The directors present the strategic report for the year ended 31 December 2025.
Strategy and Objectives
The directors’ objectives for the Group have been and remain to:
Devise and implement strategies which enhance the protection of, and organically grow, shareholders assets
Maintain focus on embedding the profitability of the construction operations and identifying strategies that best provide those operations with a sustainable future
Identify potential changes in market conditions and respond with strategies which capitalise on opportunities balanced by the necessary control of financial risk
Continue developing the skills and competencies of its employees to boost the scope and quality of the services provided by the company and to satisfy client requirements
Utilise the asset base and develop it in a sustainable and profitable manner
Align the business to support and meet the UK’s targets and ambitions concerning net-zero and our sustainability obligations for current and future generations
Operational structure
The Group, headquartered in York, has historically combined several operations within one entity: construction, property development and property & farm estate management.
Within the construction operations there are sub-divisions of construction type: traditional one-off, framework, design & build, small building improvement and alteration works. The size range of construction projects within the Company’s scope is £12 million down to £100,000 and the geographical range is centred on Yorkshire, extending into neighbouring counties. Institutional customers have predominantly been in the educational, health and local authority residential sectors; with heritage, leisure and a limited exposure on commercial projects featuring among the private and charitable sectors’ workloads. The diversity in size, type and location of contracts undertaken allows the Group to maximise its usage of capacity and resources to smooth out fluctuations within differing pipelines of contract types.
The equipment and vehicle hire operation functions as a cost neutral service for the benefit of the business’s own construction sites. Investment in the equipment and vehicle fleet is undertaken where this will improve efficiency, commercial and environmental performance.
The property development operations boost turnover and have added a strong asset base, offering clients enhanced services on design and construction projects. This additional workload within our programming control also allows the directors to more effectively balance our resource availability to meet all customers’ needs. A cash balance has always been maintained by the Group to allow speedy response where clients have an immediate need for premises to enhance their operations, this also provides the cash necessary to carry out enabling works on new development sites.
Market trends
The perennial fluctuating fortunes of the construction sector were reflected in the contrasting trends the Industry experienced in closing-out of 2024. There had been a 1% increase in activity within Q3 2024 which continued a trend from Q2. Though Q4 then experienced a significant slowdown in overall contract awards – 30% in total across Q3 & 4 – but a slight (0.2%) uplift in overall activity in the last quarter of the year.
These fluctuating indicators fed into the new 2025 year though were slightly contrasted by reasonable optimism, amongst commentators, of increased activity to come in 2025. Our primary business sector, which is within repair + maintenance, was second-only in improving growth, to infrastructure works; with residential the Industry’s weakest sector.
In February/March 2025; there was reporting of 0.4% growth in activity; though there was increasing concern that the principal sector, infrastructure, which had supported/driven the rest of the Industry in previous few years, was itself suffering a mini-slump. As 2025 Q1 activity moved into the Spring; commentators were forecasting 2yrs of positive growth with 2.1 & 4.0% respectively for years 2025 & 26. Such forecasts did though hold challenges; in particular for large projects (+£100m) which were forecast to appreciable reduction in numbers; which compared unfavourably to smaller projects increasing (12% year-on-year) which of course is where our market/customers reside and so has been more positive news for the business.
Customers were increasingly delaying their decision to bring projects to market; which of course heightens uncertainty. And the end of Q2 2025 resulted in the fourth consecutive Q decline in UK construction activity. On balance nevertheless, there remained optimism within the Industry about the prospects for the next 12 months; with around 40% of construction companies forecasting a rise in output, while only 18% predict a decline.
Construction analysts maintained a longer-term view that the Industry, in comparison to some other sectors, had retained it’s resilience; and despite the challenges was expected to grow over the coming 3 years up to 2028.
It is not surprising that taken-on all of the above trends and forecasts that the Industry resorted to reporting that future construction activity was simply proving too difficult to predict due to the contrasting data.
Optimism has been tempered; with the obvious head-winds of conflict around the globe, US protectionist attitudes and closer to home skilled labour shortages which were yet to be addressed adequately by the Industry or Government. Again this was contrasted by slightly more positive signs for the UK economy with the closing of 2024 seeing lower inflation at around 2.3% and the expectation of interest rates to drop toward 4.5%
Forecasts indicating a bumpy but nevertheless growing construction activity relied upon Government investment in UK infrastructure, housing and energy; as well as addressing the Industry’s skills gap. Global conflicts, oil prices and trade tariffs remained the threat throughout 2025.
Leading into 2026; growth in the Industry was expected to see residential and commercial offices to join infrastructure as the driving forces behind construction output. Major infrastructure projects such as Transpennine Rail Upgrade and Heathrow Third runway were needed to come more on-stream.
The sector is reporting that overall there are 200,000 new skilled workers required to meet the 5yr housing targets; and 47,000 additional workers every year to meet our entire Industry’s growth. Both our company and the Industry are struggling to meet skilled recruitment needs; with such being hampered by the cut-back in expenditure from the CITB training levy.
A notable feature of 2025 performance has been the reduction in turnover while simultaneously increasing the Operating Profit margin from 4.8% to 5.7%, and as a result maintaining a similar profitability in cash terms.
