(A company limited by guarantee)
FOR THE YEAR ENDED 31 MARCH 2025
COMPANY INFORMATION
CONTENTS
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The chairman presents his statement for the period.
The financial year 2024/2025 has delivered a strong operating and financial performance, which continues the trend of strong growth across the business. I am delighted to confirm an increased turnover to £18.7m (2023/2024: £16.9m) an increase of 10.4% year on year.
In the statement for 2023/2024, it was noted that the business had benefited from a strategic review taking input from across the business. One of the strategic themes was the expanding our national network. It is therefore pleasing that the business opened its ninth site in Warrington on the 1 June 2024. The business also completed the purchase of its tenth site which is located near Paisley on the west side of Glasgow. Refurbishment works have now been completed, and the site was formally opened on 2 June 2025.
As part of the strategic review there was a commitment to employees to support the development of long-term benefits for those working in the business. Given the inflationary pressures on families in the latter part of 2023, and the early part of 2024 this commitment manifested itself in above inflation wage increase. The business also recognised that the markets in which we operate can be price sensitive, leading to a decision not to increase prices in line with inflation. Both have served to put a downwards pressure on margins. On the increased turnover of £18.7m, the business generated an operating profit of £1.4m, which is £0.3m down on the previous year. Cash remains strong with reserves of £2.8m.
In the statement for 2023/2024, it was noted that the business had benefited from a strategic review taking input from across the business. One of the strategic themes was the expanding our national network. It is therefore pleasing that the business opened its ninth site in Warrington on the 1 June 2024. The business also completed the purchase of its tenth site which is located near Paisley on the west side of Glasgow. Refurbishment works have now been completed, and the site was formally opened on 2 June 2025.
As part of the strategic review there was a commitment to employees to support the development of long-term benefits for those working in the business. Given the inflationary pressures on families in the latter part of 2023, and the early part of 2024 this commitment manifested itself in above inflation wage increase. The business also recognised that the markets in which we operate can be price sensitive, leading to a decision not to increase prices in line with inflation. Both have served to put a downwards pressure on margins. On the increased turnover of £18.7m, the business generated an operating profit of £1.4m, which is £0.3m down on the previous year. Cash remains strong with reserves of £2.8m.
The primary focus of the Executive Directors is the continued delivery of the strategic growth plan, and in December of 2025, the business signed a partnership deal with a Netherlands’ based company to introduce digital monitoring technology for use in confined spaces. This will see the business invest around £400,000 over the next 12 months, providing MRSL with the opportunity to market a new service. We are also looking to identify our eleventh location, with the objective of starting work in the next financial year.
Finally, I want to recognise that John Wall stepped down from the Board, and as Chair of the Employee Council in January 2025. John had been with the business for over forty years, and his insight and experience at an operational level has been invaluable. I would also like to thank John for his stewardship of the Employee Council, he had an ability to maintain focus on the issues that were truly important to the business and its employees, something that is not always easy to do.
NameMr S Hoult
Chairman
Chairman
Date23 July 2025
Page 1
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their strategic report for year ended 31 March 2025. This report, together with the Chairmans’ Report and the audited Financial Statements, will be laid before members at the Annual General Meeting on 22 October 2025.
The company was established in 1996 to provide the rescue services specified in the National Mines Rescue Scheme 1995 to its members. In recent years, the company has diversified to provide rescue services and health and safety training to many industries. The National Mines Rescue Scheme ceased in April 2015 and the company is now owned by its employees.
The company was established in 1996 to provide the rescue services specified in the National Mines Rescue Scheme 1995 to its members. In recent years, the company has diversified to provide rescue services and health and safety training to many industries. The National Mines Rescue Scheme ceased in April 2015 and the company is now owned by its employees.
The company has continued to deliver growth in 24/25 with turnover of £18.7m, up 10% year on year. Training income was up 5% and Rescue Services up 16%.
Price increases in 24/25 were around 4% lower than increases in employee pay resulting in a deterioration in gross margin which was further impacted by a shift in sales mix towards, lower margin rescue services, resulting in an overall 3.4% reduction in gross margin, down to 49.1%.
Administrative expenses were up by 8.6% with the running costs of the new site at Warrington (opened June 2024) adding to normal inflationary increases.
The year end cash balance of £2.8m is down slightly from £3.0m a year earlier with investments in new sites at Warrington and Glasgow more than offsetting cash generated from trading.
Price increases in 24/25 were around 4% lower than increases in employee pay resulting in a deterioration in gross margin which was further impacted by a shift in sales mix towards, lower margin rescue services, resulting in an overall 3.4% reduction in gross margin, down to 49.1%.
Administrative expenses were up by 8.6% with the running costs of the new site at Warrington (opened June 2024) adding to normal inflationary increases.
The year end cash balance of £2.8m is down slightly from £3.0m a year earlier with investments in new sites at Warrington and Glasgow more than offsetting cash generated from trading.
The company’s growth strategy is unchanged and continues to focus on geographic expansion in the UK through the opening of new training centres (Warrington June 2024, Glasgow June 2025). Further new sites will be located in areas of the country that are not adequately served by the existing network.
The company is also investing in the in the latest digital monitoring technology which will expand the breadth of our offer from 25/26 onwards.
The company is also investing in the in the latest digital monitoring technology which will expand the breadth of our offer from 25/26 onwards.
Over the coming years the company will look to further enhance its reputation as a leading authority on confined spaces and leverage this to drive further growth. In addition, the company will strive to grow its reputation as a provider of working at height training and seek to gain market share in this area. In all areas the company will aim to lead on quality and be competitive on price.
The company will continue to invest in its existing facilities with modernisation and enhancement where possible to provide the best possible training experience for delegates. Marketing will continue to be internet focused and seek to convey the company’s expertise in the markets it operates in.
The company will continue to invest in its existing facilities with modernisation and enhancement where possible to provide the best possible training experience for delegates. Marketing will continue to be internet focused and seek to convey the company’s expertise in the markets it operates in.
Page 2
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The deficit on the IWCSSS Defined Benefit Pension Scheme continues to be a risk to the business although it is expected that changes to gilt and bond yields will reveal an improved position when the outcome of the triannual valuation that took place in December 2024 is known. Whilst an improved position is hoped for the company continues to mitigate the risk by paying down (£0.5m paid in 24/25) the deficit of £8.7m, identified at the last triannual valuation. It should be noted that the deficit on the balance sheet calculated in accordance with FRS102 is significantly less at only £0.2m.
The company’s growth strategy and the introduction of training only sites presents a new risk. The performance of these site will be carefully monitored, and the rollout programme adjusted accordingly with a focus on ensuring new sites are clearly on a path to cash generation before significant commitment to further roll out is made.
The company’s growth strategy and the introduction of training only sites presents a new risk. The performance of these site will be carefully monitored, and the rollout programme adjusted accordingly with a focus on ensuring new sites are clearly on a path to cash generation before significant commitment to further roll out is made.
This report was approved by the board on 23 July 2025 and signed on its behalf.
Page 3
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments 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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
The company's future plans are discussed in the Chairman's statement and the strategic report on pages 1 to 3.
Page 4
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the company since the year end.
The auditors, Barnett & Turner Accountants Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 23 July 2025 and signed on its behalf.
Page 5
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINES RESCUE SERVICE LIMITED
We have audited the financial statements of Mines Rescue Service Limited (the 'company') for the year ended 31 March 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 6
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINES RESCUE SERVICE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINES RESCUE SERVICE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
As part of our planning process:
∙We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
∙We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and current tax legislation.
∙We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
∙Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
∙Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
∙Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
∙Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation and the defined benefit pension scheme liability.
∙Testing key revenue lines, in particular cut-off, for evidence of management bias.
∙Performing a physical verification of key assets.
∙Obtaining third-party confirmation of material bank and loan balances.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MINES RESCUE SERVICE LIMITED (CONTINUED)
∙Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the management.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the 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 company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Registered Auditor
Cromwell House
68 West Gate
Nottinghamshire
NG18 1RR
Page 9
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Page 10
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2025 .
The notes on pages 15 to 33 form part of these financial statements
Page 11
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 12
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Page 13
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Mines Rescue Service Limited is a private company limited by guarantee that is incorporated and domiciled in England. Its registered office and principal place of business is situated at Leeming Lane South, Mansfield Woodhouse, Mansfield, Nottinghamshire NG19 9AQ.
The principal activity of the company is the provision of health and safety training and rescue services across all industries throughout the UK and overseas.
The company trades as MRS Training & Rescue.
The principal activity of the company is the provision of health and safety training and rescue services across all industries throughout the UK and overseas.
The company trades as MRS Training & Rescue.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company’s business activities, together with the factors likely to affect its future development and financial position, are set out in the Chairman's statement, strategic report and directors' report on pages 1 to 5.
The company’s forecasts and projections, taking account of reasonably possible changes in operational performance as a result of general economic conditions, show that the company is expected to generate positive cash flows for the foreseeable future.
On the basis of their assessment of the company’s financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Hence, the directors believe it is appropriate to adopt the going concern basis of preparation of the financial statements.
The company’s forecasts and projections, taking account of reasonably possible changes in operational performance as a result of general economic conditions, show that the company is expected to generate positive cash flows for the foreseeable future.
On the basis of their assessment of the company’s financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Hence, the directors believe it is appropriate to adopt the going concern basis of preparation of the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Defined benefit pension plan
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Assets costing less than £500 are not capitalised and are treated as revenue expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Valuation of freehold properties
Freehold properties are valued at fair values, determined from market based evidence. Professionally qualified valuers are engaged periodically, with directors assessing values in the intervening years. Directors' valuations are based on an estimate of any perceived changes in market conditions in each locality, bearing in mind the specific nature of each property. Professional valuations are undertaken when the directors' assessment is that a material change in value has occured, or on the fifth anniversary of the last professional valution.
Depreciation of tangible fixed assets
Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
Stock valuation
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in, first out basis. Provision is made to reduce the value of stock for slow moving and obsolete stock. Each stock line is individually considered in light of its previous patterns of usage and, where management considers it appropriate, the value is written down accordingly.
Valuation of defined benefit scheme assets and liabilities
Because of the degree of estimation involved in calculating the value of the defined benefit scheme assets and liabilities at the balance sheet date, a professionally qualified actuary is appointed to calculate the company's share of the multi-employee fund to which the company's employees belong.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Freehold land and buildings were valued by external valuers Lambert Smith Hampton on an existing use basis in October 2021.
These properties were originally transferred from British Coal Corporation under a restructuring scheme at a cost of £NIL.
These properties were originally transferred from British Coal Corporation under a restructuring scheme at a cost of £NIL.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Revaluation reserve
Profit and loss account
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company has provided a more detailed allocation of expenditure between overheads and direct costs to be more in line with internal management information. The directors feel it is appropriate to reflect this in the annual accounts and the comparative figures have been restated accordingly.
There is no impact from this restatement on the results for the year ended 31 March 2024 or to net assets at that date, being simply a movement between overheads and direct costs analysis in that year.
There is no impact from this restatement on the results for the year ended 31 March 2024 or to net assets at that date, being simply a movement between overheads and direct costs analysis in that year.
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company operates defined contributions pension schemes for those employees who are not members of the industry-wide scheme described below. The assets of these schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £694,000 (2024 - £599,000). Contributions totalling £59,000 (2024 - £52,000) were payable to the fund at the balance sheet date.
The company operates a defined benefit pension scheme.
The employer fund of the defined benefit scheme closed to future accrual on 31 March 2017.
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
26.PENSION COMMITMENTS (CONTINUED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
26.PENSION COMMITMENTS (CONTINUED)
Page 33