The directors present the strategic report for the year ended 31 December 2025.
Tone Group is engaged in scaffold erection and other specialised construction activities. The group provides scaffolding, access, protection and temporary works solutions for construction, refurbishment, infrastructure, industrial, rail, airport, event and other complex operating environments.
The group’s core proposition is based on safety, technical capability, reliable delivery and the ability to design and install bespoke scaffold solutions for challenging projects. Its operations are supported by in-house design and engineering expertise, directly employed and trained personnel, specialist divisions and logistics capability.
For the year ended 31 December 2025, the directors consider that the group continued to operate in a demanding construction market, with customers placing emphasis on safety performance, programme certainty, cost control, skilled labour availability and compliance with increasingly rigorous site requirements.
Principal activities and strategy
The principal activities of the group are scaffold erection and associated specialised construction services. The group’s strategy is to maintain and develop its position as a trusted provider of safe, high-quality and technically capable scaffolding services to major contractors and customers operating in complex environments.
The strategic priorities for the business are:
maintaining excellent health, safety, environmental and quality standards;
delivering projects reliably and efficiently for both repeat and new customers;
investing in training, supervision and workforce capability;
using design, engineering and logistics capability to solve complex access and protection requirements;
protecting margins through disciplined tendering, cost control and operational planning; and
continuing to strengthen customer relationships and preferred supplier positions.
Key performance indicators
The directors monitor a range of financial and non-financial measures to assess the performance and position of the group. These include revenue, gross margin, operating profit, cash generation, working capital, order book, utilisation of labour and equipment, accident frequency, quality performance, customer satisfaction and staff retention.
Financial:
Turnover
Turnover has increased by 11.8% to £18,357,786 from £16,417,941 in the previous year.
Gross profit
The group's gross profit margin has decreased in the year to 41.3% (2024: 43.7%) and there has been an absolute increase in gross profit of £417,629.
Profit before tax
Profit before tax increased to £1,790,276 from £1,693,927 in the previous year.
Balance sheet
The balance sheet shows that the group's net assets at the year-end have increased from £7,468,119 to £8,000,846.
Cash flow
The group saw a net cash inflow during the year £1,050,995. (2024: cash outflow of £1,256,460).
Non-financial:
KPI area | Why it matters | 2026 focus |
Health and safety | Safety performance is fundamental to the company’s licence to operate and its reputation with customers. | Maintaining strong supervision, training, inspection and incident prevention processes. |
Revenue and order book | These measures indicate demand, customer retention and forward visibility. | Securing quality work with appropriate commercial terms and programme visibility. |
Margin and cost control | Profitability depends on accurate tendering, labour productivity, material control and project execution. | Monitoring project performance and managing inflationary pressures in labour, transport and materials. |
Cash and working capital | Strong cash management supports resilience and investment. | Controlling debtor days, contract variations and supplier payment commitments. |
People and capability | The business depends on skilled scaffolders, supervisors, designers, logistics teams and managers. | Recruitment, retention, apprenticeship pathways, refresher training and leadership development. |
Financial performance and position
The directors are satisfied that the group remained focused on sustainable trading performance during the year. The construction sector continued to experience pressure from labour availability, materials pricing, fuel and transport costs, customer procurement requirements and programme changes. The group sought to manage these pressures through careful tendering, cost monitoring, contract management and operational planning.
The group’s financial position should be read in conjunction with the financial statements. The directors continue to place emphasis on cash generation, credit control, working capital discipline and maintaining sufficient resources to meet the needs of the business.
Principal risks and uncertainties
The principal risks and uncertainties facing the group are considered by the directors as part of routine management and governance processes. The main areas of risk are set out below.
Health and safety risk: Scaffolding activity involves working at height and operating in live or complex environments. The company manages this through training, supervision, risk assessment, method statements, inspection regimes and a safety-led culture.
Market and customer demand: The construction market can be affected by interest rates, project delays, customer funding, planning decisions and wider economic confidence. The company seeks to mitigate this through a broad customer base and work across multiple sectors.
Labour and skills availability: The availability of qualified scaffolders, supervisors and technical staff remains critical. The company invests in training and aims to retain experienced personnel.
Cost inflation: Labour, materials, transport, insurance and compliance costs may affect margins. The company monitors costs closely and seeks to reflect risk appropriately in pricing and contract terms.
Operational delivery: Programme changes, access constraints, weather, site conditions and customer variations can affect efficiency. The company manages this through planning, project controls, communication and experienced supervision.
Credit and cash collection: Construction sector payment practices may create working capital pressure. The company monitors debtor balances, payment terms and contract administration.
