The directors present the strategic report for the year ended 31 March 2026.
The company operates as a non-trading holding company. Its subsidiaries provide environmental and critical infrastructure services to the fuel and energy sector across the UK and Ireland, serving customers in markets where compliance, safety, reliability and technical capability are critical.
The directors are pleased to report another strong year of growth for the group, demonstrating the resilience of the business model and the continued execution of its strategic plan. Turnover increased by 15.2% to £17,674,024, reflecting the full-year contribution from the FY25 acquisitions of Corroguard and Greenarc Electrical, alongside strong organic growth. Performance was supported by a continued focus on customer service, operational excellence and the expansion of LCM’s service offering and technical capability. Gross profit increased by £854,641 (+16.6%), supported by disciplined commercial management, while gross margin remained robust at 38.0% (2025: 38.2%), reflecting the mix of service lines delivered during the year.
The directors consider EBITDA to be the most relevant measure of underlying business performance. EBITDA increased by £366,222 (+14.9%) to £2,828,267 in the reporting period, with EBITDA margin maintained at 16.0%. This consistency demonstrates the group’s ability to scale while maintaining operational discipline. Reconciliation of EBITDA to operating profit is provided through the add-back of depreciation and amortisation charged in the year (see note 4).
The group closed the year with net assets of £5,204,297 (2025: £3,912,142) and operating cash flow of £1,617,435 (2025: £1,594,419). After financing and investing activities, the group increased its cash position by £1,043,825. This strengthened balance sheet and cash generation provide a solid platform to support continued investment, strategic acquisitions and future growth.
The group considers its key performance indicators to be:
| 2026 | 2025 |
| £000 | £000 |
Turnover | 17,674 | 15,340 |
Gross profit | 6,720 | 5,865 |
Gross profit margin | 38.0% | 38.2% |
EBITDA | 2,828 | 2,462 |
EBITDA margin | 16.0% | 16.0% |
These KPIs are monitored monthly and shared with stakeholders, providing clear visibility of trading performance, margin progression and cash generation.
The directors actively monitor the principal risks and uncertainties associated with the group’s markets and operations. The group’s approach is focused on maintaining strong governance, operational resilience and disciplined financial management.
Legal and regulatory
The group operates in a highly regulated industry and in potentially hazardous environments. Health, safety and environmental risk are therefore treated as strategic priorities. These risks are managed through a suitably qualified health and safety team, robust operational controls and experienced management teams with deep sector expertise.
Credit risk
Credit risk is principally connected to trade debtors and the collection of balances owed. The group manages this exposure through credit rating software, customer experience, active debtor management and close monitoring of cash receipts, supporting disciplined working capital control.
Competition
Competition remains a feature of the markets in which the group operates. The group mitigates this risk by developing long-term customer relationships, maintaining high standards of service delivery and investing in operational excellence. Continued diversification of services and geographies further strengthens the group’s competitive position.
Macro-economic risks
Macro-economic factors, including interest rate movements, inflation, recessionary pressures and credit market conditions, could affect the group’s cost base, access to finance or sales opportunities. The group manages these risks through close cost control, regular review of its sales pipeline and disciplined execution of its strategic plan.
Following the year end, the group completed a number of acquisitions, supported by its banking partners, as it continued to execute its growth strategy.
Octane Holdings Group Limited, Octane Draincare Limited, Petro Systems Limited and Environmental Construction Services Limited have all joined the LCM Group. These acquisitions increase geographical reach, broaden technical capability and expand the customer base, creating further opportunities for cross-selling and operational synergies.
The directors consider the group to be well positioned for sustained and scalable growth. The business benefits from strong recurring revenues, a broader service platform, increased cross-selling opportunities and a proven acquisition strategy. The group will continue to seek opportunities to grow in both new and existing markets while maintaining its focus on margin quality, cash generation and operational excellence.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2026.
The results for the year are set out on page 9.
No ordinary dividends were paid (2025: Nil). 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:
The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.
We have audited the financial statements of LCM Environmental Services Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 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 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
the matters discussed among the audit engagement team including significant component audit teams and involving relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Group's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.
Audit response to risks identified
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
in addressing the identified risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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 Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
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 £0 (2025 - £0 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
LCM Environmental Services Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Oil Depot, Wyre Street, Padiham, Lancashire, BB12 8DF.
The group consists of LCM Environmental Services Holdings 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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
During the financial period, the subsidiary assumed the trade, assets, and liabilities previously carried out by one of its own subsidiaries. This internal reorganisation has been accounted for as a transfer of trade within the group and does not constitute a business combination under applicable accounting standards.
The assets and liabilities transferred have been recognised at their carrying amounts at the date of transfer. No gain or loss has been recognised on the transfer, and no goodwill has arisen.
The prior year comparative amounts within the profit and loss account have been restated to reflect a revised classification of wage costs between direct and indirect categories.
During the current year, the company reviewed its presentation of staff costs and determined that certain wages previously classified as indirect are more appropriately classified as direct, in order to better reflect the nature of the costs and improve consistency with current year reporting.
Accordingly, the comparative figures have been re-presented on the same basis. This reclassification has had no impact on the overall profit for the year, net assets, or cash flows, but has affected the presentation within cost headings in the profit and loss account.
The consolidated group financial statements consist of the financial statements of the parent company LCM Environmental Services Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover 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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The nature and timing of satisfaction of performance obligations of the company's major sources of revenue are as follows:
Fuel asset management and Electrical solutions
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on sign off of works), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Fuel asset management services
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
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.
