REGISTERED NUMBER: 13437264 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RGB INVESTMENT HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

R Brearley

J W Dunn

M Johnston

D R Rhodes

M Thomas

REGISTERED OFFICE:

Rixon Court 39-43 Rixon Road

Finedon Road Industrial Estate

Wellingborough

United Kingdom

NN8 4BA

REGISTERED NUMBER:

13437264 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

Total turnover on continuing operations decreased by £1.6m (5%) to £30,131,082. Net loss before tax was £951,772, representing a net margin of (3.2%) on sales, a decrease of 6.4% on 2023 performance.

EBITDA delivered was £639,016.

The commencement of 2024 saw the successful opening of a brand-new site in Barnsley which brought with it a host of additional costs from day one. The site was fully operational by the end of April and grew month by month thereafter. Although the 2024 Group accounts are adversely affected by the opening costs of this site, the company expects 2025 to be a profitable year for the site.

Sales volumes for the company were similar to 2023 but nowhere near the post-pandemic levels that we saw in 2021/2022. The year saw continued price increases from the supply chain and a continuation of increases in the national minimum wage which the company continued to partially pass onto customers, however the company also continued to shoulder some of the burden of these increases itself resulting in Gross Margins of 27.4%, around 1.2% lower than 2023 levels. Significant effort and cost was put into improving the already efficient and cost-effective business to help ensure that net profit was still healthy despite the cost increases seen from areas such as rent, business rates and insurance.

Cash flow generated from operations remains strong at £1.6m and the company continued with its policy of investment in machinery and in the course of the year purchased capital expenditure totalling £462,380.

Total capital and reserves at the year-end stand at £1,056,802.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a very competitive environment, focused on timely and efficient service, quality and price and is proven to be able to excel in it.

We continue to see inflationary increases in the costs of raw materials and labour and also disruption in areas of the supply chain. The company will continue to harness its strong relationships with suppliers to ensure any issues can be managed effectively and where required will source materials from more than one supplier.

To ensure staff retention is kept at good levels the company continually reviews pay structures and other ways of rewarding employees to ensure it is competitive in the markets it operates in.

The company will continue to invest in new machinery, vehicles and staff development throughout 2025 to ensure that it is able to continue to prosper.

DISABLED EMPLOYEES

The Group's stated policy on equal opportunities, which includes people with disabilities, is currently as follows:

Subject to statutory law, people will be judged solely on merit and ability during recruitment, selection, training, development and promotion throughout their employment.

It is the policy of this Group to provide equal opportunities for all employees. The Group will also take every action possible to avoid discrimination on the grounds of sex, sexual orientation, gender reassignment, race, religion and belief, disability, age, or marriage and civil partnership.

The Group does not take disability into account in making decisions about employment, training and development, promotion or career development, except insofar as may be necessary for the consideration of making reasonable adjustments or due to the essential requirements of the job. The Group ensures to the best of its ability that job adverts and selection processes are free from discrimination.

Should an employee become disabled during employment the Group reviews with the employee and if appropriate medical and other specialist advisers whether there are any reasonable adjustments that are needed and can be made to assist the employee to remain at work and to support them in carrying out that work.

EMPLOYEE INVOLVEMENT

Employees are advised of significant changes and updates on matters that affect them via Group companies' notice boards and emails. Where appropriate they are consulted either on an individual or group basis or by appointment of employee representatives as appropriate to the matters raised.

KEY PERFORMANCE INDICATORS

The directors consider that turnover, gross profit and net profit before tax are the key performance indicators of the business. These key performance indicators are commercially sensitive and are closely monitored internally.

SIGNED BY ORDER OF THE DIRECTORS:

R Brearley - Director

26 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 manufacturing of UPVC windows and doors.

DIVIDENDS

Interim dividends of £448,200 were voted during the period.

DIRECTORS

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

R Brearley

J W Dunn

M Johnston

D R Rhodes

M Thomas

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, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:

R Brearley - Director

26 September 2025

Opinion

We have audited the financial statements of Rgb Investment Holdings 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 Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquirers of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Robyn Liddell (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

27 September 2025

TURNOVER

3

30,131,082

31,702,738

Cost of sales

21,862,343

22,646,192

GROSS PROFIT

8,268,739

9,056,546

Administrative expenses

8,696,307

7,560,439

(427,568

)

1,496,107

Other operating income

17,742

12,125

OPERATING (LOSS)/PROFIT

5

(409,826

)

1,508,232

Interest receivable and similar income

120

13,450

(409,706

)

1,521,682

Interest payable and similar expenses

6

542,066

509,340

(LOSS)/PROFIT BEFORE TAXATION

(951,772

)

1,012,342

Tax on (loss)/profit

7

9,131

291,456

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(960,903

)

720,886

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(960,903

)

720,886

(Loss)/profit attributable to:

Owners of the parent

(960,903

)

720,886

Total comprehensive income attributable to:

Owners of the parent

(960,903

)

720,886

FIXED ASSETS

Intangible assets

10

3,366,138

3,927,161

Tangible assets

11

2,042,657

2,136,062

Investments

12

-

-

5,408,795

6,063,223

CURRENT ASSETS

Stocks

13

1,828,081

2,106,958

Debtors

14

3,833,246

3,424,113

Cash at bank and in hand

114,982

303,065

5,776,309

5,834,136

CREDITORS

Amounts falling due within one year

15

7,051,423

5,769,093

NET CURRENT (LIABILITIES)/ASSETS

(1,275,114

)

