The Accounts · daily brief
10 September 2026
Reversals, dividends, and a £2bn passthrough
The takeaways
- UK Fuels swung to a £105.1m operating profit largely by reversing a £121.1m intercompany provision
- Rolls-Royce Submarines paid out a £220m dividend to its parent while adding nearly 450 staff to the payroll
- Infracapital (Sense) Subholdings filed on a break-up basis ahead of an expected voluntary liquidation
Hiring signals · who grew, who shrank
Hiring
- Edinburgh Leisure 769 → 1,085 staff ▲ +41% staff cost −11%
- Ls Cable & System Uk Limited 22 → 31 staff ▲ +41% staff cost +49%
Cutting
- Benevolental Limited 221 → 50 staff ▼ −77% staff cost −84%
- Zepz Technology Services Limited 90 → 52 staff ▼ −42% staff cost +2%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Infracapital (Sense) Subholdings Limited
The entity acts as an intermediate investment holding company within the Infracapital infrastructure private equity group, ultimately owned by the listed asset manager M&G Plc.
Filed on a break-up (non-going-concern) basis.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Profit before tax | −£158.6m | −£20.7m | ▼ −668% |
| Net profit | −£158.6m | −£20.7m | ▼ −668% |
| Cash & balance sheet | |||
| Cash | £0 | £0 | |
| Net assets | −£212.3m | −£53.7m | ▼ −295% |
Filed on a break-up basis, this intermediate holding company within the Infracapital group is preparing for liquidation. The filing confirms an orderly wind-down toward voluntary liquidation is expected following the legally agreed sale of Nexera Holding. The accounts reflect this transition, with the pre-tax loss deepening to £158.6m and net liabilities expanding to £212.3m. The auditor flagged one key audit matter, focused on the non-going-concern basis.
Toyota (G.B.) Plc [1]
Toyota (G.B.) PLC is the national sales, marketing, and after-sales subsidiary for the Toyota and Lexus automotive brands in the United Kingdom, operating under the ultimate ownership of Toyota Motor Corporation.
Volume reduction
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £3.3bn | £3.4bn | ▼ −2% |
| Gross profit | £206.2m | £204.6m | ▲ +1% |
| Admin expenses | £64.8m | £69.9m | ▼ −7% |
| Operating profit | £52.2m | £54.5m | ▼ −4% |
| Finance costs | £49.5m | £55.6m | ▼ −11% |
| Cash & balance sheet | |||
| Cash | £71.4m | £41.3m | ▲ +73% |
| Net assets | £20m | £9.2m | ▲ +118% |
| Dividends paid | £547k | £3.4m | ▼ −84% |
| People & pay | |||
| Avg. headcount | 277 | 277 | ▲ −0% |
| Staff cost | £29.2m | £28.6m | ▲ +2% |
The UK arm of the Japanese automaker saw turnover dip 1.5% to £3.34bn, tracking a reduction in exposure to the high-cost fleet market. The filing notes market share fell to 4.8% in line with expectations during a period of sales channel realignment. Operating profit eased 4.2% to £52.2m, while the balance sheet expanded with net assets more than doubling to £20.0m.
Uk Fuels Limited [2]
Trading as a subsidiary of the British-owned mobility and connectivity group Radius, the company provides commercial fuel cards and fleet management solutions to businesses.
Provision reversal
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.8bn | £2.5bn | ▲ +11% |
| Gross profit | £134.4m | £118.9m | ▲ +13% |
| Admin expenses | £29.2m | £150.3m | ▼ −81% |
| Operating profit | £105.2m | −£31.5m | ▲ +434% |
| Finance costs | £24.2m | £22.8m | ▲ +6% |
| Profit before tax | £101.3m | −£40m | ▲ +353% |
| Net profit | £90m | −£46.6m | ▲ +293% |
| Cash & balance sheet | |||
| Cash | £1.9m | £11m | ▼ −83% |
| Net assets | £161.4m | £70.3m | ▲ +130% |
| People & pay | |||
| Avg. headcount | 1,029 | 952 | ▲ +8% |
| Staff cost | £58.5m | £49.7m | ▲ +18% |
| Director pay | £4.1m | £2.9m | ▲ +40% |
| Highest-paid director | £1.7m | £1.2m | ▲ +44% |
The headline operating profit swing from a £31.5m loss to a £105.1m gain is notable, driven largely by accounting adjustments. The Radius subsidiary reversed a £121.1m prior-year impairment provision against intercompany receivables, which reduced administrative expenses and lifted the final operating figure. Still, underlying metrics showed growth: gross profit rose 13% to £134.4m on £2.83bn of turnover.