Tendering has seen increased levels of competition throughout the year combined with a hesitancy amongst clients to commit to projects, resulting in lower levels of tender awards and consequently turnover. However, this has been offset to a degree by building a stronger enquiry pipeline and garnering increased numbers of negotiated tender opportunities.Overall, contracts have been delivered very successfully with even the more challenging ones avoiding losses and thereby still adding to the overall profitability of the business.
There has been a slight fall in employee numbers matching the reduced turnover, but there are concerns that, if and when there is an upturn in business levels, the pool of available and suitable candidates to appoint within the industry is very restricted.
Property has performed well with increases in rental levels as a result of strong demand in the smaller sized industrial property sector, although one or two properties have proved difficult to relet because of certain areas of market weakness.
After many decades of effort by the business, another 19 acres of ex-airfield land has been scheduled for employment use within the finally agreed York Local Plan. This will require significant resources to develop efficiently. The consequent uplift in property value has been recognized and adds to our existing bank of land retained for future development purposes.
The directors have spent much time throughout the year working on a detailed strategy to ensure the long-term sustainability, culture, and reputation of the William Birch & Sons construction business that is consistent with shareholders’ aims.
Turnover reduced during the period to £18.2m; however, this was accompanied by a 0.9% increase in margin, reflecting improved profitability and operational efficiency.
The pre-construction team successfully strengthened the opportunity pipeline, increasing its value from an average of £68 million at the beginning of the financial year to £100 million by year-end.
During the period, we delivered over £5.5m of negotiated work on site, representing a 30% increase compared with the previous year. In addition, we maintained visibility of a further £4.5m of negotiated opportunities within the pipeline.
Production teams have continued to improve project delivery via detailed programming, proactive resource planning/allocation, quality control & H&S management.
Early evaluation of project risk and it’s mitigation remain a priority of our commercial team; this is sometimes challenged by procurement timetables and increased supply chain vulnerability; in parallel customers’ consultant teams are equally pressed to contain costs within their client’s budgets.
Our company-wide robust risk management processes from preconstruction through delivery are continuing to increase margin opportunities and minimise potential risks.
Industrial property vacancies remain low within the small unit market with ready willingness to enter into lease renewals
The Company continues to work to its Carbon Reduction Plan; the 2024-2025 year has seen a 19% reduction in CO2 emissions in relation to the previous year and an overall saving of 37% from baseline.
Financial performance Indicators for the Group are:
| 2025 | 2024 |
Turnover | £18.2m | £24.1m |
Profit before tax | £1.6m | £1.2m |
Net assets at year end | £15.1m | £14.1m |
The business continues to receive unsolicited testimonials and letters of thanks for its operations. Our projects regularly gain industry awards, and they score highly on the Considerate Constructors Scheme’s assessments. We continue to maintain our PR, social media and communications profile and engage with and support our customers and local community alike.
The business continues to nurture employee wellbeing, relationships and cohesion with a constant focus on supporting employees through the mental first-aider cohort and the distribution of the monthly Business Updates. Encouragement is also given to our employees to participate in team challenges, charity/community volunteer days, and social events.
William Birch & Sons Ltd continues to be accredited for its Environmental Management Systems under BS EN ISO 14,001:2015 and for its Quality Assurance under BS EN ISO 9001:2015. The Company is committed to Net Zero Carbon by 2050 and is meeting the targets set in its Carbon Reduction Plan.
William Birch & Sons Ltd’s safety procedures continue to be accredited annually under the industry recognised CHAS safety assessment scheme, this year achieving the enhanced Elite level of compliance.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £150,000 in respect of 2024. The directors recommend payment of a final dividend amounting to £150,000.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Henton & Co LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of William Birch Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £199,798 (2024 - £29,127 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
William Birch Holdings Limited (“the Company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Link Road Court, Osbaldwick, York, North Yorkshire, YO10 3JQ.
The group consists of William Birch Holdings Limited and its subsidiaries, William Birch & Sons Limited and Brinkworth Rush Developments Limited. The subsidiaries are both private limited companies incorporated in England and Wales. The registered offices are that of the parent company.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from construction contracts is 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 considered probably.
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 probably that they will be recoverable.
Income from investment properties is recognised in the period in which the rents are due.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
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 if, and only if, there is 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.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Ordinary dividends were paid amounting to £150,000 in respect of 2024. The directors recommend payment of a final dividend amounting to £150,000.
During the year freehold property increased by £300,948 due to the transfer of land previously classified as investment property. The transfer reflects a change in use and has been recognised at carrying amount in accordance with FRS 102 Section 17.
Investment property comprises a varied portfolio of land and properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2025 by the Directors of the Company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Investment property with a carrying amount of £300,948 was transferred to freehold property during the year following a change in use. The transfer was made at carrying amount in accordance with FRS 102 Section 16.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
The reversal of deferred tax in the year commencing 1 January 2026 is not expected to be material.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.
This reserve records retained earnings and accumulated losses.
Included within profit and loss reserves are non-distributable profits, as set out below: