The directors present the strategic report for the year ended 31 December 2025.
The group delivers facilities management and concierge services across the United Kingdom through its operating subsidiaries.
During 2025 the group continued its strategic transformation, focusing on premium corporate workplace environments whilst simplifying legacy operations and strengthening central support functions.
The principal trading activity of the group is undertaken through Anabas (UK 2) Limited, which delivered strong organic growth during the year. Turnover increased to £57.2m (2024: £52.9m), while operating profit remained strong at £3.2m. The growth was driven by new client wins, the expansion of services to existing customers and continued high levels of client retention.
The group's strategy remains focused on delivering high-quality facilities management and workplace support services to premium office occupiers. The directors continue to invest in operational excellence, technology, employee engagement and service innovation to support long-term growth.
The Office Concierge Company Limited continued its transformation program. As anticipated, this resulted in lower activity levels than historically experienced, however the restructuring has produced a more focused business aligned with the wider group strategy and positioned for future growth.
Privee Limited remained a small specialist operation providing bespoke services to selected group clients. Activity levels remained modest during the year and the business continued to support broader group relationships.
Group profit after taxation for the year was £2.1m (2024: £2.2m).
Future Developments
Looking ahead, the directors remain confident in the prospects of the group. The focus for 2026 will be to continue the organic growth delivered by Anabas, embed the operational changes undertaken within The Office Concierge Company Limited and drive further efficiencies through investment in systems, technology and employee development. The directors believe the group is well positioned for sustainable long-term growth.
The principal risks facing the group include:
retention of major customer contracts;
recruitment and retention of skilled employees;
inflationary pressure on labour and subcontractor costs;
regulatory and compliance requirements;
cybersecurity and data protection risks; and
broader economic conditions affecting demand for workplace services.
The directors review these risks regularly and have implemented appropriate mitigation measures including robust contract management, client engagement programs, workforce development initiatives and ongoing investment in technology and compliance processes.
The directors monitor a range of financial and non-financial key performance indicators to assess the performance of the group and the effectiveness of its strategy. During 2025, group turnover increased to £57.2 million (2024: £52.9 million), reflecting continued organic growth, new client wins and the expansion of services provided to existing customers. Operating profit increased to £3.2 million (2024: £3.1 million), demonstrating the group's ability to maintain profitability whilst continuing to invest in operational improvements and transformation initiatives.
Operationally, the group continues to place significant emphasis on client retention, service quality and employee engagement. In its principal trading subsidiary, Anabas (UK2) Limited, the group achieved client retention of 99.5% during the year and maintained strong employee engagement levels, with an employee engagement score of 82%. The directors believe that high levels of client retention, employee engagement and service quality remain key indicators of the long-term health of the business and provide a strong platform for future growth.
I am aware of my "Section 172" duty to promote the success of the business. In promoting the success of the company I consider long term consequences and seek to act fairly, balancing the interests of customers, shareholders, employees, suppliers, business partners and others as detailed below.
Employee Engagement
The company recognises that its employees are fundamental to its success and is committed to fostering an inclusive, supportive, and engaging workplace. Throughout the year, we have taken steps to promote:
Employee Engagement: Regular communication is maintained through staff meetings, surveys, and one-on-one discussions to ensure employees feel valued and heard.
Well-being Initiatives: Employee well-being remains a priority, with access to mental health support and wellness programs which is accessible to all of our staff, and their immediate family members, in the strictest of confidence.
Monthly Business Update: The Managing Director hosts a monthly call to share key performance metrics, project highlights, and strategic initiatives with staff. This helps promote transparency, boost engagement, and keep everyone aligned with company goals.
Back to the Floor Days: Management actively shadows frontline employees for a day to experience their daily challenges, gain first-hand insight into operational pain points, and foster empathy. Following this, managers prepare reports on actionable improvements - addressing any difficulties and enhancing support for staff - so we can strengthen our service lines for clients and create a more engaging, responsive workplace.
