standard rate
1,522
644
Effects of:
Other temporary difference
(2)
—
Adjustments to tax charge in respect of previous periods deferred tax
181
—
Tax expense
1,701
644
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. Trade and other receivables
2025
2024
Note
£'000
£'000
Amount falling due within one year:
Amounts owed by group undertakings
69,204
65,357
VAT
2
29
Other debtors
222
139
69,428
65,525
Amounts falling due after more than one year:
Deferred tax asset
12
—
181
—
181
Page 21
Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
11. Creditors
2025
2024
£'000
£'000
Creditors: amounts falling due within one year
Trade creditors
86
258
Amounts owed to other fellow subsidiaries/group undertakings of the Amey UK
Limited group
1,332
3
Other creditors
176
172
Accruals
—
1,904
1,594
2,337
12. Deferred tax asset
Fixed asset
timing
differences
Other timing
differences
Total
£'000
£'000
£'000
At 1 January 2025
181
—
181
Charged to income statement during year
(181)
—
(181)
At 31 December 2025
—
—
—
2025
2024
£'000
£'000
Deferred tax asset/liability comprises:
Fixed asset timing differences
—
180
Balance at 31 December
—
181
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%).
13. Share capital
2025
2024
£'000
£'000
Balance at 31 December
Authorised, called up, allotted and fully paid:
51,800,003 Ordinary shares of £1 each
51,800
51,800
14. 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 balance outstanding. At 31 Dec 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.
Page 22
Enterprise (AOL) Limited
Notes to the Financial StatementsAnnual Report and Financial Statements 2025
15. Capital commitments
The Company had no capital commitments at 31 December 2025 or at 31 December 2024.
16. Controlling parties
The immediate parent undertaking is Accord 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