The Accounts · daily brief
4 July 2026
Auditor disclaims opinion at Makor Partners
The takeaways
- Makor Partners filed with a disclaimed audit opinion alongside an ongoing French tax enquiry
- Howden Insurance Brokers saw operating profit fall 33% as headcount and the wage bill rose
- Morris & Spottiswood grew turnover by a third, with operating profit rising 45% to £6.8m
Hiring signals · who grew, who shrank
Hiring
- De Group Contracting Limited 35 → 62 staff ▲ +77% staff cost +45%
- Ncf Furnishings Limited 149 → 193 staff ▲ +30% staff cost +40%
Cutting
- Ehrmann Cornish Dairy Limited 268 → 213 staff ▼ −21% staff cost +28%
- Pab Coventry Limited 85 → 68 staff ▼ −20% staff cost −15%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Makor Partners Limited
Operating as part of the Makor Group, the company is a UK-based fund management and securities firm acting as a wholly owned subsidiary of Singapore-registered Makor Holdings Pte Ltd.
Auditor disclaimed an opinion.
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £86.6m | £78.2m | ▲ +11% |
| Gross profit | £49.2m | £38.6m | ▲ +27% |
| Admin expenses | £49.4m | £41.7m | ▲ +18% |
| Operating profit | −£190k | −£886k | ▲ +79% |
| Finance costs | £6,887 | £22,739 | ▼ −70% |
| Profit before tax | £86,762 | £219k | ▼ −60% |
| Net profit | −£134k | −£274k | ▲ +51% |
| Cash & balance sheet | |||
| Cash | £17.8m | £20.6m | ▼ −14% |
| Net assets | £21m | £21.1m | ▼ −1% |
| People & pay | |||
| Avg. headcount | 106 | 113 | ▼ −6% |
| Staff cost | £34.8m | £20.4m | ▲ +71% |
| Director pay | £693k | £150k | ▲ +363% |
The desk singled this out for a disclaimed audit opinion. The group's turnover rose 11% to £86.5m, but the most striking shift was in the wage bill: total staff costs rose 70% to £34.8m while average headcount edged down. The notes flag an ongoing enquiry from the French tax authorities.
Howden Insurance Brokers Limited [1]
Operating as a principal subsidiary of the privately held, employee-owned Howden Group, the company acts as a commercial insurance and reinsurance broker, risk consultant, and employee benefits advisor.
Margin contracted
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £493.6m | £489m | ▲ +1% |
| Gross profit | £493.6m | £489m | ▲ +1% |
| Admin expenses | £389.9m | £333.4m | ▲ +17% |
| Operating profit | £103.8m | £155.6m | ▼ −33% |
| Finance costs | £605k | £1.4m | ▼ −57% |
| Profit before tax | £111.8m | £162.3m | ▼ −31% |
| Net profit | £106.2m | £158.7m | ▼ −33% |
| Cash & balance sheet | |||
| Cash | £249.1m | £242.2m | ▲ +3% |
| Net assets | £256.3m | £297.2m | ▼ −14% |
| Dividends paid | −£150m | −£150m | ▲ −0% |
| People & pay | |||
| Avg. headcount | 1,968 | 1,680 | ▲ +17% |
| Staff cost | £277.9m | £239.8m | ▲ +16% |
| Director pay | £4.9m | £4.9m | ▼ −1% |
| Highest-paid director | £1.1m | £1.7m | ▼ −35% |
Turnover held flat at £493.6m, while core trading margins contracted during a period of expansion. Total staff costs rose to £277.9m as average headcount increased by nearly 300, and a £12.4m intangibles impairment further expanded the administrative line. A £150m dividend was paid to the parent group.
Ceva Freight (Uk) Limited [2]
The company operates as the British air and ocean freight forwarding division of CEVA Logistics, a global supply chain management group owned by the French shipping line CMA CGM.
Trading loss
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £243.4m | £243.8m | ▼ −0% |
| Gross profit | £10.7m | £12.7m | ▼ −16% |
| Admin expenses | −£12.5m | −£6.5m | ▼ −93% |
| Operating profit | −£1.8m | £6.2m | ▼ −129% |
| Finance costs | −£1.6m | −£1.7m | ▲ +9% |
| Profit before tax | £2.3m | £7m | ▼ −66% |
| Net profit | £2m | £6m | ▼ −67% |
| Cash & balance sheet | |||
| Cash | £49,000 | £49,000 | ▲ −0% |
| Net assets | £112.4m | £109.3m | ▲ +3% |
| People & pay | |||
| Staff cost | £19.1m | £18.5m | ▲ +3% |
The top line was virtually unchanged at £243.3m, while core trading moved into the red with a £1.8m operating loss. The group's British freight forwarding division recorded £5.7m in finance income, which brought profit before tax to a positive £2.3m.
