REGISTERED NUMBER: 09361477 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WEAVER INVESTMENTS LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

A P Weaver

A M S Weaver

SECRETARY:

C P Weaver

REGISTERED OFFICE:

Mill House

Mill Lane

Halesowen

West Midlands

B63 3JP

REGISTERED NUMBER:

09361477 (England and Wales)

AUDITORS:

Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the Group during the year continued to be that of providing steel slitting services.

The key financial performance indicators during the year were as follows:

2024

2023

change

£

£

%

Turnover

34,010,011

37,712,171

-10%

Profit before tax

610,695

573,214

+7%

Shareholders' funds

8,414,680

8,576,518

-2%

The outlook for 2025 looks challenging. Increased costs of steel are not necessarily reflected in increased selling prices as some competitors choose to chase volumes over profitability. Demand remains reduced, largely down to reduced confidence in general. Costs of employment will increase due to government changes . There is uncertainty over global supply routes, created by increased restrictions on trade, and tariffs impact the sources available to procure steel from. However, on the positive side, we have strong sales for H1 already in place with acceptable margins on the whole. There are some signs that H2 will see demand start to improve as delayed construction projects eventually start.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the group's strategy are subject to a number of risks including price, credit, liquidity and cash flow risks. The key business risks and uncertainties are considered to be competition from other steel service centres, the weakness of the UK economy, product availability and the external macro-economic and geo-political problems affecting the UK and around the world. The Group has policies in place which are aimed to mitigate and manage these risks.

SECTION 172(1) STATEMENT

Section 172 (1) of the Companies Act obliges the Directors to promote the success of the Company for the benefit of the Company's members as a whole.

This section specifies that the Directors have a duty to act in a way which they consider, in good faith, is most likely to promote the success of the company and in doing so, have regard (amongst other matters) to:

- the likely consequences of any decision in the long term;

- the interests of the Company's employees;

- the need to foster the Company's business relationships with suppliers, customers and others;

- the impact on the Company's operations on the community and the environment;

- the desirability of the company maintaining reputation for high standards of business and conducts; and

- the need to act fairly as between members of the Company.

The company is a holding company of the Weaver Investments Ltd Group ("Group") and therefore, key decisions which affect the Group, this Company and stakeholders are made by the board of the Group.

The board believes that effective communication and proactive engagement with group subsidiaries is paramount in establishing a mutual understanding of objectives. The Group directors (AP Weaver and AM Weaver) sit on the boards of each subsidiary. This forms the primary communication between all stakeholders and facilitates effective open, transparent and two-way engagement of each boards inter-linked strategic decisions. This structure supports the board in performing its duties.

The Board of Directors consider, both individually and collectively, that they have acted in accordance with section 172 (1) of the Companies Act 2006 in decisions taken during the year ended 31st December 2024.

Decision making

In meeting the Group's strategic objectives the Directors have regard to the long term impact of their decision making, recognising that the future success of the Group is strongly correlated to successful stakeholder relationships. The Group recently completed a full upgrade of its production slitting line to ensure high quality and efficient production, maintaining customer satisfaction and Group reputation.

Employees

Due to the size and nature of the Group's operations, employees have direct access to directors. We endeavour to provide safe working conditions which enable employees to perform well and training is provided where required. The Group complies with health and safety regulations and maintains an ISO 45001 occupational health and safety management system. Employee facilities were also refurbished during the year.

Business relationships

Good working relationships with customers and suppliers is considered vital to the ongoing success of the Group. We seek to build long term relationships with suppliers offering quality and reliable products and services and in turn this enables us to fulfil our commitments and meet the expectations of our customers and other stakeholders.

Environment

The Directors recognise the impact of the Group's operations on the community and environment. During the year, initiatives aimed at reducing the Group's carbon footprint include the use of zero emission vehicles, energy efficient lighting systems, installation of triple glazing and safe disposal of manufacturing waste. The Group also operates an ISO14001 environmental management system.

STREAMLINED ENERGY AND CARBON REPORTING

As the group's energy consumption in the reporting period exceeded 40,000 kWh it is required to comply with the Streamlined Energy and Carbon Reporting requirements.

ENERGY AND CARBON REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

ENERGY CONSUMPTION KWH

Total energy consumed in the year:

kWh

kWh

-Gas combustion

270,579

-Fuel consumed for transport

9,055

-Purchased electricity

169,922

449,556

EMISSIONS OF C02 EQUIVALENT

Scope 1 - direct emissions

Tonnes

Tonnes

-Gas combustion

38

-Fuel consumed for owned transport

2

40

Scope 2 - indirect emissions

-Purchased electricity

75

Total gross emissions

115

INTENSITY RATIO

Tonnes C02e per 1000 tonnes of production

2.7

QUANTIFICATION AND REPORTING METHODOLOGY

The group has followed and used the following quantification and reporting methodologies:

-HM Government 2019 Environmental Reporting Guidelines;

-GHG Reporting Protocol; and

-Government Conversion Factors for energy and emissions reporting.

MEASURES TAKEN TO IMPROVE EFFICIENCY

All company cars are now zero emission vehicles. We upgraded some double glazing to triple glazing and energy efficient lighting systems were in use during the period.

ON BEHALF OF THE BOARD:

A M S Weaver - Director

14 April 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of steel slitting services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 604,307 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A P Weaver

A M S Weaver

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A M S Weaver - Director

14 April 2025

Opinion

We have audited the financial statements of Weaver Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

- The nature of the group and the industry in which it operates, business performance and the control environment.

- The laws and regulations applicable to the group.

- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations.

- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations.

- Whether management know of any instances of fraud or non-compliance with laws and regulations.

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud.

As a result of our procedures we identified direct and indirect laws and regulations applicable to the group. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the group's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP and UK Tax Legislation. The indirect laws and regulations identified are International Organization Standardization (ISO) regulations covering health and safety, quality management and environmental management.

Our response to the risks identified include:

- Reviewing the financial statement disclosures and testing supporting documentation.

- Enquiring of management concerning actual or potential litigation claims.

- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud.

- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements.

- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business.

We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Saxon (Senior Statutory Auditor)

for and on behalf of Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

14 April 2025

TURNOVER

3

34,010,011

37,712,171

Cost of sales

31,226,180

34,848,913

GROSS PROFIT

2,783,831

2,863,258

Administrative expenses

2,268,520

2,359,002

OPERATING PROFIT

5

515,311

504,256

Interest receivable and similar income

95,384

68,958

PROFIT BEFORE TAXATION

610,695

573,214

Tax on profit

6

168,226

129,471

PROFIT FOR THE FINANCIAL YEAR

442,469

443,743

Profit attributable to:

Owners of the parent

442,469

443,743

PROFIT FOR THE YEAR

442,469

443,743

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

442,469

443,743

Total comprehensive income attributable to:

Owners of the parent

442,469

443,743

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

3,702,947

4,017,123

Investments

11

-

-

3,702,947

4,017,123

CURRENT ASSETS

Stocks

12

6,645,677

8,083,286

Debtors

13

8,999,577

7,095,415

Cash at bank and in hand

5,903,475

7,621,674

21,548,729

22,800,375

CREDITORS

Amounts falling due within one year

14

16,260,374

17,612,832

NET CURRENT ASSETS

5,288,355

5,187,543

TOTAL ASSETS LESS CURRENT LIABILITIES

8,991,302

9,204,666

PROVISIONS FOR LIABILITIES

16

576,622

628,148

NET ASSETS

8,414,680

8,576,518

CAPITAL AND RESERVES

Called up share capital

17

50

50

Revaluation reserve

18

559,046

559,046

Other reserves

18

1,499,953

1,499,953

Retained earnings

18

6,355,631

6,517,469

SHAREHOLDERS' FUNDS

8,414,680

8,576,518

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:

A M S Weaver - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

4,536,689

4,536,689

4,536,689

4,536,689

CURRENT ASSETS

Debtors

13

356,163

702,401

Cash at bank and in hand

64,922

4,367

421,085

706,768

CREDITORS

Amounts falling due within one year

14

11,061

138,595

NET CURRENT ASSETS

410,024

568,173

TOTAL ASSETS LESS CURRENT LIABILITIES

4,946,713

5,104,862

CAPITAL AND RESERVES

Called up share capital

17

50

50

Other reserves

18

1,499,953

1,499,953

Retained earnings

18

3,446,710

3,604,859

SHAREHOLDERS' FUNDS

4,946,713

5,104,862

Company's profit for the financial year

446,158

430,222

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:

A M S Weaver - Director

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 January 2023

50

7,573,726

559,046

1,499,953

9,632,775

Changes in equity

Dividends

-

(1,500,000

)

-

-

(1,500,000

)

Total comprehensive income

-

443,743

-

-

443,743

Balance at 31 December 2023

50

6,517,469

559,046

1,499,953

8,576,518

Changes in equity

Dividends

-

(604,307

)

-

-

(604,307

)

Total comprehensive income

-

442,469

-

-

442,469

Balance at 31 December 2024

50

6,355,631

559,046

1,499,953

8,414,680

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

50

4,674,637

1,499,953

6,174,640

Changes in equity

Dividends

-

(1,500,000

)

-

(1,500,000

)

Total comprehensive income

-

430,222

-

430,222

Balance at 31 December 2023

50

3,604,859

1,499,953

5,104,862

Changes in equity

Dividends

-

(604,307

)

-

(604,307

)

Total comprehensive income

-

446,158

-

446,158

Balance at 31 December 2024

50

3,446,710

1,499,953

4,946,713

Cash flows from operating activities

Cash generated from operations

1

(850,804

)

7,790,697

Tax paid

(181,834

)

(245,559

)

Net cash from operating activities

(1,032,638

)

7,545,138

Cash flows from investing activities

Purchase of tangible fixed assets

(50,429

)

(231,452

)

Interest received

95,384

68,958

Net cash from investing activities

44,955

(162,494

)

Cash flows from financing activities

Loan repayments in year

(126,209

)

-

Equity dividends paid

(604,307

)

(1,500,000

)

Net cash from financing activities

(730,516

)

(1,500,000

)

(Decrease)/increase in cash and cash equivalents

(1,718,199

)

5,882,644

Cash and cash equivalents at beginning of year

2

7,621,674

1,739,030

Cash and cash equivalents at end of year

2

5,903,475

7,621,674

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

610,695

573,214

Depreciation charges

364,604

336,399

Negative goodwill recovered

-

(10,086

)

Finance income

(95,384

)

(68,958

)

879,915

830,569

Decrease in stocks

1,437,609

6,734,413

(Increase)/decrease in trade and other debtors

(1,904,162

)

5,732,903

Decrease in trade and other creditors

(1,264,166

)

(5,507,188

)

Cash generated from operations

(850,804

)

7,790,697

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

5,903,475

7,621,674

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

7,621,674

1,739,030

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

7,621,674

(1,718,199

)

5,903,475

7,621,674

(1,718,199

)

5,903,475

Debt

Debts falling due within 1 year

(125,001

)

125,001

-

(125,001

)

125,001

-

Total

7,496,673

(1,593,198

)

5,903,475

1.	STATUTORY INFORMATION

Weaver Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In accordance with Financial Reporting Standard 102 certain items are included at Fair Value.

The financial statements are presented in £ pounds sterling which is also the group's functional currency.

Basis of consolidation

The group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or sold are consolidated for the period from or to the date on which control passed. Business combinations are accounted for under the purchase method. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Judgements and estimates

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only affects that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Business combinations and goodwill

Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combinations.

Goodwill arising on the acquisition of subsidiary undertaking and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life. Provision is made for impairment.

Negative goodwill is similarly included in the balance sheet and is credited to the profit and loss account in the periods in which the acquired non-monetary assets are recovered through depreciation or sale. Negative goodwill in excess of the fair values of the non-monetary assets acquired is credited to the profit and loss account in the periods expected to benefit.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.