The Accounts · daily brief
9 October 2026
A break-up at R&Q, and a £31m tax charge for Molson Coors
The takeaways
- R&Q Capital No. 1 filed on a break-up basis after its ultimate parent entered provisional liquidation
- Molson Coors saw net profit fall 70% to £8.6m after booking a substantial £31.6m tax charge
- Director pay at GXO Logistics UK doubled to £5.1m alongside a £50m dividend payout
Hiring signals · who grew, who shrank
Hiring
- Fexco Property Services (Management) Limited 127 → 253 staff ▲ +99% staff cost +111%
- Elysian Holdings Ltd 181 → 292 staff ▲ +61% staff cost +127%
Cutting
- Ibd Bikes Uk Limited 58 → 26 staff ▼ −55%
- Everbridge Europe Limited 217 → 119 staff ▼ −45% staff cost −9%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
R&Q Capital No. 1 Limited
R&Q Capital No. 1 Limited is a non-life insurance entity operating as a subsidiary of the Randall & Quilter (R&Q) group.
Filed on a break-up (non-going-concern) basis.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Admin expenses | £5.1m | £19.7m | ▼ −74% |
| Profit before tax | −£3.2m | −£51.9m | ▲ +94% |
| Net profit | −£3.2m | −£51.9m | ▲ +94% |
| Cash & balance sheet | |||
| Cash | £6.9m | £10.7m | ▼ −36% |
| Net assets | −£138.1m | −£134.9m | ▼ −2% |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
Filed on a break-up basis. The non-life insurance entity is being wound down after its Lloyd's syndicate was placed into run-off in July 2024. With the ultimate parent in provisional liquidation and net liabilities sitting at £138.1m, the auditor has qualified the accounts and operations are ceasing.
Gxo Logistics Uk Limited [1]
Operating via gxo.com, the entity is a principal UK subsidiary of NYSE-listed GXO Logistics, Inc. (having previously traded under the XPO, Norbert Dentressangle, and Christian Salvesen names), providing contract logistics, warehousing, and road freight transport services.
Board pay doubled
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.0bn | £1.8bn | ▲ +12% |
| Operating profit | £56m | £48.7m | ▲ +15% |
| Finance costs | £20.1m | £16.7m | ▲ +20% |
| Profit before tax | £45.2m | £36.3m | ▲ +25% |
| Net profit | £33.6m | £28.4m | ▲ +18% |
| Cash & balance sheet | |||
| Cash | £131.5m | £153.2m | ▼ −14% |
| Net assets | £398.9m | £428.1m | ▼ −7% |
| Dividends paid | −£50m | £0 | |
| People & pay | |||
| Avg. headcount | 28,568 | 27,679 | ▲ +3% |
| Staff cost | £1.1bn | £1.0bn | ▲ +9% |
| Director pay | £5.1m | £2.5m | ▲ +104% |
| Highest-paid director | £2.8m | £1.2m | ▲ +125% |
Revenue grew 11% to £2.04bn while operating profit rose 15% to £56m. Alongside this steady trading performance, total directors' remuneration doubled to £5.1m during the period under review. The accounts also record that a £50m dividend was paid out to the parent company.
Kaz Minerals Sales Limited [2]
Formerly known as Kazakhmys Sales Limited, this private company acts as the UK-based metal and ore wholesale subsidiary for KAZ Minerals International FZCO, a major copper mining group operating in Kazakhstan and Kyrgyzstan (kazminerals.com).
Sharp contraction
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £2.0bn | £3.0bn | ▼ −34% |
| Gross profit | £142.1m | £261.5m | ▼ −46% |
| Operating profit | £90.7m | £152.6m | ▼ −41% |
| Profit before tax | £168.5m | £219.9m | ▼ −23% |
| Net profit | £169.3m | £223.7m | ▼ −24% |
| Cash & balance sheet | |||
| Cash | £79.3m | £156.4m | ▼ −49% |
| Net assets | £97.5m | £117.1m | ▼ −17% |
| Dividends paid | −£188.9m | — | |
A sharp contraction for the UK metal wholesaler, with turnover down 34% to £1.98bn and operating profit dropping 40% to £90.7m. The period also saw a restructuring of the balance sheet, noting a share capital reduction that preceded a £188.9m dividend payout.
Molson Coors Brewing Company (Uk) Limited [3]
Operating from Burton upon Trent, this entity serves as the primary UK brewing and wholesale distribution arm of the global Molson Coors beverage group, having formerly operated as Bass Brewers Limited and Coors Brewers Limited.
Tax charge weighs
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.6bn | £1.7bn | ▼ −2% |
| Gross profit | £307.5m | £277m | ▲ +11% |
| Admin expenses | £209.4m | £166.8m | ▲ +26% |
| Operating profit | £34.5m | £37.9m | ▼ −9% |
| Finance costs | £3.3m | £5.9m | ▼ −43% |
| Profit before tax | £40.3m | £38.2m | ▲ +5% |
| Net profit | £8.7m | £28.4m | ▼ −70% |
| Cash & balance sheet | |||
| Cash | £128.3m | £134.8m | ▼ −5% |
| Net assets | £453.7m | £413m | ▲ +10% |
| Dividends paid | −£20.4m | −£27.8m | ▲ +27% |
| People & pay | |||
| Avg. headcount | 2,188 | 2,035 | ▲ +8% |
| Staff cost | £134.3m | £129.2m | ▲ +4% |
| Director pay | £929k | £911k | ▲ +2% |
| Highest-paid director | £620k | £626k | ▼ −1% |
The brewer's top line was essentially flat at £1.63bn, and underlying trading remained steady with operating profit slipping just 9%. The significant movement occurred below the line. A £31.6m tax charge reduced the bottom line, leaving net profit down 70% at £8.6m.
Wincanton Limited [4]
Recently de-listed and taken private following its acquisition by GXO Logistics, the company is a major British supply chain partner providing road freight transport, warehousing, and cargo handling services (wincanton.co.uk).
Back in the black
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.6bn | £1.2bn | ▲ +35% |
| Gross profit | £64.1m | £56.8m | ▲ +13% |
| Admin expenses | £26.3m | £135.2m | ▼ −81% |
| Operating profit | £92.6m | −£77.7m | ▲ +219% |
| Finance costs | £20.3m | £14.4m | ▲ +41% |
| Profit before tax | £78.6m | −£88.4m | ▲ +189% |
| Net profit | £64m | −£73.7m | ▲ +187% |
| Cash & balance sheet | |||
| Cash | £28.5m | £26.6m | ▲ +7% |
| Net assets | −£42.8m | −£96.4m | ▲ +56% |
| People & pay | |||
| Avg. headcount | 19,218 | 19,453 | ▼ −1% |
| Staff cost | £869.7m | £613.8m | ▲ +42% |
| Director pay | £3m | £2.2m | ▲ +39% |
| Highest-paid director | £1m | £857k | ▲ +21% |
Now de-listed and integrated into the GXO group, the logistics operator has returned to the black. Because the prior period was a nine-month stub, the raw year-on-year comparisons are not directly equivalent, but a £92.6m operating profit over a full twelve months marks a clear transition from the previous £77.7m loss.
Brook Green Trading Limited [5]
Formerly known as Mistral Energy Supply Limited, the company is an electricity trading business operating as a wholly owned subsidiary of Brook Green Supply Limited (brookgreensupply.com).
Passthrough profits
| Line | FY26 | FY25 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £1.1bn | £955.8m | ▲ +17% |
| Gross profit | £35.2m | £21.4m | ▲ +64% |
| Admin expenses | £3.8m | £1.6m | ▲ +134% |
| Operating profit | £31.3m | £19.8m | ▲ +58% |
| Finance costs | £10m | £9.9m | ▲ +2% |
| Profit before tax | £22m | £10.6m | ▲ +108% |
| Net profit | £16.5m | £8.1m | ▲ +103% |
| Cash & balance sheet | |||
| Cash | £7.7m | £7.8m | ▼ −2% |
| Net assets | £11.8m | £21.9m | ▼ −46% |
| Dividends paid | −£26.5m | −£23m | ▼ −15% |
A passthrough entity procuring gas and power for its parent. Turnover rose 17% to £1.12bn and operating profit jumped 58% to £31.3m, though the strategic report notes performance is measured by the minimisation of price risk. Alongside the widened margin, the accounts rely on a parent letter of support to affirm going concern.
Sometimes the most interesting numbers are those printed just as operations wind down.
Sources
- Gxo Logistics Uk Limited
- Kaz Minerals Sales Limited
- Molson Coors Brewing Company (Uk) Limited
- Wincanton Limited
- Brook Green Trading Limited