REGISTERED NUMBER: 06022429 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Tileflair Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTORS:

P J Broadhurst

Mrs L R Broadhurst

D A Brown

M T L Johnson

REGISTERED OFFICE:

Tileflair Ltd

Highwood Lane

Cribbs Causeway

Bristol

BS34 5TQ

REGISTERED NUMBER:

06022429 (England and Wales)

AUDITORS:

Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

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

REVIEW OF BUSINESS

The group's turnover year on year decreased to £11,083,696 in 2024, a decrease of £1,489,777 from £12,573,473 in 2023.

The directors continue to closely monitor key performance indicators and are constantly looking for ways to improve performance.

The group's key financial and other performance indicators during the year were as follows:

2024

2023

Turnover

£11,083,696

£12,573,473

Gross profit

£3,092,302

£3,383,926

EBITDA

£(287,923)

£315,549

Earnings before tax

(£650,772)

(£105,843)

PRINCIPAL RISKS AND UNCERTAINTIES

The group is exposed to price risk, credit risk, liquidity risk and cashflow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the directors review key management strategies regularly.

The group is constantly looking for ways to expand its market offering and for different ways to market and strives to ensure that its outlets provide the highest levels of customer service which will leave the company well placed to take advantage of any opportunities that may arise.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk - the group is exposed to price risk as a result of its operations. However, sales prices are constantly reviewed and agreed by management to ensure sales prices reflect any fluctuating prices within the market place.

Credit risk - before sales are made, appropriate credit checks are made on potential customers. The majority are established customers of the group, therefore the credit risk on an individual customer is limited.

Liquidity and cash flow risk - the group's exposure to liquidity risk is minimal and the company has adequate net current assets.

ON BEHALF OF THE BOARD:

P J Broadhurst - Director

9 May 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 retail and distribution of wall and floor tiles and associated products.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £Nil (2023: £140,000).

DIRECTORS

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

P J Broadhurst

Mrs L R Broadhurst

D A Brown

M T L Johnson

FINANCIAL INSTRUMENTS

The group has procedures to identify risk, protect and manage the group from events that may hinder its financial performance objectives. The objectives aim to limit counterparty exposure, ensure sufficient working capital exists and monitor risk and manage it at a business unit level. The group does not consider it necessary to employ derivatives such as forward currency contracts to manage risk based on the groups current activities.

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 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 group's auditors are aware of that information.

AUDITORS

The auditors, Mander Duffill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P J Broadhurst - Director

9 May 2025

Opinion

We have audited the financial statements of Tileflair Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of 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 loss 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:

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included:

- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud.

- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.

- Reading minutes of meetings of those charged with governance.

We 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.

We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

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 of controls including the following:

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Enquiry of management concerning actual and potential litigation and claims.

- Reviewing correspondence with HMRC, and the company's legal advisors.

- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether 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.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Julian Duffill FCA (Senior Statutory Auditor)

for and on behalf of Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

13 May 2025

TURNOVER

3

11,083,696

12,573,473

Cost of sales

7,991,394

9,189,547

GROSS PROFIT

3,092,302

3,383,926

Administrative expenses

3,777,467

3,657,831

(685,165

)

(273,905

)

Other operating income

59,420

192,752

OPERATING LOSS

6

(625,745

)

(81,153

)

Interest receivable and similar income

6,528

8,565

(619,217

)

(72,588

)

Interest payable and similar expenses

8

31,555

33,255

LOSS BEFORE TAXATION

(650,772

)

(105,843

)

Tax on loss

9

(96,086

)

31,375

LOSS FOR THE FINANCIAL YEAR

(554,686

)

(137,218

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(554,686

)

(137,218

)

Loss attributable to:

Owners of the parent

(554,686

)

(137,218

)

Total comprehensive income attributable to:

Owners of the parent

(554,686

)

(137,218

)

FIXED ASSETS

Intangible assets

12

463,187

694,954

Tangible assets

13

295,799

806,601

Investments

14

840

840

Investment property

15

300,000

300,000

1,059,826

1,802,395

CURRENT ASSETS

Stocks

16

1,121,373

1,313,067

Debtors

17

897,162

862,684

Cash at bank and in hand

437,205

540,871

2,455,740

2,716,622

CREDITORS

Amounts falling due within one year

18

1,595,553

1,792,905

NET CURRENT ASSETS

860,187

923,717

TOTAL ASSETS LESS CURRENT LIABILITIES

1,920,013

2,726,112

CREDITORS

Amounts falling due after more than one year

19

(360,788

)

(532,219

)

PROVISIONS FOR LIABILITIES

23

(28,638

)

(108,620

)

NET ASSETS

1,530,587

2,085,273

CAPITAL AND RESERVES

Called up share capital

24

320,000

320,000

Revaluation reserve

25

207,384

482,459

Capital redemption reserve

25

11,904

11,904

Retained earnings

25

991,299

1,270,910

SHAREHOLDERS' FUNDS

1,530,587

2,085,273

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by:

P J Broadhurst - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

7,688,518

7,688,518

Investment property

15

-

-

7,688,518

7,688,518

CURRENT ASSETS

Debtors

17

9

9

Cash at bank

52

52

61

61

CREDITORS

Amounts falling due within one year

18

6,601,849

6,601,849

NET CURRENT LIABILITIES

(6,601,788

)

(6,601,788

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,086,730

1,086,730

CAPITAL AND RESERVES

Called up share capital

24

320,000

320,000

Retained earnings

25

766,730

766,730

SHAREHOLDERS' FUNDS

1,086,730

1,086,730

Company's profit for the financial year

-

140,000

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by:

P J Broadhurst - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

320,000

1,548,128

482,459

11,904

2,362,491

Changes in equity

Dividends

-

(140,000

)

-

-

(140,000

)

Total comprehensive income

-

(137,218

)

-

-

(137,218

)

Balance at 31 December 2023

320,000

1,270,910

482,459

11,904

2,085,273

Changes in equity

Total comprehensive income

-

(279,611

)

(275,075

)

-

(554,686

)

Balance at 31 December 2024

320,000

991,299

207,384

11,904

1,530,587

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

320,000

766,730

1,086,730

Changes in equity

Dividends

-

(140,000

)

(140,000

)

Total comprehensive income

-

140,000

140,000

Balance at 31 December 2023

320,000

766,730

1,086,730

Changes in equity

Balance at 31 December 2024

320,000

766,730

1,086,730

Cash flows from operating activities

Cash generated from operations

1

(281,792

)

402,467

Interest paid

(31,555

)

(33,255

)

Tax paid

(16,104

)

(30,544

)

Net cash from operating activities

(329,451

)

338,668

Cash flows from investing activities

Purchase of tangible fixed assets

(16,204

)

(115,199

)

Sale of tangible fixed assets

502,000

29,750

Interest received

6,528

8,565

Net cash from investing activities

492,324

(76,884

)

Cash flows from financing activities

Loan repayments in year

(236,874

)

(21,938

)

Capital repayments in year

(29,665

)

(97,141

)

Equity dividends paid

-

(140,000

)

Net cash from financing activities

(266,539

)

(259,079

)

(Decrease)/increase in cash and cash equivalents

(103,666

)

2,705

Cash and cash equivalents at beginning of year

2

540,871

538,166

Cash and cash equivalents at end of year

2

437,205

540,871

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

31.12.24

31.12.23

£

£

Loss before taxation

(650,772

)

(105,843

)

Depreciation charges

344,195

388,534

Loss/(profit) on disposal of fixed assets

12,899

(396

)

Finance costs

31,555

33,255

Finance income

(6,528

)

(8,565

)

(268,651

)

306,985

Decrease in stocks

191,694

244,457

(Increase)/decrease in trade and other debtors

(18,374

)

187,976

Decrease in trade and other creditors

(186,461

)

(336,951

)

Cash generated from operations

(281,792

)

402,467

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

437,205

540,871

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

540,871

538,166

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

540,871

(103,666

)

437,205

540,871

(103,666

)

437,205

Debt

Finance leases

(123,844

)

29,665

-

(194,500

)

Debts falling due

within 1 year

(23,703

)

9,717

-

(13,986

)

Debts falling due

after 1 year

(434,049

)

227,157

-

(206,892

)

(581,596

)

266,539

-

(415,378

)

Total

(40,725

)

162,873

-

21,827

1.	STATUTORY INFORMATION

Tileflair Group 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.

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

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.

Going concern

The directors have reviewed projections for the next twelve months and consider the group to be able to continue as a going concern. The group has performed well during the year and the directors believe the group is well placed to perform well in 2024.

Based upon the information available to the directors at the date of approval of the financial statements, the directors consider it appropriate to continue to adopt the going concern basis in preparing these financial statements and that the group has adequate resources to continue to trade for the foreseeable future being twelve months from approval of these financial statements.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the profit or loss account from the effective date of acquisition or up to the effective date of disposals, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at acquisition date. Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interest consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination.

Critical accounting judgements and key sources of estimation uncertainty

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Having given due consideration to estimates and assumptions that form part of the carrying amounts of assets and liabilities within the financial statements, the directors are of the opinion that significant judgements relate to the valuation of the investment property, valuation of stock and recoverability of debtors.

Furthermore, the directors believe that lease dilapidations are an area of judgement significant to the financial statements, but do not consider the potential effect material.

Turnover

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

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.

The company recognises revenue when:

- the amount of revenue can be reliably measured;

- it is probable that future economic benefits will flow to the entity; and

- specific criteria have been met for each of the company's activities.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Freehold land and buildings

-

2.5% reducing balance

Leasehold land and buildings

-

Over the term of the lease

Leasehold improvements

-

20% - 33% straight line

Furniture, fixtures and fittings

-

20% - 30% straight line

Computer equipment

-

25% - 50% straight line

Motor vehicles

-

30% straight line

Commercial vehicles

-

20% straight line

Tangible assets are stated in the balance sheet at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Tangible assets held at valuation are revalued with sufficient regularity such that the carrying amount does not differ materially for that which would be determined using fair values at the balance sheet date.

The cost of tangible assets includes directly attributable incremental costs incurred in their aquisition and installation.

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.