The Accounts · daily brief
28 June 2026
Winding down on a £16m operating profit
The takeaways
- AP Global Corporation filed on a break-up basis, recording a £16.2m operating profit for the period
- Terradace Holdings saw operating profit jump 86% to £33.3m as turnover neared the £1bn mark
- Danish Crown UK saw headcount rise by 38% while turnover slipped, as operating losses widened to £21.0m
Hiring signals · who grew, who shrank
Hiring
- Dps (M&S) Limited 21 → 32 staff ▲ +52% staff cost −13%
- Danish Crown Uk Limited 714 → 987 staff ▲ +38% staff cost +45%
Cutting
- Ww Gbr Limited 383 → 283 staff ▼ −26% staff cost −16%
- Leisure Furnishings Limited 169 → 128 staff ▼ −24% staff cost −21%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Ap Global Corporation Llp
Formerly known as AstroPay LLP, the partnership operates as a corporate vehicle within the AstroPay digital wallet and online payments group.
Filed on a break-up (non-going-concern) basis.
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £120.8m | £127.9m | ▼ −6% |
| Gross profit | £63m | £58.5m | ▲ +8% |
| Admin expenses | £46.8m | £42.2m | ▲ +11% |
| Operating profit | £16.2m | £16.3m | ▼ −1% |
| Profit before tax | £16.2m | £16.3m | ▼ −1% |
| Net profit | £16.2m | £16.3m | ▼ −1% |
| Cash & balance sheet | |||
| Cash | £8.5m | £35.8m | ▼ −76% |
| Net assets | £41.3m | £22.5m | ▲ +83% |
The day's most unusual filing is a corporate vehicle prepared on a break-up basis. Alongside generating a healthy margin on £120.8m of turnover, the accounts record assets and liabilities on the assumption of a wind-down. Available cash fell sharply from £35.8m to £8.48m during the period under review.
Greencore Food To Go Limited [1]
The company operates as a UK manufacturing subsidiary of the London-listed Irish food producer Greencore Group plc, supplying sandwiches, salads, and other chilled convenience foods to major supermarkets and retailers.
Solid growth
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.3bn | £1.2bn | ▲ +8% |
| Gross profit | £413.2m | £389.4m | ▲ +6% |
| Admin expenses | £301m | £290.3m | ▲ +4% |
| Profit before tax | £66.7m | £50.5m | ▲ +32% |
| Net profit | £50.8m | £42.3m | ▲ +20% |
| Cash & balance sheet | |||
| Cash | £35.4m | £17.8m | ▲ +99% |
| Net assets | £129.1m | £125.5m | ▲ +3% |
A steady year for the sandwich and salad maker. Profit before tax climbed 32% to £66.7m on turnover of £1.34bn. The filing affirmed the going-concern basis, noting in the excerpt that a £50m dividend was paid out during the period.
Terradace Holdings Limited [2]
Terradace Holdings Limited acts as the ultimate holding company for a UK-based group of business support and property services subsidiaries, majority-owned by Paul Beaumont.
Strong expansion
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £964.7m | £766.9m | ▲ +26% |
| Gross profit | £128.4m | £87.7m | ▲ +46% |
| Admin expenses | £94.4m | £72.9m | ▲ +29% |
| Operating profit | £33.3m | £17.9m | ▲ +86% |
| Finance costs | £2.1m | £2.8m | ▼ −26% |
| Profit before tax | £29.1m | £16.3m | ▲ +79% |
| Net profit | £19.5m | £11m | ▲ +77% |
| Cash & balance sheet | |||
| Cash | £32.1m | £35.2m | ▼ −9% |
| Net assets | £92.6m | £73.4m | ▲ +26% |
| Dividends paid | £891k | £4m | ▼ −78% |
| People & pay | |||
| Avg. headcount | 1,486 | 1,208 | ▲ +23% |
| Staff cost | £99.3m | £85.3m | ▲ +16% |
| Director pay | £10.6m | £14.2m | ▼ −25% |
| Highest-paid director | £8.4m | £10.4m | ▼ −19% |
A significant year of expansion for the property and support services holding company. Turnover grew 26% to £964.7m, with operating margins remaining steady. Remuneration for the highest-paid director saw a slight reduction, concluding the period at £8.36m. Down in the notes, a balance owed by a material shareholder jumped from £240k to £6.08m.