Recognition Awards: We promote small decency awards throughout the Company, recognising that small decencies lead to great experiences. Each month, our Managing Director selects a "star of the month" during the business update call, and the most exceptional employee is honoured with the "star of the year" award!
Environment, Social and Governance
The Group continued to strengthen its Environmental, Social and Governance performance, with measurable progress across carbon reduction, workforce engagement, health and safety, responsible procurement and external assurance. The business remains focused on embedding ESG into day-to-day operations, supporting clients’ sustainability objectives and maintaining the high standards expected within premium corporate workplace facilities management.
Stakeholder Engagement
The company actively engages with key stakeholders to build strong, sustainable relationships:
Suppliers: We prioritise collaboration with environmentally responsible suppliers, reinforcing our commitment to sustainability and ethical sourcing.
Customers: Regular feedback mechanisms help us understand client needs, enhance service delivery, and ensure customer satisfaction.
Regulators & Industry Bodies: The company remains compliant with relevant laws and regulations, engaging proactively with regulators and industry organisations to uphold best practices.
By maintaining open communication and fostering strong relationships with employees, customers, suppliers, and regulatory bodies, the company continues to create a sustainable and responsible business environment.
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 11.
Ordinary dividends were paid amounting to £2,000,000. 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:
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the period to 31 October 2027. Whilst the group balance sheet presents a net liability position as at 31 December 2025, the directors are conscious that position arose as a result of accounting for the 2023 acquisition of Anabas (UK 2) Limited under merger accounting whereby no goodwill or other intangibles have been brought into the balance sheet. The Group had cash in the bank of £3.3m at 31 December 2025 and generated net cash inflows from operating activities of £3.6m in 2025 (£4.0m in 2024). Forecasts and budgets prepared for the trading subsidiaries for the period to 30 September 2027 indicate the group is expected to have sufficient funds to meet its debts as they fall due including the scheduled loan repayments to its parent company relating to the Anabas (UK 2) Limited acquisition which are disclosed in Notes 16 and 17. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2025 to 31 December 2025, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.
We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations. Subsidiaries that are not obliged to report their emissions in their individual financial statements have been excluded from the report, alongside emissions in relation to the parent company as the company has not consumed more than 40,000 kWh of energy in the reporting period.
Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’, using DESNZ's conversion factors as applicable. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m turnover.
Environmental Stewardship:
The group has made significant strides in enhancing environmental stewardship by expanding the use of renewable energy sources and reducing its carbon footprint.
The group has implemented an ongoing energy audit program to identify opportunities for optimizing energy consumption and has taken proactive steps to implement energy-saving measures across all facilities.
Energy Management:
The group continues to promote energy-efficient technologies at client sites, providing employee training and conducting energy-efficient audits.
The company supports clients in implementing energy-efficient technologies, with metrics such as energy consumption per square foot and percentage reduction in energy consumption being monitored to assess progress. The group continues to enhance its data collection on natural gas usage at its head office, resulting in reported Scope 1 emissions of 3.60 tonnes of carbon dioxide equivalent (tCO2e) . The head office in Darlington is powered by an entirely renewable source tariff for electricity.
Carbon Emissions Reduction:
The group is dedicated to reducing carbon emissions through its commitment to the Science-Based Targets Initiative (SBTi). The group has taken important steps such as developing and utilising toolkits to measure Scope 3 emissions, analysing business travel mileage, and collaborating with supply chain partners to collect their Scope 3 emissions data. To further support greenhouse gas reduction, the group offers employees environmentally friendly transport options, including an electric car programme and the Cycle to Work scheme. In addition, the group has partnered with a consultant to advance its sustainability goals.
Energy Efficiency and Compliance:
The group has fulfilled its obligations under the Energy Savings Opportunity Scheme (ESOS) by successfully completing and submitting its Phase 3 report to the Environment Agency. The company remains committed to advancing its energy performance and environmental responsibility, as demonstrated by ongoing efforts toward Phase 4 and its focus on continuous improvement.
We have audited the financial statements of Armonia UK 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 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 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 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement principal ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the group and company through discussions with directors and other management, and from our commercial knowledge and experience of the facilities management sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group and company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the group's remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the packs provided to those charged with governance during monthly meetings;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 £4,986,099 (2024 - £5,489,168 profit).
Armonia UK Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 38 Wigmore Street, London, W1U 2RU.
The group consists of Armonia UK 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 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Armonia UK Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
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.
Merger Accounting
The group has applied the merger accounting method under FRS 102 for the group reconstruction involving the transfer of Anabas (UK 2) Limited. Under this method the financial statements incorporate the results of the combining entities as if they had always been combined. The assets and liabilities of the acquired entities are recorded at their previous book values, and no goodwill is recognised. Any difference between the nominal value of shares issued and the net assets acquired is adjusted against the merger reserve.
This treatment was applied to the transfer of shares in Anabas (UK 2) Limited, whose registered office is 2 Pioneer Court, Darlington, County Durham, England, DL1 4WD, from Armonia SAS, whose registered office is 2 Rue du Capitaine Scott, 75015 Paris, France.
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 has adequate resources to continue in operational existence for the period to 31 October 2027. Whilst the group balance sheet presents a net liability position as at 31 December 2025, the directors are conscious that position arose as a result of accounting for the 2023 acquisition of Anabas (UK 2) Limited under merger accounting whereby no goodwill or other intangibles have been brought into the balance sheet. The Group had cash in the bank of £3.3m at 31 December 2025 and generated net cash inflows from operating activities of £3.6m in 2025 (£4.0m in 2024). Forecasts and budgets prepared for the trading subsidiaries for the period to 30 September 2027 indicate the group is expected to have sufficient funds to meet its debts as they fall due including the scheduled loan repayments to its parent company relating to the Anabas (UK 2) Limited acquisition which are disclosed in Notes 16 and 17. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration. Turnover is recorded at the value of the consideration due and is stated after trade discounts and net of VAT. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as 'Deferred income' and included as part of 'Creditors due within one year'.
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 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.
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.
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.
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 and loans from fellow group companies, 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. 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 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.
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.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
All of the group's turnover derives from UK activities
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 accruing benefits under defined contribution schemes was 1 (2024: 1)
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 carrying value of land and buildings comprises:
Details of the company's subsidiaries at 31 December 2025 are as follows:
Included within other borrowings above is a loan from the parent company for £654,232 (2024: £1,231,377). This loan is unsecured, repayable on demand and interest bearing at the higher of the Bank of England base rate and 1%.
Included within other borrowings above is a loan for £7,164,370 (2024: £7,664,423). This loan is unsecured and interest bearing at the higher of the Bank of England base rate and 1%.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
Included in other creditors are amounts totalling £30 (2024: £125,593) owing in respect of pension contributions.
The company has one class of ordinary shares which carry full voting rights, full rights to distributions and are non redeemable.
The merger reserve represents amounts arising on historic group reconstructions accounted for in accordance with the merger accounting and merger relief provisions of FRS 102 and the Companies Act 2006.
Includes all current and prior period retained profits and losses.
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 following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
The company has taken advantage of the exemption, as provided by paragraph 33.1A of FRS 102 and does not disclose transactions with members of the group that are wholly owned.
The 2024 amounts owed to group undertakings balance has been restated to correctly reflect the ageing of the loan in line with the terms of the loan agreement. £7,664,423 has been restated from creditors due within one year to creditors due after one year.
The prior period adjustment does not give rise to any effect upon equity.
The group has exposures to two main areas of risk: loss of a key customer and customer credit risk.
Loss of a key customer
The group mitigates the risk of losing a key customer through delivery of a high quality service on a multiyear contract, with a typical contract length of between two and five years.
Customer credit risk
The group typically offers credit terms to its customers which allow payment of the trade receivable after delivery of the goods or performance of the services. The company is at risk to the extent that a customer may be unable to pay the receivable on the specified due date. To minimise this risk the company has a policy of only dealing with customers who have demonstrated creditworthiness. To determine creditworthiness the company makes use of independent rating agencies, other publicly available information and its own trading records.