REGISTERED NUMBER: 08337068 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BRUNO GENERATORS UK LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

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

Notes to the Consolidated Financial Statements

17

DIRECTORS:

R Bruno

G Paris

REGISTERED OFFICE:

30/34 North Street

Hailsham

East Sussex

BN27 1DW

REGISTERED NUMBER:

08337068 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

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

REVIEW OF BUSINESS

Bruno Generators UK Limited operates as the UK holding company for the Bruno Group, overseeing a portfolio of manufacturing and engineering businesses across the energy and power generation sector. The Group continues to demonstrate a strong trading position through its commitment to innovation and investment in infrastructure.

During the year, the Group completed a significant expansion project with the opening of a new manufacturing and refurbishment centre in the UK. This facility has enhanced the Group's UK-based production and distribution capacity, supporting the Group's strategy of localising operations and improving customer service responsiveness.

Innovation remains a key driver of growth. In 2024, the Group made significant strides with the development of an innovative variant in its Enerpack series of battery energy storage systems, named 'Cranemaster'. This product targets niche lifting and hybrid power applications, enabling safer and more efficient crane operations.

Key Performance Indicators

The directors use several key performance indicators (KPIs) to monitor and assess the Group's financial health and performance.

The year ended 31 December 2024 was another year of continued growth as the group continues to expand. The Group has delivered strong financial growth in 2024, with revenues increasing by 28.93% from £21.78 million in 2023 to £28.09 million. This uplift reflects continued demand for the Group's power solutions and the benefits of expanded UK operations. Gross profit increased by 33.91%, demonstrating effective cost management and improved margins, underlining the Group's ability to scale profitably as it grows.

The Group continues to trade profitably in competitive market conditions and has enhanced its trading position with further development of existing customer relationships and contracts.

KPI

2023

2024

Variance

Turnover

£21,784,917

£28,087,775

£6,302,858

Gross Profit

£3,346,497

£4,481,155

£1,134,658

Net Profit

£950,664

£1,375,660

£424,996

Gross Profit Margin

15.36%

15.95%

0.59%

Net Profit Margin

4.36%

4.90%

0.53%

PRINCIPAL RISKS AND UNCERTAINTIES

With the increased level of trading activity, the cashflow requirements of the Group have become more demanding. However, debtor recovery remains consistent with industry norms, and the Group retains access to support from its wider international network to manage working capital fluctuations.

The other key risk is exposure to foreign currency, particularly the Euro, due to inter-company purchases from Italy. These are generally intra-group transactions, and therefore pose limited economic risk to the Group.

FUTURE DEVELOPMENTS

The directors remain optimistic about future growth, particularly through the operational scaling of the UK-based manufacturing facility. This will support further domestic market penetration and reduce lead times to end customers. The Group will also continue its product innovation strategy, with the Cranemaster battery system expected to play a key role in 2025 and beyond.

ON BEHALF OF THE BOARD:

G Paris - Director

29 September 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 the supply and maintenance of electrical generating equipment.

DIVIDENDS

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

DIRECTORS

R Bruno has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

G Paris was appointed as a director after 31 December 2024 but prior to the date of this report.

H Wagner ceased to be a director after 31 December 2024 but prior to the date of this report.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G Paris - Director

29 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

The Group is subject to several laws and regulations where the consequence of non-compliance could have a direct material effect on the financial statements. The laws and regulations that we considered most likely to have such an effect include:

- FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland

- The Companies Act 2006

- UK tax legislation, including corporation tax and VAT

As a UK subsidiary of an Italian-headquartered group, the Group is also subject to cross-border compliance risks, including those arising from intercompany transactions, transfer pricing rules, and the timely settlement and disclosure of intra-group balances. Given the integrated nature of operations between the UK and the wider EU group, there is also an elevated risk around cross-jurisdictional VAT treatment and reporting obligations, particularly with post-Brexit rules still evolving.

