Company registration number 04546642 (England and Wales)
INFRASTRUCTURE GATEWAY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
INFRASTRUCTURE GATEWAY LIMITED
COMPANY INFORMATION
Directors
S L Draper
B Brownbill
C Maher
B Hayward
M L Horn
(Appointed 18 February 2026)
Company number
04546642
Registered office
Green Lane
Walsall
Staffordshire
WS2 7PD
Auditor
Moore
Oakley House
Headway Business Park
3 Saxon Way West
Corby
Northamptonshire
NN18 9EZ
INFRASTRUCTURE GATEWAY LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
INFRASTRUCTURE GATEWAY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

About IGL

IGL, one of the UK’s largest independent multi-utility infrastructure providers, currently serves residential housebuilders and commercial developers across the Midlands, east of England, the west and southwest. One of a select group of UK companies accredited under the Lloyds Register, and holding Multi Utility Registration Status, IGL is also in the top three providers of water connections to Ofwat appointed NAVs (New Appointments and Variations). Its independent status in the adoption market provides IGL with a strong unique selling proposition, allowing for more varied design and competitive tendering opportunities.

The company has a wide geographic client base, mainly in the residential housebuilding sector, with its principal activity being the design, installation and final connection of utility networks to dwellings on new developments.

The company continues to operate within a stable, reliable and well-regulated market environment. This regulatory consistency has supported the company’s ability to maintain strategic focus and deliver long-term value. As of the current reporting period, the company is not aware of any anticipated or proposed changes within the regulatory frameworks governing its operations that could have a material impact on its business activities, financial performance or strategic direction.

INFRASTRUCTURE GATEWAY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Performance

Gross margin percentage remains constant, mainly due to the added value provided through technical services and design facilities. This does, however, rely on a large amount of planning and technical skill. This involves having an increased number of skilled office-based staff, which has an effect on overheads.

For the year 2024-25, results have been impacted by several external factors:

- Due to continued uncertainty surrounding interest rates, mortgage rates remained elevated throughout 2024. This significantly reduced affordability for buyers, resulting in a turbulent housing sector and a considerable downturn in housing completions. As a professional organisation, IGL responded by maintaining project discipline, adjusting forecasts and working closely with partners to mitigate the impact of market volatility.

- Increased competition across the sector, alongside intensified client scrutiny on costs, led to a downturn in the prices IGL has been able to submit, driving down margin across key projects. By remaining trusted by its clients and supply chain, the company focused on delivering value through transparency, accurate costing and long-term collaboration rather than short-term gains.

- A pronounced shortage of skilled labour, particularly in specialist roles, drove further increase in labour costs—a trend expected to continue. In response, IGL has engaged in strategic workforce development and training initiatives, helping to create sustainable employment opportunities within the communities it serves. This reflects its community-focused approach and commitment to long-term industry resilience.

- Although inflation showed slight moderation compared to 2023/24, the continued rise in material, fuel and labour costs exerted significant pressure on gross margins. In addition, supply chain disruptions and global market volatility added complexity to procurement, scheduling and project delivery. Throughout these challenges, IGL maintained professionalism and adaptability, ensuring critical services and infrastructure remained on track for its clients.

- Unseasonal weather events, including prolonged heatwaves and severe storms caused unplanned interruptions in site activity, affecting productivity and timelines. Despite these disruptions, IGL’s teams acted swiftly and decisively, implementing contingency measures to minimise impact and safeguard both workers and local communities. These efforts underscore the company’s commitment to being an impactful and community-focused partner, even in unpredictable conditions.

- The full transition into the multi-utility market marked a significant strategic evolution for IGL. As asset owners increasingly fund projects through ongoing revenue rather than upfront capital, the change in cash flow dynamics has become apparent. This has had a direct impact on working capital. Nevertheless, IGL has remained trusted stewards of financial discipline, ensuring its planning reflects the new funding landscape while continuing to meet obligations to clients, communities and partners.

- Lack of capacity within electrical Distribution Network Operator (DNO) networks, alongside the phasing out of natural gas, has had design and construction limitations across the country. The company has expanded its accreditations to include 33kV to facilitate larger and more complex electrical solutions for clients whilst partnering to explore and tender for large scale heat networks for key customers.