Morris & Spottiswood Limited [3]
Operating as a subsidiary of Morris & Spottiswood Group Limited, the company is a privately owned Scottish contractor specialising in construction and installation services.
Steady growth
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £231m | £172.5m | ▲ +34% |
| Gross profit | £38.6m | £30.7m | ▲ +26% |
| Admin expenses | £31.8m | £26m | ▲ +22% |
| Operating profit | £6.9m | £4.7m | ▲ +45% |
| Finance costs | £94,659 | £136k | ▼ −31% |
| Profit before tax | £6.9m | £4.7m | ▲ +46% |
| Net profit | £4.6m | £2.9m | ▲ +57% |
| Cash & balance sheet | |||
| Cash | £24m | £23.2m | ▲ +4% |
| Net assets | £17.6m | £14.1m | ▲ +25% |
| Dividends paid | £1.1m | £1.2m | ▼ −6% |
| People & pay | |||
| Avg. headcount | 672 | 562 | ▲ +20% |
| Staff cost | £50.6m | £41.2m | ▲ +23% |
| Director pay | £1.6m | £1.3m | ▲ +24% |
A steady year for the Scottish contractor's group accounts. Turnover reached £230.9m, outpacing a 19% rise in average headcount, while the period also saw a 55% increase in net profit to £4.5m.
Wpp Media Motion Entertainment Limited [4]
Formerly operating as GroupM Motion Entertainment, the company serves as the content investment and production arm of WPP Media, a division of the London-listed advertising and communications multinational WPP plc.
Stable year
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £191.7m | £192.5m | ▼ −0% |
| Gross profit | £28.6m | £29.2m | ▼ −2% |
| Admin expenses | £17.2m | £16.6m | ▲ +4% |
| Operating profit | £10.8m | £10.9m | ▼ −2% |
| Finance costs | £652k | £486k | ▲ +34% |
| Profit before tax | £11.9m | £12.1m | ▼ −2% |
| Net profit | £11.8m | £12.1m | ▼ −2% |
| Cash & balance sheet | |||
| Net assets | £24.1m | £12.2m | ▲ +97% |
| Dividends paid | −£2.5m | −£2.5m | ▲ −0% |
| People & pay | |||
| Avg. headcount | 19 | 24 | ▼ −21% |
| Staff cost | £4.3m | £4.1m | ▲ +4% |
| Director pay | £270k | £222k | ▲ +22% |
| Highest-paid director | £203k | £222k | ▼ −9% |
A stable set of numbers for the WPP content arm. Turnover remained firm at £191.6m, and operating profit barely moved at £10.7m. Average headcount fell from 24 to 19, while total staff costs ticked up slightly to £4.2m.
Palletforce Limited [5]
Operating as part of the EV Cargo group, the business provides palletised freight distribution and road transport services across the United Kingdom.
Steady progress
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £173m | £164.9m | ▲ +5% |
| Gross profit | £25.5m | £24.8m | ▲ +3% |
| Admin expenses | £15.8m | £15.8m | ▼ −0% |
| Operating profit | £10.1m | £9.2m | ▲ +10% |
| Finance costs | £146k | £91,000 | ▲ +60% |
| Profit before tax | £10.4m | £10.5m | ▼ −1% |
| Net profit | £9.9m | £7.6m | ▲ +30% |
| Cash & balance sheet | |||
| Cash | £5.9m | £4.2m | ▲ +39% |
| Net assets | £41.3m | £31.4m | ▲ +31% |
| People & pay | |||
| Staff cost | £10.3m | £9.3m | ▲ +11% |
| Director pay | £1m | £1.1m | ▼ −9% |
| Highest-paid director | £290k | £295k | ▼ −2% |
Steady progress for the EV Cargo subsidiary, with turnover reaching £173.0m and operating profit rising 10% to £10.0m. A drop in interest received to £482k coincided with profit before tax remaining effectively flat year-on-year at £10.3m.
Sometimes the most important line in the accounts isn't a number—it's the auditor disclaiming an opinion.
Sources
- Howden Insurance Brokers Limited
- Ceva Freight (Uk) Limited
- Morris & Spottiswood Limited
- Wpp Media Motion Entertainment Limited
- Palletforce Limited