The Group is also subject to other laws and regulations that do not have a direct impact on the financial statements but are fundamental to its ability to operate and avoid significant penalties. These include health and safety regulations, environmental laws, and data protection regulations (UK GDPR).

We assessed the susceptibility of the Group's financial statements to material misstatement, including how

fraud might occur, by making enquiries of management and those charged with governance. We used

internal and external information to corroborate these enquiries and to perform a fraud risk assessment for

the group as a whole. We considered the risk of fraud to be higher through the potential for management

override of controls and manipulation of accounting estimates.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances

of non-compliance with laws and regulations included:

- Discussions with management regarding their knowledge of actual or suspected instances of fraud or non-compliance with laws and regulations;

- Review of the Group's compliance with local tax and financial reporting obligations, particularly in relation to intra-group transactions

- Challenging assumptions and judgements made by management in it's significant accounting estimates, in

particular in relation to the valuation of investments and provisions;

- Identifying and testing journal entries, focusing on those with unusual characteristics or posted by unexpected users;

- Testing material transactions outside the normal course of business or with connected parties, especially those involving overseas group entities.

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.

Geoffrey David Slater (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

29 September 2025

TURNOVER

28,087,775

21,784,917

Cost of sales

(23,606,619

)

(18,438,420

)

GROSS PROFIT

4,481,156

3,346,497

Administrative expenses

(2,615,688

)

(2,004,708

)

1,865,468

1,341,789

Other operating income

1,597

1,150

OPERATING PROFIT

4

1,867,065

1,342,939

Interest receivable and similar income

94

-

1,867,159

1,342,939

Interest payable and similar expenses

5

1,078

3,420

PROFIT BEFORE TAXATION

1,868,237

1,346,359

Tax on profit

6

(492,577

)

(395,695

)

PROFIT FOR THE FINANCIAL YEAR

1,375,660

950,664

Profit attributable to:

Owners of the parent

1,375,660

950,664

PROFIT FOR THE YEAR

1,375,660

950,664

OTHER COMPREHENSIVE INCOME

Acquisition of non-controlling interest

-

(4,000

)

Foreign Exchange

(8,102

)

(17,288

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(8,102

)

(21,288

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,367,558

929,376

Total comprehensive income attributable to:

Owners of the parent

1,367,558

929,376

FIXED ASSETS

Intangible assets

8

415,931

607,450

Tangible assets

9

306,365

235,837

Investments

10

-

-

722,296

843,287

CURRENT ASSETS

Stocks

11

8,995,566

4,948,270

Debtors

12

4,755,418

7,206,648

Cash at bank and in hand

1,199,208

729,246

14,950,192

12,884,164

CREDITORS

Amounts falling due within one year

13

(8,008,763

)

(7,431,284

)

NET CURRENT ASSETS

6,941,429

5,452,880

TOTAL ASSETS LESS CURRENT LIABILITIES

7,663,725

6,296,167

CREDITORS

Amounts falling due after more than one year

14

(2,600,000

)

(2,600,000

)

PROVISIONS FOR LIABILITIES

15

(16,171

)

(16,171

)

NET ASSETS

5,047,554

3,679,996

CAPITAL AND RESERVES

Called up share capital

16

1,000

1,000

Other reserves

17

1,256

9,358

Retained earnings

17

5,045,298

3,669,638

SHAREHOLDERS' FUNDS

5,047,554

3,679,996

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

G Paris - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

800,800

800,800

800,800

800,800

CURRENT ASSETS

Debtors

12

3,516,700

3,516,700

Cash at bank

2,822

4,582

3,519,522

3,521,282

CREDITORS

Amounts falling due within one year

13

(21,270

)

(21,270

)

NET CURRENT ASSETS

3,498,252

3,500,012

TOTAL ASSETS LESS CURRENT LIABILITIES

4,299,052

4,300,812

CREDITORS

Amounts falling due after more than one year

14

(2,600,000

)

(2,600,000

)

NET ASSETS

1,699,052

1,700,812

CAPITAL AND RESERVES

Called up share capital

16

1,000

1,000

Retained earnings

17

1,698,052

1,699,812

SHAREHOLDERS' FUNDS

1,699,052

1,700,812

Company's (loss)/profit for the financial year

(1,760

)

195,535

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

G Paris - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Balance at 1 January 2023

1,000

2,718,974

30,646

Changes in equity

Total comprehensive income

-

950,664

(21,288

)

Balance at 31 December 2023

1,000

3,669,638

9,358

Changes in equity

Total comprehensive income

-

1,375,660

(8,102

)

Balance at 31 December 2024

1,000

5,045,298

1,256

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

2,750,620

-

2,750,620

Changes in equity

Total comprehensive income

929,376

-

929,376

Balance at 31 December 2023

3,679,996

-

3,679,996

Changes in equity

Total comprehensive income

1,367,558

-

1,367,558

Balance at 31 December 2024

5,047,554

-

5,047,554

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,000

1,504,277

1,505,277

Changes in equity

Total comprehensive income

-

195,535

195,535

Balance at 31 December 2023

1,000

1,699,812

1,700,812

Changes in equity

Total comprehensive loss

-

(1,760

)

(1,760

)

Balance at 31 December 2024

1,000

1,698,052

1,699,052

Cash flows from operating activities

Cash generated from operations

1

1,034,200

(19,180

)

Interest paid

1,078

3,420

Tax paid

(396,743

)

(383,701

)

Net cash from operating activities

638,535

(399,461

)

Cash flows from investing activities

Purchase of tangible fixed assets

(183,667

)

(115,512

)

Sale of tangible fixed assets

15,000

-

Payments to acquire investments

-

(345,506

)

Interest received

94

-

Net cash from investing activities

(168,573

)

(461,018

)

Cash flows from financing activities

Capital repayments in year

-

(200,000

)

Net cash from financing activities

-

(200,000

)

Increase/(decrease) in cash and cash equivalents

469,962

(1,060,479

)

Cash and cash equivalents at beginning of year

2

729,246

1,789,725

Cash and cash equivalents at end of year

2

1,199,208

729,246

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

2024

2023

£

£

Profit before taxation

1,868,237

1,346,359

Depreciation charges

288,938

254,527

Loss on disposal of fixed assets

720

-

Effects of foreign rate differences

(8,102

)

(6,400

)

Finance costs

(1,078

)

(3,420

)

Finance income

(94

)

-

2,148,621

1,591,066

Increase in stocks

(4,047,296

)

(2,524,789

)

Decrease/(increase) in trade and other debtors

2,438,431

(2,359,152

)

Increase in trade and other creditors

494,444

3,273,695

Cash generated from operations

1,034,200

(19,180

)

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

1,199,208

729,246

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

729,246

1,789,725

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

729,246

469,962

1,199,208

729,246

469,962

1,199,208

Total

729,246

469,962

1,199,208

1.	STATUTORY INFORMATION

Bruno Generators UK 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.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the

parent of that group prepares publicly available consolidated financial statements, including this

company, which are intended to give a true and fair view of the assets, liabilities, financial position and

profit or loss of the group. The company has therefore taken advantage of exemptions from disclosure

requirements for parent company information presented within the consolidated financial statements,

being from section 7 'statement of cashflows', sections 11 and 12 'financial instruments'.

Basis of consolidation

The consolidated financial statements incorporate those of Bruno Generators UK Limited and all of its subsidiaries (i.e. entities that the group control through its power to govern the financial and operating policies as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31st December 2024. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies use into line with those used by other members of the group

All intra-group, transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of its subsidiaries, is being amortised evenly over its estimated useful life of 10 years.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost and 15% on reducing balance

Motor vehicles

-

25% on cost and 20% on cost

Computer equipment

-

25% on cost and 20% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.