By consistently upholding its core values—demonstrating professionalism in every aspect of its operations, fostering trust through transparent and accountable partnerships, delivering impactful outcomes that drive long-term value, and maintaining a deeply community-focused approach—IGL has navigated the complexities of 2024 with resilience, agility and purpose. These guiding principles have not only shaped its response to an evolving economic and industry landscape but have also reinforced its strategic direction as the company pursues sustainable, responsible growth in the years ahead.

INFRASTRUCTURE GATEWAY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
The Year Ahead

As we enter 2025, IGL is positioned to move forward with confidence, building on the lessons of a challenging year and laying the groundwork for long-term, sustainable success. With a clear strategic focus on growth, the company is committed to enhancing performance, strengthening resilience and creating value across every part of its business.

Secured contracts from both existing and new customers remain high, with strong conversion rates. IGL attributes this to its commitment to the strong customer service prevalent within the business, delivered from the top down. IGL’s senior leadership team is confident that, with the number of secured projects in the pipeline, the concentration on further process improvements over the coming year and via some measure of diversification, the company will continue to generate growth both in terms of turnover and profitability. Strong progress has been made expanding further into the EV and 11kV contracting market, delivering projects on time and on budget for several major supermarket chains and one of Europe’s leading EV charging station providers; this is a market which is continuing to grow for the company.

As part of South Staffordshire Plc, and alongside its partnership with Asset Partners, IGL is well-placed to tender and secure large scale land contracts of between 3,000 and 9,000 connection points per project.

A key priority for the year ahead is the successful implementation of a new regional operating structure, designed to bring greater agility, accountability and local insight to IGL’s operations. This shift will empower regional teams to respond more effectively to market dynamics, foster deeper client relationships and streamline delivery across diverse project portfolios. In parallel, it is introducing a new enterprise-wide financial management system to improve forecasting, enhance reporting accuracy and support better decision-making. This new software will provide increased visibility of project-level financials, strengthen internal controls and allow for more proactive and professional financial stewardship at every level of the organisation.

The company will continue to engage with new entrants into the market, promoting its strong ethic towards training and development of employees. IGL prides itself on providing a great place to work, with rewards and numeration in line with, or above, that of market expectations.

In the face of ongoing economic pressures, IGL will continue to approach commercial decisions with care, balancing cost discipline with long-term growth ambitions. Its strategy is rooted in trusted partnerships, a skilled and empowered workforce and a culture of continuous improvement with adapted financial models to ensure and promote healthy cash flow.

Guided by its values—professional in our execution, trusted in our partnerships, impactful in its outcomes, and community-focused in its mission—IGL is confident in its ability to lead through change and unlock new opportunities in 2025 and beyond.

On behalf of the board

S L Draper
Director
21 August 2026
INFRASTRUCTURE GATEWAY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of the connection of utilities in construction.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S L Draper
B Brownbill
R O'Malley
(Resigned 25 June 2025)
C Maher
B Hayward
M L Horn
(Appointed 18 February 2026)
Auditor

The auditor, Moore, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
S L Draper
Director
21 August 2026
INFRASTRUCTURE GATEWAY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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). 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

INFRASTRUCTURE GATEWAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF INFRASTRUCTURE GATEWAY LIMITED
- 6 -
Opinion

We have audited the financial statements of Infrastructure Gateway Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

INFRASTRUCTURE GATEWAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF INFRASTRUCTURE GATEWAY LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

INFRASTRUCTURE GATEWAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF INFRASTRUCTURE GATEWAY LIMITED (CONTINUED)
- 8 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Amanda Etty (Senior Statutory Auditor)
For and on behalf of Moore
Chartered Accountants
Statutory Auditor
Oakley House
Headway Business Park
3 Saxon Way West
Corby
Northamptonshire
NN18 9EZ
21 August 2026
INFRASTRUCTURE GATEWAY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Year
Period
ended
ended
31 March
31 March
2025
2024
as restated
Notes
£
£
Turnover
2
25,977,007
26,699,984
Cost of sales
(17,061,190)
(18,725,771)
Gross profit
8,915,817
7,974,213
Administrative expenses
(5,888,108)
(6,586,144)
Other operating income
-
0
4,449
Operating profit
3
3,027,709
1,392,518
Interest receivable and similar income
6
14,216
43,177
Interest payable and similar expenses
7
-
0
(8,422)
Profit before taxation
3,041,925
1,427,273
Tax on profit
8
8,039
(239,294)
Profit for the financial year
3,049,964
1,187,979

