Break-up accounts at Topcon, fee increases at Busy Bees

The takeaways

Topcon Positioning's UK arm files on a non-going-concern basis as it folds into a European branch structure
Busy Bees Nurseries cited fee increases to mitigate inflation, as operating profit rose 41% to £82.8m
AB InBev UK swung to a £1.1m operating loss, though director pension contributions topped £80m

Hiring signals · who grew, who shrank

Hiring

B.S. Specialist Products Limited 59 → 76 staff ▲ +29% staff cost +26%
Adexa Direct Limited 48 → 60 staff ▲ +25% staff cost +28%

Cutting

Brinkworth Productions Limited 46 → 26 staff ▼ −43% staff cost −27%
Brinkworth Television Limited 48 → 28 staff ▼ −42% staff cost −27%

Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.

Filing of note

Topcon Positioning (Great Britain) Limited

11211072 · Parent-only

Operating as the UK distribution and support arm for Japanese-headquartered Topcon Corporation, the company supplies GPS technology, surveying instruments, and machine control systems to the construction and civil engineering sectors.

Filed on a break-up (non-going-concern) basis.

Line	FY26	FY25	YoY
Profit & loss
Turnover	£8.6m	£9.8m	▼ −12%
Gross profit	£1.7m	£2m	▼ −14%
Admin expenses	£1.7m	£1.9m	▼ −12%
Operating profit	£18,104	£65,837	▼ −73%
Profit before tax	£36,554	£91,015	▼ −60%
Net profit	−£49,231	£68,073	▼ −172%
Cash & balance sheet
Cash	£1.3m	£2.8m	▼ −54%
Net assets	£4m	£4.1m	▼ −1%
People & pay
Avg. headcount	17	21	▼ −19%
Staff cost	£1.2m	£1.3m	▼ −4%
Director pay	—	£121k

A notable filing today is a set of accounts prepared on a break-up basis. The UK distribution arm for the Japanese GPS specialist files on a non-going-concern basis, as the group folds it into a local branch of its European parent. Turnover slipped 12% to £8.6m in its final year as a standalone principal entity.

Ab Inbev Uk Limited [1]

03982132 · Parent-only

Trading locally as Budweiser Brewing Group, the company is the British manufacturing and distribution arm of the globally listed brewing giant Anheuser-Busch InBev SA/NV, producing major beer brands including Stella Artois, Budweiser, and Beck's.

Pension line expands

Line	FY25	FY24	YoY
Profit & loss
Turnover	£1.9bn	£1.7bn	▲ +11%
Gross profit	£504.5m	£449.9m	▲ +12%
Admin expenses	£460.6m	£406.8m	▲ +13%
Operating profit	−£1.1m	£2.5m	▼ −146%
Finance costs	£19.1m	£23.5m	▼ −19%
Profit before tax	£19.9m	£20.9m	▼ −5%
Net profit	£5.1m	£61.1m	▼ −92%
Cash & balance sheet
Cash	£4.3m	£7m	▼ −39%
Net assets	−£24.7m	£16.8m	▼ −248%
People & pay
Avg. headcount	1,628	1,572	▲ +4%
Staff cost	£127.3m	£135.1m	▼ −6%
Director pay	£3m	£1.5m	▲ +99%
Highest-paid director	£754k	£274k	▲ +175%

Turnover at the British arm of the brewing giant rose 11% to £1.8bn following the integration of San Miguel into the portfolio. The core trading picture was more challenging, with operating profit swinging from £2.5m into a £1.1m loss. The period also saw an increase in board pay: director remuneration doubled to £3.0m, while director pension contributions reached £80.5m.

Busy Bees Nurseries Limited [2]

03454787 · Parent-only

Operating as a subsidiary of Busy Bees Holdings Ltd, the company runs a major chain of pre-primary day nurseries and early years education centres across the United Kingdom.

Fee increases

Line	FY25	FY24	YoY
Profit & loss
Turnover	£378.5m	£316m	▲ +20%
Gross profit	£155.5m	£123.2m	▲ +26%
Admin expenses	£72.7m	£64.7m	▲ +12%
Operating profit	£82.8m	£58.6m	▲ +41%
Finance costs	£10.3m	£9.9m	▲ +4%
Profit before tax	£72.5m	£48.7m	▲ +49%
Net profit	£70.4m	£45.6m	▲ +54%
Cash & balance sheet
Cash	£2.3m	£2.4m	▼ −1%
Net assets	£270.1m	£199.7m	▲ +35%
People & pay
Avg. headcount	6,059	5,709	▲ +6%
Staff cost	£198.6m	£172.3m	▲ +15%

Fee increases were cited as a response to the nursery chain's inflationary pressures. The filing notes these increases were implemented to mitigate rising costs, as turnover grew 20% to £378.5m. Operating profit rose 41% to £82.8m, outpacing a 15% increase in the total staff cost line.

