REGISTERED NUMBER: 04748760 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

NIMBUS BUILDING PRODUCTS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditors

5

to

8

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

to

17

Notes to the Consolidated Financial Statements

18

to

30

DIRECTORS:

M A Lundy

G Monkman

SECRETARY:

Mrs D C Carlisle

REGISTERED OFFICE:

Hunt Street

Whitwood Mere

Castleford

West Yorkshire

WF10 1NS

REGISTERED NUMBER:

04748760 (England and Wales)

AUDITORS:

Allens Accountants Limited

Statutory Auditor and

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

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

REVIEW OF BUSINESS

The financial results were in line with expectations of the Board. Turnover decreased from that of last year as demand for our products decreased due to a general downturn in the economy.

Like many businesses our supply chain management is crucial. We have positive relationships with our suppliers. These have been built up over many years and this has stood the business in good stead.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's strategic position is to be a supplier of high quality laminated boards, differentiating itself from other suppliers in the maintenance of high quality product from high quality supplier partnerships.

The company is confident that continued working in partnership with customers and suppliers will mean it will be able to sustain and improve the existing business going forward. The benefits of working with our supply chain partners are key to ensuring consistent supply to the market.

Due to the significant purchases of raw materials in USD it is noted that constant review of this currency fluctuation is necessary. As a result, continual monitoring is undertaken to minimise the risk to gross profit margins.

KEY PERFORMANCE INDICATORS

The company uses a number of KPI's to monitor its performance, many of which have been gleaned from the "Industry Forum", an initiative involving a number of key suppliers involved with one of the industry's major customers. Thus many KPI's are used in working towards a Lean Manufacturing operating environment -

Delivery Schedule Achievement (DSA), Overall Equipment efficiency (OEE) and Machine Not Right First Time (NRFT) performances being 3 of the key monitors of operational efficiency.

Other Financial KPI's such as gross profit margin, debtor / creditor and stock days as well as absolute sales value per month and wages as a percentage of sales value are also reported within the Monthly Management Information packs prepared for Directors and Senior Management.

SUSTAINABILITY AND THE ENVIRONMENT

We continue to work with our customers & supply chain in reducing energy usage. We have our own in-house initiatives to reduce energy consumption including labour efficiencies reducing the need to work full 24 hour shifts and thus reducing overnight energy requirements. We also have our own waste reduction projects which are having the beneficial impact of reducing landfill costs as well as reducing environmental impacts through reduced emissions. Significant investment has been made in 2017 on a new biomass system to eliminate costs from disposal of waste product and generate income from RHI

The company is FSC certificated ensuring chain of custody traceability is available for all of our Far Eastern materials.

OWNERSHIP

The ultimate ownership of the business changed during 2023. The shares in Nimbus Building Products Limited, were transferred to an Employee Ownership Trust.

ON BEHALF OF THE BOARD:

Mrs D C Carlisle - Secretary

26th September 2025

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

DIVIDENDS

The directors have been paid a dividend amounting to £nil (prior to March 2023 £216,000).

During the year £2,162,814 (2023 £11,537,690) was gifted to the now 100% shareholder of the company, the Nimbco Employee-Ownership Trust.

RESEARCH AND DEVELOPMENT

The company invests in bringing new and innovative products to the market.

DIRECTORS

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

M A Lundy

G Monkman

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;

-	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, Allens Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs D C Carlisle - Secretary

26th September 2025

Opinion

We have audited the financial statements of Nimbus Building Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st 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 31st 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 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 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

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, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for the directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management and the board of directors about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their 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 risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedure to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management and the board of directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications 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.

Paul Wright (Senior Statutory Auditor)

for and on behalf of Allens Accountants Limited

Statutory Auditor and

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

26th September 2025

TURNOVER

4

24,169,809

42,418,854

Cost of sales

18,354,660

32,012,693

GROSS PROFIT

5,815,149

10,406,161

Distribution costs

698,242

1,024,997

Administrative expenses

3,387,370

4,178,719

4,085,612

5,203,716

OPERATING PROFIT

6

1,729,537

5,202,445

Interest receivable and similar income

(4,248

)

40,961

1,725,289

5,243,406

Interest payable and similar expenses

7

836,943

927,969

PROFIT BEFORE TAXATION

888,346

4,315,437

Tax on profit

8

251,856

1,100,193

PROFIT FOR THE FINANCIAL YEAR

636,490

3,215,244

Profit attributable to:

Owners of the parent

636,490

3,215,244

PROFIT FOR THE YEAR

636,490

3,215,244

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

636,490

3,215,244

Total comprehensive income attributable to:

Owners of the parent

636,490

3,215,244

FIXED ASSETS

Intangible assets

11

575,432

676,471

Tangible assets

12

3,120,593

3,384,793

Investments

13

-

-

3,696,025

4,061,264

CURRENT ASSETS

Stocks

14

8,764,312

10,144,048

Debtors

15

5,819,024

8,026,015

Cash at bank and in hand

1,890,186

1,096,132

16,473,522

19,266,195

CREDITORS

Amounts falling due within one year

16

11,198,318

10,120,982

NET CURRENT ASSETS

5,275,204

9,145,213

TOTAL ASSETS LESS CURRENT LIABILITIES

8,971,229

13,206,477

CREDITORS

Amounts falling due after more than one year

17

(666,667

)

(3,333,334

)

PROVISIONS FOR LIABILITIES

21

(536,102

)

(578,359

)

NET ASSETS

7,768,460

9,294,784

CAPITAL AND RESERVES

Called up share capital

22

1,840,810

1,840,810

Retained earnings

23

5,927,650

7,453,974

SHAREHOLDERS' FUNDS

7,768,460

9,294,784

The financial statements were approved by the Board of Directors and authorised for issue on 26th September 2025 and were signed on its behalf by:

G Monkman - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

4,824,806

4,824,806

4,824,806

4,824,806

CURRENT ASSETS

Debtors

15

10,375

2,303,110

Cash at bank

1,815,585

873,375

1,825,960

3,176,485

CREDITORS

Amounts falling due within one year

16

4,075,138

2,676,427

NET CURRENT (LIABILITIES)/ASSETS

(2,249,178

)

500,058

TOTAL ASSETS LESS CURRENT LIABILITIES

2,575,628

5,324,864

CREDITORS

Amounts falling due after more than one year

17

666,667

3,333,334

NET ASSETS

1,908,961

1,991,530

CAPITAL AND RESERVES

Called up share capital

22

1,840,810

1,840,810

Retained earnings

23

68,151

150,720

SHAREHOLDERS' FUNDS

1,908,961

1,991,530

Company's profit for the financial year

2,080,245

11,837,979

The financial statements were approved by the Board of Directors and authorised for issue on 26th September 2025 and were signed on its behalf by:

G Monkman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

1,840,810

15,992,420

17,833,230

Changes in equity

Dividends

-

(216,000

)

(216,000

)

Total comprehensive income

-

3,215,244

3,215,244

Gift to Employee Ownership Trust

-

(11,537,690

)

(11,537,690

)

Balance at 31st December 2023

1,840,810

7,453,974

9,294,784

Changes in equity

Total comprehensive income

-

636,490

636,490

Gift to Employee Ownership Trust

-

(2,162,814

)

(2,162,814

)

Balance at 31st December 2024

1,840,810

5,927,650

7,768,460

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

1,840,810

66,431

1,907,241

Changes in equity

Dividends

-

(216,000

)

(216,000

)

Total comprehensive income

-

11,837,979

11,837,979

Gift to Employee Ownership Trust

-

(11,537,690

)

(11,537,690

)

Balance at 31st December 2023

1,840,810

150,720

1,991,530

Changes in equity

Total comprehensive income

-

2,080,245

2,080,245

Gift to Employee Ownership Trust

-

(2,162,814

)

(2,162,814

)

Balance at 31st December 2024

1,840,810

68,151

1,908,961

Cash flows from operating activities

Cash generated from operations

1

7,776,316

8,730,017

Interest paid

(836,943

)

(927,969

)

Tax paid

(985,212

)

(1,422,964

)

Net cash from operating activities

5,954,161

6,379,084

Cash flows from investing activities

Purchase of tangible fixed assets

(154,450

)

(517,212

)

Interest received

(4,248

)

40,961

Net cash from investing activities

(158,698

)

(476,251

)

Cash flows from financing activities

New loans in year

-

9,154,900

Loan repayments in year

(2,861,210

)

(2,000,000

)

Amount introduced by directors

-

2,000,000

Invoice discounting facility

-

(2,577,364

)

Employment ownership trust gift

(2,162,814

)

(11,537,690

)

Equity dividends paid

-

(216,000

)

Net cash from financing activities

(5,024,024

)

(5,176,154

)

Increase in cash and cash equivalents

771,439

726,679

Cash and cash equivalents at beginning of year

2

1,068,003

341,324

Cash and cash equivalents at end of year

2

1,839,442

1,068,003

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

2024

2023

£

£

Profit before taxation

888,346

4,315,437

Depreciation charges

519,689

607,987

Finance costs

836,943

927,969

Finance income

4,248

(40,961

)

2,249,226

5,810,432

Decrease in stocks

1,379,736

4,168,634

Decrease in trade and other debtors

2,380,220

1,055,725

Increase/(decrease) in trade and other creditors

1,767,134

(2,304,774

)

Cash generated from operations

7,776,316

8,730,017

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 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

1,890,186

1,096,132

Bank overdrafts

(50,744

)

(28,129

)

1,839,442

1,068,003

Year ended 31st December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

1,096,132

613,073

Bank overdrafts

(28,129

)

(271,749

)

1,068,003

341,324

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

1,096,132

794,054

1,890,186

Bank overdrafts

(28,129

)

(22,615

)

(50,744

)

1,068,003

771,439

1,839,442

Debt

Debts falling due within 1 year

(5,602,731

)

194,543

(5,408,188

)

Debts falling due after 1 year

(3,333,334

)

2,666,667

(666,667

)

(8,936,065

)

2,861,210

(6,074,855

)

Total

(7,868,062

)

3,632,649

(4,235,413

)

1.	COMPANY INFORMATION

Nimbus Building Products Limited is a company limited by share capital and is incorporated in England and Wales. The registered office address is Hunt Street, Whitwood Mere, Castleford, West Yorkshire, WF10 1NS.

The nature of the company's operations and its principal activity is the sourcing, manufacture and supply of custom laminated boards, principally for the leisure industry.

2.	STATUTORY INFORMATION

Nimbus Building Products 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 General Information page.

3.	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.

The financial statements are presented in Sterling (£).

Going concern

After reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Basis of consolidation

The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings made up to 31 December 2024.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated balance sheet immediately below goodwill.

All inter-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Related party exemption

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses for the year. However, the nature of estimation means that actual outcomes could differ from those 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 if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgement has had the most significant effect on amounts recognised in the financial statements.

Stock valuation

A key area involving management judgement and estimate is in determining a stock valuation for old and slow-moving stock items.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

i) the Company has transferred the significant risks and rewards of ownership to the buyer;

ii) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

iii) the amount of turnover can be measured reliably;

iv) it is probable that the Company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill on consolidation, being the amount in connection with the acquisitions of the business and being amortised evenly over its estimated useful life of twenty years of the business acquired in 2003 and 10 years of the business acquired in 2022.

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.

Tangible fixed assets

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

Short leasehold

-

over the period of the lease

Improvements to property

-

over the period of the lease

Plant & machinery

-

5-15 years less expected residual value and 10 - 20% p.a

Computer equipment

-

33% on cost