REGISTERED NUMBER: 01772330 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Compass Holdings Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Independent Auditors' Report

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

Dr T P Broadbent

Mrs S M Broadbent

Mr K Broadbent

Mr A D Hibbins

SECRETARY:

Mrs S M Broadbent

REGISTERED OFFICE:

Whaley Road

Barugh Green

Barnsley

South Yorkshire

S75 1HT

REGISTERED NUMBER:

01772330 (England and Wales)

AUDITORS:

Harris & Co Limited

Chartered Accountants & Statutory Auditor

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The business review is included in the consolidated group financial statements of Compass Engineering Holdings Limited.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk arises from the company's potential exposure to a reduction in values of investments. The company has a strong balance sheet to be able to withstand any potential reductions.

KEY PERFORMANCE INDICATORS

The key financial performance indicators are set out in the consolidated group accounts.

DEVELOPMENT AND PERFORMANCE

The development and performance of the company is included in the strategic report in the consolidated

group accounts.

ON BEHALF OF THE BOARD:

Dr T P Broadbent - Director

19 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of the provision of financial, management and establishment services to the subsidiary member of the group.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 3,999,991 .

DIRECTORS

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

Dr T P Broadbent

Mrs S M Broadbent

Mr K Broadbent

Mr A D Hibbins

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the Company 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;

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 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 Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Dr T P Broadbent - Director

19 September 2025

Opinion

We have audited the financial statements of Compass Holdings Limited (the 'Company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 Company's affairs as at 31 December 2024 and of its 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 Company 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 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 three, 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 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 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 an Auditors' Report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of

irregularities, including fraud.

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

-

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations;

-

Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included, but were not limited to, Companies Act 2006, UK tax, employment, pension and health and safety regulation, data protection and anti bribery regulation and we considered the extent to which non-compliance might have a material impact on the financial statements.

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 Auditors' Report.

Other matters which we are required to address

Our procedures to respond to risks identified included the following:

-

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

Enquiring of management concerning actual and potential litigation and claims;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 an Auditors' Report 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.

Tom Garner CA CTA (Senior Statutory Auditor)

for and on behalf of Harris & Co Limited

Chartered Accountants & Statutory Auditor

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

19 September 2025

TURNOVER

4

-

-

Administrative expenses

1,503,358

1,577,065

(1,503,358

)

(1,577,065

)

Other operating income

1,244,814

1,232,094

OPERATING LOSS

6

(258,544

)

(344,971

)

Income from fixed asset investments

2,512,421

2,018,732

Interest receivable and similar income

97,801

32,821

2,610,222

2,051,553

PROFIT BEFORE TAXATION

2,351,678

1,706,582

Tax on profit

7

(43,482

)

21,028

PROFIT FOR THE FINANCIAL YEAR

2,395,160

1,685,554

FIXED ASSETS

Tangible assets

9

856,377

891,771

Investments

10

100

895,813

Investment property

11

3,333,019

3,333,019

4,189,496

5,120,603

CURRENT ASSETS

Debtors

12

11,292

313,262

Cash at bank and in hand

2,969,865

3,937,134

2,981,157

4,250,396

CREDITORS

Amounts falling due within one year

13

1,389,439

1,860,745

NET CURRENT ASSETS

1,591,718

2,389,651

TOTAL ASSETS LESS CURRENT LIABILITIES

5,781,214

7,510,254

PROVISIONS FOR LIABILITIES

14

19,880

144,089

NET ASSETS

5,761,334

7,366,165

CAPITAL AND RESERVES

Called up share capital

15

35,431

35,431

Share premium

16

38,558

38,558

Revaluation reserve

16

76,598

76,598

Capital redemption reserve

16

13,918

13,918

Retained earnings

16

5,596,829

7,201,660

SHAREHOLDERS' FUNDS

5,761,334

7,366,165

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Dr T P Broadbent - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2023

35,431

5,516,106

38,558

Changes in equity

Total comprehensive income

-

1,685,554

-

Balance at 31 December 2023

35,431

7,201,660

38,558

Changes in equity

Dividends

-

(3,999,991

)

-

Total comprehensive income

-

2,395,160

-

Balance at 31 December 2024

35,431

5,596,829

38,558

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2023

76,598

13,918

5,680,611

Changes in equity

Total comprehensive income

-

-

1,685,554

Balance at 31 December 2023

76,598

13,918

7,366,165

Changes in equity

Dividends

-

-

(3,999,991

)

Total comprehensive income

-

-

2,395,160

Balance at 31 December 2024

76,598

13,918

5,761,334

1.	STATUTORY INFORMATION

Compass Holdings Limited 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 Company Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Compass Holdings Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Compass Engineering Holdings Limited, Whaley Road, Barugh, Barnsley, South Yorkshire, S75 1HT.

Significant judgements and estimates

The principal accounting policies and significant judgements and estimates applied in the preparation of these financial statements are set out below. These policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated.

In the application of the company'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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investment property is property (land, a building, or part of a building, or both) held by the owner under lease. Under FRS 102 investment property rented to another group entity are treated as property plant and equipment and therefore accounted for using the cost model.

Investment property (other than any investment property rented to another group entity that have been transferred to property, plant and equipment) are measured at fair value, with changes in fair value recognised in profit or loss.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Straight line over 30 years

All fixed assets are initially recorded at cost.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Other Financial Assets

Other financial assets, including investments in equity instruments which are not subsidiaries,

associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of Financial Assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit or loss.

Other Financial Liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently

measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of Financial Liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are

discharged or cancelled.

4.

TURNOVER

Turnover represents amounts earned on services provided during the year and derives from the provision of services falling within the company's ordinary activities.

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,121,038

1,148,070

Social security costs

125,793

157,935

Other pension costs

145,413

194,938

1,392,244

1,500,943

The average number of employees during the year was as follows:

2024

2023

8

8

2024

2023

£

£

Directors' remuneration

811,649

817,282

Directors' pension contributions to money purchase schemes

10,000

149,345

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

3

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

392,411

406,331

Pension contributions to money purchase schemes

10,000

22,000

6.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

35,394

35,393

Profit on disposal of fixed assets

(23,520

)

(60,903

)

Auditors' remuneration

8,226

27,000

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

80,727

-

Deferred tax

(124,209

)

21,028

Tax on profit

(43,482

)

21,028

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

2,351,678

1,706,582

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%)

587,920

324,251

Effects of:

Expenses not deductible for tax purposes

3,140

21,028

Income not taxable for tax purposes

(758,194

)

(417,406

)

Depreciation in excess of capital allowances

8,848

6,724

Group relief

-

86,431

Capital gains

114,804

-

Total tax (credit)/charge

(43,482

)

21,028

8.

DIVIDENDS

2024

2023

£

£

Interim

3,999,991

-

9.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 January 2024

and 31 December 2024

1,068,739

DEPRECIATION

At 1 January 2024

176,968

Charge for year

35,394

At 31 December 2024

212,362

NET BOOK VALUE

At 31 December 2024

856,377

At 31 December 2023

891,771

10.	FIXED ASSET INVESTMENTS

Shares in

group

Listed

undertakings

investments

Totals

£

£

£

COST

At 1 January 2024

100

895,713

895,813

Additions

-

41,647

41,647

Disposals

-

(937,360

)

(937,360

)

At 31 December 2024

100

-

100

NET BOOK VALUE

At 31 December 2024

100

-

100

At 31 December 2023

100

895,713

895,813

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

Compass Engineering Limited

Registered office: Whaley Road, Barugh, Barnsley, South Yorkshire, S75 1HT

Nature of business: Structural engineering

%

Class of shares:

holding

Ordinary

100.00

11.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

3,333,019

NET BOOK VALUE

At 31 December 2024

3,333,019

At 31 December 2023

3,333,019

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

20,188

Other debtors

6,579

280,775

Prepayments and accrued income

4,713

12,299

11,292

313,262

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,732

911

Amounts owed to group undertakings

657,921

1,125,965

Corporation tax

80,727

-

Social security and other taxes

56,436

24,403

VAT

9,756

16,685

Other creditors

342,499

342,500

Accruals and deferred income

238,368

350,281

1,389,439

1,860,745

14.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

(124,209

)

-

Other timing differences

144,089

144,089

19,880

144,089

Deferred

tax

£

Balance at 1 January 2024

144,089

Credit to Statement of Comprehensive Income during year

(124,209

)

Balance at 31 December 2024

19,880

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

35,431

Ordinary

£1

35,431

35,431

16.

RESERVES

Capital

Retained

Share

Revaluation

redemption

earnings

premium

reserve

reserve

Totals

£

£

£

£

£

At 1 January 2024

7,201,660

38,558

76,598

13,918

7,330,734

Profit for the year

2,395,160

2,395,160

Dividends

(3,999,991

)

(3,999,991

)

At 31 December 2024

5,596,829

38,558

76,598

13,918

5,725,903

17.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.