In the parent company financial statements, investments in subsidiaries 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.
Where a subsidiary’s trade and net assets are hived up into the parent company, the carrying value of the investment in the subsidiary is reviewed. To the extent that the investment relates to the net assets and trade transferred, a portion of the investment is reclassified to intangible fixed assets as goodwill.
The goodwill arising on hive-up is calculated based on the original acquisition date of the subsidiary and represents the excess of the consideration paid over the fair value of the identifiable net assets acquired at that date. The amount of goodwill transferred is adjusted for amortisation that would have been charged from the acquisition date to the date of the hive-up, in accordance with the Group’s amortisation policy of ten years. The accumulated amortisation from the date of acquisition to the date of hive up is recognised in reserves.
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.
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.
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.
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.
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.These judgements have been applied in the following areas, deferred tax and the useful lives of property, plant and equipment, the useful lives of intangible assets and impairment of fixed asset investments.
We do not foresee any of these judgements and underlying assumptions being of a key nature to the reporting of the financial statements.
Al turnover arose from the principal activity of the Group.
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:
During the year, the trade and net assets of Corroguard Ltd were hived up into the Subsidiary LCM Environmental Services Limited.
Subsequently, all companies hived up within the past 2 financial years were then dissolved post year end (LCM Coatings & Linings Ltd, Sprayglass International Limited and Corroguard Ltd.)
Details of the company's subsidiaries at 31 March 2026 are as follows:
During the financial period, LCM Environmental Services Limited assumed the trade, assets, and liabilities previously carried out by Corroguard Ltd. This internal reorganisation has been accounted for as a transfer of trade within the group and does not constitute a business combination under applicable accounting standards.
The assets and liabilities transferred have been recognised at their carrying amounts at the date of transfer. No gain or loss has been recognised on the transfer.
Subsequent to this, the previous subsidiaries of LCM Coatings & Linings Ltd, Sprayglass International Limited and Corroguard Ltd have been dissolved.
The amounts owed to group undertakings are not subject to any formal agreement, no interest is charged and there is no fixed repayment date.
Other debtors within the group and company include a balance of £11,756 that is due from shareholders. The balance represents a loan for the allotment of shares in the period. The loan is unsecured, interest free and repayable on demand.
The remaining balance in other debtors relates to funds held by a third party, for deposits made in advance of acquisitions.
The groups banker Barclays Bank PLC have three fixed and floating charges over the assets of the group and related companies by way of debentures.
The bank loan incurs interest at a rate of 3.25% above the Bank of England base rate, the full amount is due for repayment in March 2027.
Obligations under hire purchase agreements totalling are secured upon the assets to which they relate.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability is expected to unwind over the course their useful lives, an unknown amount is expected to reverse in the next period due to future capital expenditure offsetting the unwinding of the deferred tax liability.
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.
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. At the year end £21,138 (2025 - £16,457) was due to the scheme.
The company’s issued share capital comprises multiple classes of ordinary shares denominated in GBP, namely A Ordinary, B Ordinary, C Ordinary, and E Ordinary shares. Holders of B and C Ordinary shares are entitled to one vote per share, whereas A and E Ordinary shares carry no voting rights. All classes of shares rank pari passu in respect of dividend entitlements and capital distributions, including upon winding up, subject to the provisions of the Articles of Association. The declaration of dividends to one class does not confer entitlement to dividends on other classes. None of the shares are redeemable.
The company has an approved share option scheme for the benefit of key employees of the group.
The options were granted in August 2021 and December 2024 and will vest on satisfaction of the vesting conditions arising on an exit.
The number of options granted were 400,000 (2025 - 400,000) B Options, 663,854 (2025 - 663,854) C Options, 315,544 (2025 - 315,544) D Options and 10,014,353 (2025 - 10,014,353) E Options.
As the fair value of the shares can not be determined no value has been recognised in the financial statements.
During the year, the company repurchased and cancelled 164,338 C ordinary shares. In accordance with the Companies Act 2006, £164.34, being the nominal value of the shares cancelled, has been transferred to the capital redemption reserve. The reserve is non‑distributable.
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:
Subsequent to the year end, the Group completed a number of acquisitions.
On 2 April 2026, the Group acquired 100% of the share capital of Octane Holding Group Limited and its subsidiary Octane Draincare Limited, UK-based providers of fuel infrastructure, drainage and environmental services. The acquisition forms part of the Group’s long-term strategy to strengthen its service offering and expand its national capabilities. It is expected to enhance the breadth and depth of the Group’s environmental and drainage services, strengthen its technical and engineering capabilities, and support increased nationwide coverage.
On 7 May 2026, the Group acquired 80% of the share capital of Petro Systems Limited, an Ireland-based provider of fuel systems and related infrastructure services. The acquisition reflects the Group’s strategy to strengthen its existing operations by incorporating an established business with a strong reputation and experienced workforce. It is expected to support the continued delivery of reliable, high-quality services while maintaining continuity of operations and building on the capabilities already in place.
On 8 May 2026, the Group acquired 100% of the share capital of Environmental Construction Services Ltd, a UK-based provider of environmental and construction services. The acquisition reflects the Group’s strategy to strengthen its existing operations by incorporating an established business with a strong reputation and experienced workforce. It is expected to support the continued delivery of reliable, high-quality services while maintaining continuity of operations and building on the capabilities already in place.
The acquisitions are expected to complement the Group’s existing operations and support its continued growth.
Deposits made in advance of these acquisitions totaled £5,000,000, to assist in the total consideration for the above entities of £10,285,000.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date: