The Accounts · daily brief
23 June 2026
Clydesdale winds down, Ageas doubles operating profit
The takeaways
- Barclays subsidiary Clydesdale Financial Services filed on a break-up basis ahead of an orderly run-down
- Ageas Insurance doubled operating profit to £74.6m as turnover jumped 36% to £1.5bn
- Care home operator HC-One narrowed operating losses to £1.8m while total staff costs climbed 7.4%
Hiring signals · who grew, who shrank
Hiring
- Autex Acoustics Limited 41 → 52 staff ▲ +27% staff cost +24%
- C W Fletcher & Sons Limited 127 → 146 staff ▲ +15% staff cost +15%
Cutting
- C.P.G. (Wales) Limited 44 → 29 staff ▼ −34% staff cost +33% material-uncertainty note
- Tymit Ltd 134 → 102 staff ▼ −24% staff cost −6% material-uncertainty note
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Clydesdale Financial Services Limited
Operating from the group's London headquarters, the company is a banking and business support services entity acting as a subsidiary of Barclays Principal Investments Limited.
Filed on a break-up (non-going-concern) basis.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £63.9m | £54.7m | ▲ +17% |
| Admin expenses | £117.6m | £115.3m | ▲ +2% |
| Operating profit | £43.8m | £41.5m | ▲ +6% |
| Finance costs | £51.7m | £90m | ▼ −43% |
| Profit before tax | −£413.3m | −£162.2m | ▼ −155% |
| Net profit | −£311.5m | −£123.5m | ▼ −152% |
| Cash & balance sheet | |||
| Cash | £298.4m | £72.8m | ▲ +310% |
| Net assets | £25.9m | £137.4m | ▼ −81% |
| People & pay | |||
| Director pay | £301k | £541k | ▼ −44% |
| Highest-paid director | £301k | — | |
This Barclays subsidiary filed its accounts on a break-up basis, reflecting a stated strategy for an orderly run-down over the medium term. While operating profit ticked up 5.6% to £43.7m alongside turnover up 16% to £63.8m, the pre-tax loss widened to £413.3m from £162.2m. The balance sheet holds £298.3m in cash against £25.9m in net assets as the winding down begins.
Ageas Insurance Limited [1]
Operating as the primary UK non-life underwriting arm of the listed Belgian multinational Ageas Group, the company provides personal lines cover such as motor and home insurance under brands including Rias, esure, and Sheilas' Wheels.
Strong growth
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.5bn | £1.1bn | ▲ +36% |
| Operating profit | £74.6m | £36.1m | ▲ +107% |
| Profit before tax | £93.7m | £48.1m | ▲ +95% |
| Net profit | £74.6m | £36.1m | ▲ +107% |
| Cash & balance sheet | |||
| Cash | £166m | £129.8m | ▲ +28% |
| Net assets | £554.5m | £432.4m | ▲ +28% |
| People & pay | |||
| Avg. headcount | 1,950 | 1,830 | ▲ +7% |
| Director pay | £700k | £600k | ▲ +17% |
Turnover at the UK underwriting arm of the Belgian group jumped 36% to £1.5bn, while operating profit more than doubled to £74.6m. Average headcount grew 6.5% to 1,950, with total directors' remuneration rising 16% to £700k. A period of steady margin expansion.
Ccf Limited [2]
Trading as a specialist distributor of interior building products and ceiling materials, the company operates as a subsidiary of the London-listed builders' merchant group Travis Perkins plc.
Operating turnaround
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £481m | £479.4m | ▲ +0% |
| Gross profit | £70.5m | £68.9m | ▲ +2% |
| Admin expenses | £11.3m | £10.6m | ▲ +7% |
| Operating profit | £400k | −£9.3m | ▲ +104% |
| Finance costs | £2.2m | — | |
| Profit before tax | £1.8m | £9.3m | ▼ −81% |
| Net profit | £1.2m | £6.9m | ▼ −83% |
| Cash & balance sheet | |||
| Cash | — | £1.7m | |
| Net assets | £68.4m | £83.1m | ▼ −18% |
| Dividends paid | £5.1m | £81.7m | ▼ −94% |
| People & pay | |||
| Avg. headcount | 738 | 732 | ▲ +1% |
| Staff cost | £33.2m | £31.5m | ▲ +5% |
| Director pay | £200k | £300k | ▼ −33% |
The Travis Perkins distributor saw turnover hold steady at £481m, while operating profit returned to a positive £400k following a £9.3m loss the year prior. Profit before tax, however, fell to £1.8m from £9.3m. Meanwhile, dividends paid to the parent decreased to £5.1m from £81.7m.
Hc-One Limited [3]
HC-One Limited is a major British care home operator backed by private equity, specialising in dementia, nursing, and residential care for older people.
Losses narrowed
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £434m | £430m | ▲ +1% |
| Gross profit | £31m | £64.7m | ▼ −52% |
| Admin expenses | £32.8m | £69.4m | ▼ −53% |
| Operating profit | −£1.8m | −£4.6m | ▲ +61% |
| Finance costs | £9.3m | £8.6m | ▲ +8% |
| Profit before tax | −£5.1m | −£10.3m | ▲ +51% |
| Net profit | −£5.1m | −£9.7m | ▲ +48% |
| Cash & balance sheet | |||
| Cash | £1.5m | £6.5m | ▼ −78% |
| Net assets | £32.4m | £37.4m | ▼ −14% |
| People & pay | |||
| Avg. headcount | 10,207 | 11,078 | ▼ −8% |
| Staff cost | £271.2m | £252.6m | ▲ +7% |
The private equity-backed care home operator saw turnover hold broadly flat at £434m, while operating losses narrowed to £1.8m from £4.6m. Average headcount fell 7.8% to 10,207, though total staff costs still climbed 7.4% to £271.2m. The filing notes going concern was affirmed after modelling a severe but plausible downside.
Savills Management Resources Limited [4]
The company operates as a temporary employment agency subsidiary of the London-listed real estate services group Savills plc, providing staffing resources for property management.
Parent supported
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £217.5m | £198.9m | ▲ +9% |
| Operating profit | £21.3m | £18m | ▲ +18% |
| Profit before tax | £21.7m | £18.9m | ▲ +15% |
| Net profit | £16.3m | £14.2m | ▲ +15% |
| Cash & balance sheet | |||
| Cash | £3.2m | £37.8m | ▼ −91% |
| Net assets | £18.9m | £14.2m | ▲ +32% |
| People & pay | |||
| Avg. headcount | 3,781 | 3,643 | ▲ +4% |
| Staff cost | £170m | £153.6m | ▲ +11% |
Turnover at the staffing subsidiary rose 9.3% to £217.4m, and operating profit climbed 18% to £21.3m. Average headcount grew to 3,781, while total staff costs increased 10.6% to £169.9m. Going concern was affirmed on the basis of a support letter from the ultimate parent.
Shelbourne Motors Holdings Ltd [5]
The company is the holding entity for a family-owned motor retail group in Northern Ireland, operating multi-franchise car dealerships, vehicle rental, and repair services under the Shelbourne Motors and Fleet4u trading names.
Profit jump
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £122.9m | £113.9m | ▲ +8% |
| Gross profit | £5.7m | £4.7m | ▲ +19% |
| Admin expenses | £4.7m | £5.1m | ▼ −9% |
| Operating profit | £2.1m | £741k | ▲ +185% |
| Finance costs | £407k | £453k | ▼ −10% |
| Profit before tax | £1.9m | £380k | ▲ +402% |
| Net profit | £1.4m | £283k | ▲ +391% |
| Cash & balance sheet | |||
| Cash | £861 | £697 | ▲ +24% |
| Net assets | £9.7m | £9.1m | ▲ +6% |
| Dividends paid | £806k | £0 | |
| People & pay | |||
| Avg. headcount | 158 | 158 | ▲ −0% |
| Staff cost | £6.6m | £6.9m | ▼ −3% |
| Director pay | £723k | £1.4m | ▼ −49% |
| Highest-paid director | £241k | £471k | ▼ −49% |
Turnover at the Northern Irish motor group rose 7.9% to £122.9m, and operating profit increased to £2.1m from £741k. Total directors' remuneration nearly halved to £723k, while the business paid an £806k dividend after distributing nothing the year prior. Headcount held steady at 158 as total staff costs trimmed to £6.6m.
Nothing quite like a break-up basis to focus the mind. I'll be in my basket.
Sources
- Ageas Insurance Limited
- Ccf Limited
- Hc-One Limited
- Savills Management Resources Limited
- Shelbourne Motors Holdings Ltd