Oakfield (Foods) Limited [3]

02103137 · Parent-only

Operating as an ultimate parent company, Oakfield Foods is a privately owned import and export business that manages the supply chain for meat, poultry, seafood, and vegetables.

Lean volume

Line	FY25	FY24	YoY
Profit & loss
Turnover	£335.7m	£278.2m	▲ +21%
Gross profit	£32.2m	£25.8m	▲ +25%
Admin expenses	£16.6m	£14m	▲ +19%
Operating profit	£15.7m	£11.8m	▲ +33%
Finance costs	£1.7m	£330k	▲ +423%
Profit before tax	£12.3m	£13.7m	▼ −10%
Net profit	£9.8m	£10.2m	▼ −4%
Cash & balance sheet
Cash	£349k	£1.8m	▼ −81%
Net assets	£44.2m	£39.4m	▲ +12%
Dividends paid	£5m	£13.3m	▼ −63%
People & pay
Avg. headcount	66	64	▲ +3%
Staff cost	£12.6m	£10.7m	▲ +17%
Director pay	£6.3m	£5.5m	▲ +14%
Highest-paid director	£2.8m	£2.6m	▲ +7%

A lean holding operation moving serious volume. An average headcount of just 66 coincided with £335.7m in turnover, up 21% as the group shed low-margin products. Operating profit rose 33% to £15.7m, though a £1.7m unrealised fair-value loss moved the bottom line slightly lower year-on-year.

Van Oord Offshore Wind Uk Ltd. [4]

11006425 · Parent-only

The company operates as the British offshore wind subsidiary of the Dutch maritime contracting group Royal Van Oord, providing marine civil engineering and equipment leasing for water construction projects.

Restored margins

Line	FY25	FY24	YoY
Profit & loss
Turnover	£267.8m	£233.2m	▲ +15%
Gross profit	£30.1m	−£5.2m	▲ +674%
Admin expenses	£1.6m	£3.3m	▼ −51%
Operating profit	£28.5m	−£8.6m	▲ +432%
Finance costs	£3.7m	£9.5m	▼ −61%
Profit before tax	£28.5m	−£7.5m	▲ +478%
Net profit	£21.3m	−£5.6m	▲ +479%
Cash & balance sheet
Cash	£2,000	£2,000	▲ −0%
Net assets	£22.9m	£1.6m	▲ +1367%
People & pay
Avg. headcount	99	85	▲ +16%
Staff cost	£9.1m	£7.7m	▲ +19%
Director pay	£158k	£333k	▼ −53%
Highest-paid director	—	£301k

A clear turnaround for the offshore wind contractor. Revenue climbed 15% to £267.8m, moving operating profit from an £8.6m loss to a £28.5m gain. The filing credits a successful secondary steel installation at the Danish THOR windfarm for the restored margins.

Capita Pension Solutions Limited [5]

02260524 · Parent-only

Operating as the regulated pensions division of the outsourcing group Capita, the company provides scheme administration, actuarial consulting, and investment strategy services to trustees and sponsors across the public and private sectors.

Margin squeeze

Line	FY25	FY24	YoY
Profit & loss
Turnover	£191.5m	£183m	▲ +5%
Gross profit	£64m	£57.5m	▲ +11%
Admin expenses	£44.3m	£31.3m	▲ +42%
Operating profit	£19.7m	£26.2m	▼ −25%
Finance costs	£100k	£200k	▼ −50%
Profit before tax	£22.9m	£30.6m	▼ −25%
Net profit	£17.1m	£22.8m	▼ −25%
Cash & balance sheet
Cash	£94.5m	£50m	▲ +89%
Net assets	£209.6m	£192.5m	▲ +9%
People & pay
Avg. headcount	2,491	2,389	▲ +4%
Staff cost	£125.8m	£106.8m	▲ +18%
Director pay	£800k	£700k	▲ +14%
Highest-paid director	£300k	£300k	▲ −0%

Turnover rose slightly to £191.5m at Capita's regulated pensions division. Operating profit dropped 25% to £19.7m, coinciding with a £13m expansion in administrative expenses. The filing notes this follows the acquisition of an actuarial division from a fellow Capita subsidiary during the year.

If my pension contributions ever hit eighty million, you can prepare my working life on a break-up basis too.

Sources

Ab Inbev Uk Limited (03982132)
Busy Bees Nurseries Limited (03454787)
Oakfield (Foods) Limited (02103137)
Van Oord Offshore Wind Uk Ltd. (11006425)
Capita Pension Solutions Limited (02260524)