The Accounts · daily brief
25 August 2026
Dividend exceeds equity at Sigma India
The takeaways
- Sigma India paid a £1.1m dividend while holding £233k in net assets, drawing an auditor note
- Scrap merchant R. M. Easdale saw operating profit fall 21% to £763k, while total board pay rose 38%
- Gold refiner Baird & Co. saw turnover rise 26% to £471.1m, nearly tripling operating profit to £4.4m
Hiring signals · who grew, who shrank
Hiring
- Mclegz Holdings Ltd 517 → 658 staff ▲ +27% staff cost +34%
- Infrastructure Gateway Limited 69 → 81 staff ▲ +17% staff cost −11%
Cutting
- The Purple Turtle Limited 44 → 37 staff ▼ −16%
- Radial Commerce Limited 86 → 75 staff ▼ −13% staff cost −13%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Sigma India Holdings Limited
Formerly part of the Lightsource renewable energy group, the company is an electricity production holding vehicle now majority-owned by Soleite Limited alongside minority stakeholder PMC Ventures India.
Paid a £1.1m dividend on £233k of equity.
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Admin expenses | £19,095 | — | |
| Operating profit | −£19,095 | — | |
| Profit before tax | −£19,095 | — | |
| Net profit | −£19,095 | — | |
| Cash & balance sheet | |||
| Cash | £4,779 | £5,000 | ▼ −4% |
| Net assets | £233k | £252k | ▼ −8% |
| Dividends paid | £1.1m | £1.1m | ▲ −0% |
The day's most notable filing belongs to this electricity production holding vehicle, which paid a £1.1m dividend while holding £233k in net assets. The company generated no turnover and booked a £19k operating loss for the year. The auditor noted a material uncertainty over going concern, which the filing ties to a pending disposal of an investment that still awaits regulatory approval.
Baird & Co. Limited [1]
The company is a privately owned British gold refiner and bullion merchant, operating as a subsidiary of Baird Investments Limited to produce and trade precious metal bars, coins, and industrial alloys.
Tripled profit
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £471.1m | £375.4m | ▲ +26% |
| Gross profit | £10.5m | £7.1m | ▲ +47% |
| Admin expenses | £6m | £5.6m | ▲ +8% |
| Operating profit | £4.4m | £1.5m | ▲ +192% |
| Finance costs | £28,722 | £75,206 | ▼ −62% |
| Profit before tax | £4.4m | £1.4m | ▲ +206% |
| Net profit | £3.3m | £1.3m | ▲ +163% |
| Cash & balance sheet | |||
| Cash | £13.5m | £3.9m | ▲ +249% |
| Net assets | £17.9m | £16.1m | ▲ +11% |
| Dividends paid | £1.5m | £1m | ▲ +49% |
| People & pay | |||
| Avg. headcount | 58 | 56 | ▲ +4% |
| Staff cost | £3.4m | £3m | ▲ +14% |
| Director pay | £215k | £210k | ▲ +2% |
| Highest-paid director | £113k | £108k | ▲ +4% |
The British gold refiner and bullion merchant recorded a strong year, with turnover rising 26% to £471.1m. That top-line growth translated to the bottom line, as operating profit nearly tripled to £4.4m. The filing attributes the performance to "reasonable profit margins" in the core gold and silver markets.
Baird Investments Limited [2]
The business acts as the privately owned holding company for Baird & Co, a UK-based bullion merchant and gold refiner that operates the Goldline retail platform.
Group accounts
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £471.1m | £375.4m | ▲ +26% |
| Gross profit | £10.5m | £7.1m | ▲ +47% |
| Admin expenses | £6.1m | £5.7m | ▲ +7% |
| Operating profit | £4.4m | £1.4m | ▲ +208% |
| Finance costs | £28,722 | £75,206 | ▼ −62% |
| Profit before tax | £4.4m | £1.3m | ▲ +224% |
| Net profit | £3.2m | £1.2m | ▲ +180% |
| Cash & balance sheet | |||
| Cash | £13.5m | £3.9m | ▲ +249% |
| Net assets | £17.9m | £16.2m | ▲ +11% |
| Dividends paid | £1.2m | £835k | ▲ +49% |
| People & pay | |||
| Avg. headcount | 58 | 56 | ▲ +4% |
| Staff cost | £3.4m | £3m | ▲ +15% |
| Director pay | £215k | £210k | ▲ +2% |
| Highest-paid director | £113k | £108k | ▲ +4% |
This is the consolidated group filing for the Baird & Co. bullion business above. The numbers are near-identical, with turnover at £471.1m and operating profit at £4.4m. The group finished the year with £13.5m in cash at bank.