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INFRASTRUCTURE GATEWAY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
10
162,156
207,290
Current assets
Stocks
11
873,835
735,027
Debtors
12
26,963,487
19,945,561
Cash at bank and in hand
3,819,776
2,745,196
31,657,098
23,425,784
Creditors: amounts falling due within one year
13
(21,970,745)
(16,826,490)
Net current assets
9,686,353
6,599,294
Total assets less current liabilities
9,848,509
6,806,584
Provisions for liabilities
Deferred tax liability
14
38,826
46,865
(38,826)
(46,865)
Net assets
9,809,683
6,759,719
Capital and reserves
Called up share capital
16
213
213
Share premium account
15,898
15,898
Capital redemption reserve
150
150
Profit and loss reserves
9,793,422
6,743,458
Total equity
9,809,683
6,759,719

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 21 August 2026 and are signed on its behalf by:
S L Draper
Director
Company registration number 04546642 (England and Wales)
INFRASTRUCTURE GATEWAY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 January 2023
213
15,898
150
7,264,273
7,280,534
Adjustment in relation to revenue recognition
-
-
0
-
0
(1,651,923)
(1,651,923)
As restated
213
15,898
150
5,612,350
5,628,611
Period ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,187,979
1,187,979
Dividends
9
-
-
-
(56,871)
(56,871)
Balance at 31 March 2024
213
15,898
150
6,743,458
6,759,719
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
3,049,964
3,049,964
Balance at 31 March 2025
213
15,898
150
9,793,422
9,809,683
INFRASTRUCTURE GATEWAY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
966,136
1,866,151
Interest paid
-
0
(8,422)
Income taxes refunded/(paid)
139,800
(632,159)
Net cash inflow from operating activities
1,105,936
1,225,570
Investing activities
Purchase of tangible fixed assets
(45,195)
(167,319)
Loans made to other group entities
-
(3,342,658)
Directors loan movements
(377)
757
Interest received
14,216
43,177
Net cash used in investing activities
(31,356)
(3,466,043)
Financing activities
Dividends paid
-
0
(56,871)
Net cash used in financing activities
-
(56,871)
Net increase/(decrease) in cash and cash equivalents
1,074,580
(2,297,344)
Cash and cash equivalents at beginning of year
2,745,196
5,042,540
Cash and cash equivalents at end of year
3,819,776
2,745,196
INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

Infrastructure Gateway Limited is a private company limited by shares incorporated in England and Wales. The registered office is Green Lane, Walsall, Staffordshire, WS2 7PD.

1.1
Reporting period

The period reported on in these financial statements is 12 months in length. The previous period reported on was 15 months in length, to account for the change in the group reporting. Therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Basis of preparation

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 a mounts 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.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Design, installation and final connection of utility networks

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Design, installation and final connection of utility networks

Where the outcome of a construction contract can be measured 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.

When 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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Plant and machinery
25% straight line
Fixtures and fittings
33% straight line
Computer equipment
33% straight line

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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

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 lease s asset are consumed.

INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Connection of utilities in construction
25,977,007
26,699,984
2025
2024
£
£
Other revenue
Interest income
14,216
43,177
3
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
23,500
22,500
Depreciation of tangible fixed assets
90,329
99,614
Operating lease charges
505,893
516,997
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Direct
3
5
Administration
78
64
Total
81
69

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,462,985
3,589,058
Social security costs
366,745
730,138
Pension costs
97,084
116,492
3,926,814
4,435,688
INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
289,601
303,865
Company pension contributions to defined contribution schemes
22,091
33,850
311,692
337,715

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
156,526
168,887
Company pension contributions to defined contribution schemes
11,818
17,417
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
14,216
43,177
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
14,216
43,177
7
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
9,208
Other interest
-
0
(786)
-
0
8,422
INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
224,172
Deferred tax
Origination and reversal of timing differences
(8,039)
15,122
Total tax (credit)/charge
(8,039)
239,294

The actual (credit)/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:

2025
2024
£
£
Profit before taxation
3,041,925
1,427,273
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
760,481
356,818
Tax effect of expenses that are not deductible in determining taxable profit
22,368
20,647
Adjustments in respect of prior years
-
0
439,211
Effect of change in corporation tax rate
-
0
(3,130)
Other non-reversing timing differences
(1,307)
(3,311)
Group relief free of charge
(789,581)
(570,941)
Taxation (credit)/charge for the year
(8,039)
239,294
9
Dividends
2025
2024
£
£
Interim paid
-
0
56,871
INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
10
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
61,792
86,605
61,402
574,238
784,037
Additions
-
0
43,881
-
0
15,311
59,192
Disposals
-
0
(16,629)
-
0
(346,348)
(362,977)
At 31 March 2025
61,792
113,857
61,402
243,201
480,252
Depreciation and impairment
At 1 April 2024
38,757
53,926
61,048
423,016
576,747
Depreciation charged in the year
6,179
10,782
354
73,014
90,329
Eliminated in respect of disposals
-
0
(2,632)
-
0
(346,348)
(348,980)
At 31 March 2025
44,936
62,076
61,402
149,682
318,096
Carrying amount
At 31 March 2025
16,856
51,781
-
0
93,519
162,156
At 31 March 2024
23,035
32,679
354
151,222
207,290
11
Stocks
2025
2024
£
£
Raw materials and consumables
873,835
735,027
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
11,299,082
4,977,073
Corporation tax recoverable
-
0
19,405
Amounts owed by group undertakings
7,214,222
6,988,508
Other debtors
294,766
276,394
Prepayments and accrued income
8,155,417
7,684,181
26,963,487
19,945,561
INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,328,139
2,821,978
Amounts owed to group undertakings
39,424
9,054
Corporation tax
120,395
-
0
Other taxation and social security
113,061
100,679
Other creditors
96,630
9,850
Accruals and deferred income
18,273,096
13,884,929
21,970,745
16,826,490
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
41,100
48,628
Short term timing differences
(2,274)
(1,763)
38,826
46,865
2025
Movements in the year:
£
Liability at 1 April 2024
46,865
Credit to profit or loss
(8,039)
Liability at 31 March 2025
38,826

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
97,084
116,492

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
213
213
213
213

Ordinary £1 Shares confer one vote per share held. Shares rank equally for voting purposes, for any declaration of dividend and for distribution rights on a winding up of the company.

17
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
417,159
328,229
Within two and five years
595,072
591,250
In over five years
385,000
495,000
1,397,231
1,414,479
INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2025
2024
£
£
Other related parties
25,319
37,678

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
39,424
44,509

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
7,214,576
7,023,963
Other related parties
263,280
251,602
19
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors' loan
-
-
377
377
-
377
377
INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
20
Ultimate controlling party

The Company's immediate parent undertaking is The Gateway Group of Companies Limited.

The ultimate holding company at the year end was Selena Bidco Ltd, registered in Jersey.

The C ompany's financial statements are consolidated into South Staffordshire Plc, being the smallest UK group preparing consolidated accounts, and can be obtained from the Company's registered office, Green Lane, Walsall, West Midlands, WS2 7PD.

The largest UK group preparing consolidated accounts is controlled by Hydriades IV Limited, and can be obtained from the Company's registered office, Green Lane Walsall, West Midlands, WS2 7PD.

Largest group
Hydriades IV Limited
Smallest group
South Staffordshire Plc
21
Cash generated from operations
2025
2024
£
£
Profit after taxation
3,049,964
1,187,979
Adjustments for:
Taxation (credited)/charged
(8,039)
239,294
Finance costs
-
0
8,422
Investment income
(14,216)
(43,177)
Depreciation and impairment of tangible fixed assets
90,329
99,614
Movements in working capital:
Increase in stocks
(138,808)
(44,193)
Increase in debtors
(7,036,954)
(1,301,018)
Increase in creditors
5,023,860
1,719,230
Cash generated from operations
966,136
1,866,151
22
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,745,196
1,074,580
3,819,776
INFRASTRUCTURE GATEWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
23
Prior period adjustment

During the year, the directors performed a review of revenue recognition in respect of long-term project contracts in the two prior reporting periods, being period ended 31 March 2024 and year ended 31 December 2022. Following this review, it was concluded that a restatement in relation to the timing of revenue recognition was appropriate.

The adjustment of £3,408,764 is as follows:

£1,756,841 in period ended 31 March 2024

£1,651,923 in year ended 31 December 2022

The directors have reviewed the processes surrounding project progress assessments and have implemented enhanced review controls.

Reconciliation of changes in equity
1 January
31 March
2023
2024
£
£
Adjustments to prior year
Revenue
-
(3,408,764)
Equity as previously reported
7,280,534
10,168,483
Equity as adjusted
7,280,534
6,759,719
Analysis of the effect upon equity
Profit and loss reserves
-
(3,408,764)
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Revenue
(1,756,841)
Profit as previously reported
2,944,820
Profit as adjusted
1,187,979
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