Essar Midlands Limited [3]
Operating as a subsidiary of Essar Oil (UK) Limited, the company holds strategic midstream infrastructure assets, including stakes in the UK Oil Pipeline network and the Kingsbury Terminal joint venture, to support the wider group's petroleum distribution.
Zero headcount
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.0bn | £1.8bn | ▲ +15% |
| Gross profit | £22.4m | £18.3m | ▲ +23% |
| Admin expenses | −£11.9m | −£8.9m | ▼ −34% |
| Operating profit | £5.9m | £5.1m | ▲ +16% |
| Finance costs | −£2.7m | −£3.8m | ▲ +27% |
| Profit before tax | £3.2m | £2.2m | ▲ +47% |
| Net profit | £2.4m | £1.5m | ▲ +57% |
| Cash & balance sheet | |||
| Cash | £2.4m | £1.9m | ▲ +27% |
| Net assets | £11.7m | £9.6m | ▲ +22% |
A classic capital-light passthrough entity. This midstream infrastructure holdco booked £2.02bn in turnover without employing a single person, relying entirely on third-party operators and parent-company services. Operating profit ticked up 15.7% to £5.9m, reflecting the narrow margins associated with handling petroleum products for the wider group. It continues to trade on a going-concern basis supported by a letter of financial backing from its parent.
Kelda Finance (No.1) Limited [4]
Operating as a sub-holding and financing entity within the Kelda Holdings group, the company facilitates debt issuance and loan financing for its subsidiary operations, which notably include the regulated utility Yorkshire Water.
Heavy leverage
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.6bn | £1.3bn | ▲ +26% |
| Operating profit | £473m | £322.3m | ▲ +47% |
| Finance costs | −£351m | −£298.6m | ▼ −18% |
| Profit before tax | £101m | £405.6m | ▼ −75% |
| Net profit | £72m | £300.6m | ▼ −76% |
| Cash & balance sheet | |||
| Net assets | £1.2bn | £1.2bn | ▼ −3% |
| Dividends paid | −£68m | — | |
| People & pay | |||
| Avg. headcount | 4,481 | 3,876 | ▲ +16% |
| Staff cost | £273.7m | £219m | ▲ +25% |
| Director pay | £800k | £700k | ▲ +14% |
| Highest-paid director | £600k | £700k | ▼ −14% |
The financing vehicle for Yorkshire Water operates with significant leverage. While consolidated operating profit jumped 46.8% to £473m, £351m in finance costs brought net profit to £72m. The group saw an increase of over 600 staff during the year, pushing total average headcount to 4,481, as the ultimate parent recorded a new 42% shareholder in EQT Active Core Infrastructure.
Rolls-Royce Submarines Limited [5]
Rolls-Royce Submarines Limited, formerly known as Rolls-Royce Marine Power Operations Limited, is a subsidiary of the London-listed aerospace and defence group Rolls-Royce Holdings plc that designs, manufactures, and supports nuclear reactor systems for the Royal Navy's submarine fleet.
Large dividend
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.4bn | £1.4bn | ▼ −2% |
| Gross profit | £157.6m | £182.7m | ▼ −14% |
| Admin expenses | £34.1m | £47.8m | ▼ −29% |
| Operating profit | £123.5m | £134.9m | ▼ −8% |
| Finance costs | £3.9m | £2.4m | ▲ +64% |
| Profit before tax | £145m | £158.7m | ▼ −9% |
| Net profit | £110.6m | £120.8m | ▼ −8% |
| Cash & balance sheet | |||
| Cash | £682k | £507k | ▲ +35% |
| Net assets | £234.9m | £328.8m | ▼ −29% |
| Dividends paid | £220m | — | |
| People & pay | |||
| Avg. headcount | 5,283 | 4,834 | ▲ +9% |
| Staff cost | £440.4m | £398.2m | ▲ +11% |
| Director pay | £1.6m | £1.3m | ▲ +22% |
| Highest-paid director | £628k | £572k | ▲ +10% |
The Royal Navy's nuclear reactor builder saw its workforce expand, with an increase of nearly 450 staff pushing average headcount to 5,283. While turnover and operating profit both drifted slightly lower to £1.36bn and £123.5m respectively, notable movements occurred on the cash flow statement. A £220m dividend was paid to the London-listed parent, coinciding with a reduction in net assets of nearly a third.
A £121m accounting reversal certainly leaves a mark on the operating line.
Sources
- Toyota (G.B.) Plc
- Uk Fuels Limited
- Essar Midlands Limited
- Kelda Finance (No.1) Limited
- Rolls-Royce Submarines Limited