Perrys Group Limited [3]
Operating under the Perrys brand, the company is a UK franchised motor dealership network engaged in the sale of new and used vehicles, alongside providing maintenance, repair, and parts services.
Flat trading
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £788.5m | £768.4m | ▲ +3% |
| Gross profit | £94m | £93.3m | ▲ +1% |
| Admin expenses | −£88m | −£87.2m | ▼ −1% |
| Operating profit | £5.6m | £5.5m | ▲ +1% |
| Finance costs | −£2.8m | −£3m | ▲ +5% |
| Profit before tax | £2.8m | £2.6m | ▲ +6% |
| Net profit | £2m | £1.9m | ▲ +2% |
| Cash & balance sheet | |||
| Cash | £7.5m | £307k | ▲ +2339% |
| Net assets | £74.8m | £75.2m | ▼ −1% |
| Dividends paid | −£2m | −£2m | ▲ −0% |
| People & pay | |||
| Avg. headcount | 1,293 | 1,362 | ▼ −5% |
| Staff cost | £61m | £60.8m | ▲ +0% |
| Director pay | £2.4m | £2.4m | ▼ −1% |
| Highest-paid director | £746k | £753k | ▼ −1% |
The motor dealership network had a broadly static year. Turnover edged up 3% to £788.5m, leaving operating profit essentially flat at £5.59m. Average headcount fell by 5%, though total staff costs held firm at £61.0m. Below the line, a £779k tax credit contributed to a £1.99m net profit.
Direct Produce Supplies Limited [4]
Direct Produce Supplies Limited operates as a wholesale distributor of fresh fruit and vegetables, acting as a subsidiary within the Argon Capital Investments Limited corporate group.
Thin margins
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £746.5m | £623.1m | ▲ +20% |
| Gross profit | £33.6m | £31m | ▲ +8% |
| Admin expenses | £24.9m | £24.3m | ▲ +2% |
| Operating profit | £8.9m | £7.8m | ▲ +14% |
| Finance costs | £104 | £13 | ▲ +700% |
| Profit before tax | £9.5m | £8.2m | ▲ +15% |
| Net profit | £7m | £6.2m | ▲ +13% |
| Cash & balance sheet | |||
| Cash | £18.2m | £16.6m | ▲ +10% |
| Net assets | £37.1m | £30.1m | ▲ +23% |
| People & pay | |||
| Avg. headcount | 123 | 114 | ▲ +8% |
| Staff cost | £14.9m | £12m | ▲ +24% |
A high-volume, low-margin year for the fruit and veg distributor. Turnover grew 20% to £746.5m, yielding an operating profit of £8.85m — a margin of just 1.2%. Total staff costs rose 24% to £14.9m as average headcount increased by nine employees.
Danish Crown Uk Limited [5]
The company operates as the British meat processing and wholesale subsidiary of the global cooperative Danish Crown Group, supplying bespoke pork, beef, and bacon products nationwide.
Widening losses
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £582.3m | £608.1m | ▼ −4% |
| Gross profit | £51m | £43m | ▲ +18% |
| Admin expenses | £27.7m | £18.7m | ▲ +48% |
| Operating profit | −£21m | −£4.6m | ▼ −356% |
| Finance costs | £6.9m | £5.5m | ▲ +26% |
| Profit before tax | −£27.7m | −£9.9m | ▼ −180% |
| Net profit | −£26.2m | −£6.4m | ▼ −308% |
| Cash & balance sheet | |||
| Cash | £157k | £0 | |
| Net assets | £38.2m | £67.8m | ▼ −44% |
| Dividends paid | £0 | £0 | |
| People & pay | |||
| Avg. headcount | 987 | 714 | ▲ +38% |
| Staff cost | £38.8m | £26.9m | ▲ +45% |
| Director pay | £894k | £1.1m | ▼ −15% |
| Highest-paid director | £237k | £184k | ▲ +29% |
A margin squeeze for the UK arm of the meat processing cooperative. Turnover slipped 4%, while average headcount rose by 273 and total staff costs increased by 44%. Paired with a £15.4m rise in distribution expenses, the expanding cost base simply outpaced the top line during the period.
A £16m operating profit, yet the accounts are still prepared on a break-up basis.
Sources
- Greencore Food To Go Limited
- Terradace Holdings Limited
- Perrys Group Limited
- Direct Produce Supplies Limited
- Danish Crown Uk Limited