65,043

TOTAL ASSETS LESS CURRENT LIABILITIES

4,133,681

6,128,266

CREDITORS

Amounts falling due after more than one year

16

(2,598,945

)

(3,227,541

)

PROVISIONS FOR LIABILITIES

20

(477,934

)

(434,820

)

NET ASSETS

1,056,802

2,465,905

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Share premium

22

1,149,000

1,149,000

Retained earnings

22

(93,198

)

1,315,905

SHAREHOLDERS' FUNDS

1,056,802

2,465,905

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

R Brearley - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

12,227,249

12,227,249

12,227,249

12,227,249

CURRENT ASSETS

Cash at bank

101

101

CREDITORS

Amounts falling due within one year

15

8,173,067

7,180,858

NET CURRENT LIABILITIES

(8,172,966

)

(7,180,757

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,054,283

5,046,492

CREDITORS

Amounts falling due after more than one year

16

1,157,320

1,757,320

NET ASSETS

2,896,963

3,289,172

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Share premium

22

1,149,000

1,149,000

Retained earnings

22

1,746,963

2,139,172

SHAREHOLDERS' FUNDS

2,896,963

3,289,172

Company's profit for the financial year

55,991

2,731,210

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

R Brearley - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,000

1,219,469

1,149,000

2,369,469

Changes in equity

Dividends

-

(624,450

)

-

(624,450

)

Total comprehensive income

-

720,886

-

720,886

Balance at 31 December 2023

1,000

1,315,905

1,149,000

2,465,905

Changes in equity

Dividends

-

(448,200

)

-

(448,200

)

Total comprehensive income

-

(960,903

)

-

(960,903

)

Balance at 31 December 2024

1,000

(93,198

)

1,149,000

1,056,802

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,000

32,412

1,149,000

1,182,412

Changes in equity

Dividends

-

(624,450

)

-

(624,450

)

Total comprehensive income

-

2,731,210

-

2,731,210

Balance at 31 December 2023

1,000

2,139,172

1,149,000

3,289,172

Changes in equity

Dividends

-

(448,200

)

-

(448,200

)

Total comprehensive income

-

55,991

-

55,991

Balance at 31 December 2024

1,000

1,746,963

1,149,000

2,896,963

Cash flows from operating activities

Cash generated from operations

1

1,640,752

3,208,337

Interest paid

(497,110

)

(481,722

)

Interest element of hire purchase payments paid

(44,956

)

(27,618

)

Tax paid

50,015

(284,610

)

Net cash from operating activities

1,148,701

2,414,387

Cash flows from investing activities

Purchase of tangible fixed assets

(187,610

)

(168,977

)

Sale of tangible fixed assets

-

10,917

Interest received

120

13,450

Net cash from investing activities

(187,490

)

(144,610

)

Cash flows from financing activities

New loans in year

308,454

-

Loan repayments in year

(1,323,439

)

(600,000

)

Loan notes issued/(repaid)

(600,000

)

(600,000

)

New finance through HP sale & leaseback

775,000

-

Capital repayments in year

(191,378

)

(112,312

)

Invoice discounting advanced/(repaid)

330,269

(312,543

)

Equity dividends paid

(448,200

)

(624,450

)

Net cash from financing activities

(1,149,294

)

(2,249,305

)

(Decrease)/increase in cash and cash equivalents

(188,083

)

20,472

Cash and cash equivalents at beginning of year

2

303,065

282,593

Cash and cash equivalents at end of year

2

114,982

303,065

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(951,772

)

1,012,342

Depreciation charges

1,048,722

1,059,510

Profit on disposal of fixed assets

-

(10,917

)

Finance costs

542,066

509,340

Finance income

(120

)

(13,450

)

638,896

2,556,825

Decrease/(increase) in stocks

278,877

(492,739

)

(Increase)/decrease in trade and other debtors

(491,797

)

870,180

Increase in trade and other creditors

1,214,776

274,071

Cash generated from operations

1,640,752

3,208,337

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

114,982

303,065

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

303,065

282,593

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

303,065

(188,083

)

114,982

303,065

(188,083

)

114,982

Debt

Finance leases

(688,395

)

(583,622

)

-

(1,478,702

)

Debts falling due

within 1 year

(600,000

)

372,696

-

(227,304

)

Debts falling due

after 1 year

(950,000

)

642,289

-

(307,711

)

(2,238,395

)

431,363

-

(2,013,717

)

Total

(1,935,330

)

243,280

-

(1,898,735

)

1.	STATUTORY INFORMATION

Rgb Investment Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the 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.

Basis of consolidation

The consolidated accounts comprise the accounts of the holding company and its subsidiaries, Glazerite Windows Limited, Trade Frames Holdings Limited, The Glazerite UK Group Limited and Glazerite (East) Limited. 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.

Subsidiaries

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

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.

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 aquisition of businesses in 2021. It is being amortised 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Straight line over 5 years

Plant and machinery

-

Straight line over 10 years

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

Straight line over 5 years

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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