Notes to the Financial Statements continued for the year ended 30 September 2025
23 Financial instruments continued Exposure to credit risk continued The maximum exposure to credit risk for trade and other receivables at the reporting date by business segment was:
Group 2025 £m
Company 2025 £m
Group 2024 £m
Company 2024 £m
Trade and other receivables by business segment
14.8
— — —
Cyber Security
15.7
— — —
—
Escode
2.5 0.2
0.3
Central and head office
Total
15.1
—
18.4
—
The trade receivables of the Group typically comprise many amounts due from a large number of customers and represent a spread of industry sectors. The largest amount due from a single customer at the reporting date represented 3.0% (2024: 2.5%) of total Group receivables. All of the Group’s cash is held with financial institutions of high credit rating. The provisions in respect of trade receivables are used to record expected credit losses. The Group has dedicated credit control teams, which regularly review customer debt balances to assess the risk of recovery. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages and minimises liquidity risk by using global cash management solutions and actively monitoring both actual and projected cash outflows to ensure that it will have sufficient liquidity to meet its liabilities when due and have headroom to provide against unforeseen obligations. Longer term, the Group has assessed its liquidity forecast as part of the viability assessment and its ability to continue trading as a going concern.
For further detail on the Group’s assessment of liquidity risk refer to the Viability Statement on pages 38 and 39. The following are the undiscounted contractual maturities of financial liabilities, including interest payments, of the Group:
Carrying amount £m
Contractual cash flows £m
1–2 years £m
2–5 years £m
5+ years £m
<1 year £m
At 30 September 2025
(3.3)
(6.1)
(0.3) (3.3)
(0.3) (3.7)
(5.5) (5.7)
—
Borrowings
(19.5) (43.1)
(16.7) (43.1)
(4.0)
Lease liabilities
(43.1)
— — —
Trade and other payables
Carrying amount £m
Contractual cash flows £m
1–2 years £m
2–5 years £m
5+ years £m
<1 year £m
At 30 September 2024
Borrowings
(61.5) (13.6) (27.6) (46.8)
(73.9) (13.6) (32.5) (46.8)
(3.8)
(3.8)
(66.3)
—
Bank overdraft Lease liabilities
(13.6)
— — —
(8.0)
(6.6)
(13.6)
(4.3)
Trade and other payables
(46.8)
— — —
The contractual cash flows for borrowings disclosed above relate to the Group’s RCF for the year ended 30 September 2025, which expires in April 2029, and in the prior year includes the Term Loan Facility Agreement that was due to expire in December 2026. The contractual cash flows include an estimate of the interest payable based on the assumption that the borrowings remain drawn based upon 30 September 2025 levels, except that the term loan which existed at 30 September 2024 is repayable over its term. Interest is calculated based on SONIA/SOFR plus a margin based on the current leverage ratio. Currency risk The Group is exposed to currency risk on sales, purchases, cash and borrowings that are denominated in a currency other than the respective functional and presentational currency of the Group. The Group’s management reviews the size and probable timing of settlement of all financial assets and liabilities denominated in foreign currencies. The Group’s exposure to currency risk is as follows:
2025
2024
Sterling £m
EUR £m
USD £m
Other £m
Total £m
Sterling £m
EUR £m
USD £m
Other £m
Total £m
8.4 1.0 7.8 2.7
2.9
1.9
0.9
14.1
Trade receivables Other receivables Contract assets
7.6 1.1 7.9
2.0
7.4
0.3
17.3
— — — 1.0
— — —
1.1
3.8 3.5
6.1 4.3
1.7 2.0
19.4 12.5
3.4 4.1
6.5 4.5
2.3 3.2
20.1 29.8
Cash and cash equivalents
18.0
— — — — —
Bank overdraft
(11.9) (19.0) (16.0) (32.7)
— —
(1.7)
— —
(13.6) (61.5) (27.6) (46.8)
1.9
— (5.2)
— (3.3)
Borrowings
(42.5)
(9.7)
(3.8) (5.6)
(3.0) (6.2)
(3.0) (2.6)
(19.5) (43.1)
Lease liabilities
(3.2) (3.9)
(4.9) (7.6)
(3.5) (2.6)
(28.7)
Trade and other payables
Total
(16.6)
0.8
(2.1)
(1.0)
(18.9)
(45.0)
2.4
(38.3)
(0.3)
(81.2)
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 146
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