Chelmer Uk Holdings Limited [3]
The company serves as the parent and holding entity for Chelmer Foods Limited, an Essex-based food business.
Margin expansion
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £112.2m | £107.8m | ▲ +4% |
| Gross profit | £9.4m | £6.9m | ▲ +37% |
| Admin expenses | £5.4m | £4.4m | ▲ +25% |
The parent company for the Essex-based food importer filed its consolidated accounts, showing a fifth consecutive year of record turnover at £112.2m. Gross profit climbed 37% to £9.4m, offsetting a £1.1m rise in administrative expenses. The filing notes that easing commodity prices have provided some relief after recent economic volatility.
Chelmer Foods Limited [4]
Operating as a subsidiary of Chelmer UK Holdings Limited, the company is an Essex-based importer and distributor of dried fruits, nuts, seeds, and pulses for the British food manufacturing and service sectors.
Steady growth
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £112.2m | £107.8m | ▲ +4% |
| Gross profit | £9.4m | £6.8m | ▲ +37% |
| Admin expenses | £5.7m | £4.4m | ▲ +29% |
| Operating profit | £3.7m | £2.4m | ▲ +52% |
| Finance costs | £117k | £120k | ▼ −2% |
| Profit before tax | £3m | £2.4m | ▲ +24% |
| Net profit | £2.1m | £2m | ▲ +4% |
| Cash & balance sheet | |||
| Cash | £1.1m | £5.9m | ▼ −82% |
| Net assets | £34m | £31.9m | ▲ +7% |
| People & pay | |||
| Avg. headcount | 59 | 53 | ▲ +11% |
| Staff cost | £3.4m | £3m | ▲ +14% |
| Director pay | £1.2m | £1.1m | ▲ +1% |
| Highest-paid director | £288k | £287k | ▲ +0% |
The trading subsidiary mirrors its parent's top line with £112.2m in turnover. Operating profit rose 52% to £3.7m, alongside the expanded gross margin. Average headcount rose from 53 to 59, bringing the total staff cost to £3.4m, while directors' remuneration remained broadly flat at £1.2m.
R. M. Easdale & Company Limited [5]
Operating as RM Easdale, the business is an independent, family-owned scrap metal merchant and recycling group headquartered in Glasgow that specialises in the processing and global trading of ferrous and non-ferrous metals.
Margin squeeze
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £91m | £76.6m | ▲ +19% |
| Gross profit | £5.7m | £5.7m | ▲ +1% |
| Admin expenses | £3m | £2.6m | ▲ +13% |
| Operating profit | £763k | £965k | ▼ −21% |
| Finance costs | £46,432 | £36,732 | ▲ +26% |
| Profit before tax | £733k | £946k | ▼ −23% |
| Net profit | £548k | £704k | ▼ −22% |
| Cash & balance sheet | |||
| Cash | £279k | £1.8m | ▼ −84% |
| Net assets | £10.6m | £10.2m | ▲ +4% |
| Dividends paid | −£95,500 | −£95,500 | ▲ −0% |
| People & pay | |||
| Avg. headcount | 48 | 51 | ▼ −6% |
| Staff cost | £2.9m | £2.6m | ▲ +13% |
| Director pay | £706k | £511k | ▲ +38% |
| Highest-paid director | £270k | £188k | ▲ +43% |
The Glasgow-based scrap metal merchant saw turnover rise 19% to £91.0m, but the extra volume did not reach the bottom line. Gross profit remained flat at £5.7m, and a £338k rise in administrative expenses saw operating profit fall 21% to £763k. Alongside the margin contraction, total directors' remuneration rose 38% to £706k, with the highest-paid director receiving £270k.
Sometimes the real gold is in the bullion margins, and sometimes it is a £1.1m dividend on a £233k balance sheet.
Sources
- Baird & Co. Limited
- Baird Investments Limited
- Chelmer Uk Holdings Limited
- Chelmer Foods Limited
- R. M. Easdale & Company Limited