Regulatory and compliance risk: The business operates in a regulated safety environment and must comply with employment, tax, transport, environmental and construction requirements.
People, safety and culture
The group’s employees are central to its ability to deliver safe and reliable services. The directors recognise the importance of attracting, developing and retaining skilled people and maintaining a culture in which safety, professionalism and accountability are embedded in day-to-day operations.
Training, competence, supervision and communication remain key priorities. The group continues to support ongoing development for operatives, supervisors, managers, designers and support staff, with particular focus on safe systems of work, site leadership and compliance with customer and industry standards.
Future outlook
The directors expect the construction and infrastructure markets to remain competitive during 2026, with continued emphasis on safety, technical competence, programme certainty and value for money. Demand for complex access, protection, rail, industrial, airport and specialist scaffolding services is expected to provide opportunities for well-managed providers with strong safety credentials and proven delivery capability.
The group’s priorities for the next financial year are to maintain high safety standards, protect profitability, strengthen operational efficiency, develop its workforce, maintain close customer relationships and continue to invest selectively in the capabilities required to deliver complex scaffolding projects.
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 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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;
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 Tone Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, 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 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include vehicle operating licences, transport regulations, health and safety legislation and employment legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £474,432 (2024 - £4,043,359 profit).
Tone Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is:
Nexus House
2 Cray Road
Sidcup
Kent
DA14 5DA
The principal place of business is:
Green Lane Sawmills
Green Lane
Outwood
Redhill
Surrey
RH1 5QP
The group consists of Tone Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Summary of disclosure exemptions
The company has taken advantage of the reduced disclosure exemption in accordance with FRS102 Section 1.12. This has resulted in the omission of;
Parent Statement of Cash Flows
Parent Profit and Loss Account
The consolidated group financial statements consist of the financial statements of the parent company Tone Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The group recognises revenue when:
the amount of revenue can be reliably measured;
it is probably that future economic benefits will flow to the entity;
the specific criteria have been met for each of the group's activities.
With regards to long term contracts, turnover is calculated at that proportion of total contract value which costs costs incurred to date bear to total costs expected for that contract.
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
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 subsequently 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 through 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.
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. 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 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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Dividends and contributions
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Contributions made by the company to the Employee Ownership Trust (the "EOT") to fund initial or deferred consideration due to the exiting shareholders are treated as distributions of profit. These contributions are made out of the company’s distributable reserves and are recognised as a direct reduction in equity within retained earnings when the liability to make the contribution becomes unconditional.
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.
Specifically, judgements and estimates are required in determining the useful economic lives of fixed assets and recoverability of applications for payment and trade debtors.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The group has nil (2024: £467,032) tax losses being carried forward.
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
During the year, the directors reviewed the carrying value of the investment in Media Structures Limited. Following their assessment an impairment loss of £1,135,712 has been recognised in the profit and loss account of Tone Group Limited.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Subsidiary undertakings
Tone Scaffolding Services Limited
The principal activity of Tone Scaffolding Services Limited is the provision of contract scaffolding.
Media Structures Limited
The principal activity of Media Structures Limited is the provision of specialist structures.
Austen Lewis
The principal activity of Austen Lewis Limited is that of a dormant company.
Group
Obligations under finance lease agreements with a carrying amount of £754,105 (2024: £881,986) are denominated in Sterling and accrue interest at a nominal interest rate of 2.6% to 9.7%. The final instalment of these liabilities is due on 31 August 2027.
Obligations under hire purchase and leasing agreements are secured against the assets concerned.
Repayments are made monthly consisting of both interest and principal.
Company
Obligations under finance lease agreements with a carrying amount of £754,105 (2024: £791,809) are denominated in Sterling and accrue interest at a nominal interest rate of 2.6% to 9.7%. The final instalment of these liabilities is due on 31 August 2027.
Obligations under hire purchase and leasing agreements are secured against the assets concerned.
Repayments are made monthly consisting of both interest and principal.
Group
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The amount of non-cancellable operating lease payments recognised as an expense during the year was £280,000 (2024 - £298,849).
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions:
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 Ordinary shares rank equally with regard to the company's residual assets.
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.
Enterprise Management Incentive (EMI) Scheme
In the previous period, the company had an EMI scheme which granted the option holder the right to acquire up to 7,500 shares. The options were exercised in the prior year.
Summary of transactions with subsidiaries
The company has taken advantage of the exemption in FRS 102 33.1A "Related Party Disclosures" from disclosing transactions with other members of the group.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
During the year, the group paid contributions totalling £1,025,567 (2024: £3,899,729) to the trustees of the Tone Group Employee Ownership Trust.
After the year end, further contributions totalling £679,716 were made to the EOT.