REGISTERED NUMBER: 04764161 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Blueoak Estates 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:

I MacLean

T D Williams

M R Roberts

REGISTERED OFFICE:

20 Grosvenor Street

Chester

Cheshire

CH1 2DD

REGISTERED NUMBER:

04764161 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

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

The principal activity of the group is residential property development and construction work provided to third parties..

REVIEW OF BUSINESS

The business has continued to progress in line with business plan through to December 2024, and the Directors are satisfied with the financial performance reported in these financial statements.

Despite continuing challenges in the macro-economic environment, and a lower revenue base than the previous year, profitability for the financial year has been maintained at just over £1.8m gross profit (2023: £2.2m), and £1.1m operating profit (2023: £1.1m).

Revenues have decreased by 44% when compared to the year ended 31st December 2023, however it is important to note that often for development businesses annual revenues can be variable, impacted materially by short term cut-off points, and often do not fully represent the underlying activity levels of the business. During the year to 31st December 2024 the management team have harvested and secured a substantial and valuable number of pipeline projects for the coming years, whilst at the same time improving key profitability ratios and maintaining headline returns.

The medium to long term pipeline for the business is extremely healthy, with a forecast combined GDV of £85m expected to be realised over the next four financial years from a combination of live, secured and identified projects.

Profit margins during FY24 were considerably strengthened when compared to FY23, with the key markers summarised below:

Gross Profit Margin FY24: 11.4% (FY23: 7.5%)

Gross Profit on Cost FY24: 12.9% (FY23: 8.1%)

Operating Profit Margin FY24: 6.5% (FY23: 3.9%)

Despite prevailing macro-economic challenges, the management team have been able to materially improve profit margins from prior years. This is especially pleasing considering the fact that Cost of Sales incorporate allowances for investor project equity interest returns over and above a normalised cost of senior debt.

The operating climate remained challenging with the ongoing main impacts being felt from the delays and complexities of the planning system, the continued availability and cost impacts of resources, delays being experienced in the selling and legal processes and also the ongoing high levels of interest rates. The recent focus by Government on tackling the planning challenges is welcome and interest rates have started to slowly improve, and we anticipate seeing some benefit from improving macro-economic factors moving forwards.

Our relationship with funding partners continues to develop and has proved helpful in securing a platform for the future growth of the business. It is pleasing that many Investors seek opportunities to work with Blueoak as they have confidence in our business and our brand.

Looking ahead, FY25 will see the completion of several projects and the pipeline beyond that looks very positive. We remain committed to sourcing sites in line with our strategic plan, focusing on a combination of large-scale office to residential conversions alongside premium Rightsizer apartment units in key strategic locations. Blueoak secured its first build to rent scheme as a contractor.

Blueoak is a valued group in the local communities, and we continue to work in a fair way in accordance with good business conduct . We work with all parties to ensure that any development we work on is delivered in a safe manner.

PRINCIPAL RISKS AND UNCERTAINTIES

The key inherent risks which the group faces are the economic environment, market demand , funding availability ,the costs/supply of raw materials and the performance of our principal contractor partners.

There is a risk of reliance on private syndicates to fund developments, this is addressed by maintaining strong relationships with the independent funders who have shown commitment to investing in the group.

We manage any risk to interest rate fluctuations by fixing interest rates at the outset of any project and ensuring that this is built into our pricing models. We continue to focus on delivering high quality products in premium locations to maintain a strong level of demand.

We actively monitor such risks through regular business performance reviews and manage the risks through a focus on the development of high-quality properties, the ongoing training and development of our staff and proactive long-term relationships with our key suppliers and contractor partners.

Our strategy

- Disciplined land investment in key strategic target locations.

- Focus on key growth sectors, most notably large-scale office to residential conversions.

- Continue to develop our external relationships with our key supplier / contractor base.

- Manage debt / financial support efficiently with our funding partners.

ON BEHALF OF THE BOARD:

M R Roberts - Director

30 September 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

I MacLean

T D Williams

M R Roberts

Other changes in directors holding office are as follows:

P D Johnston - resigned 18 January 2024

DISCLOSURE IN THE STRATEGIC REPORT

Information regarding future developments and financial risk management is given in the strategic 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). 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, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M R Roberts - Director

30 September 2025

Opinion

We have audited the financial statements of Blueoak Estates 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:

Identifying and Assessing Potential Risks Related to Irregularities

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

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

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

- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations

- discussing among the engagement team including significant component audit teams, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

Audit Response to Risks Identified

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- enquiring of management concerning actual and potential litigation and claims;

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

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

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rebecca Richards FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

30 September 2025

TURNOVER

3

16,224,927

29,262,029

Cost of sales

14,359,861

27,063,329

GROSS PROFIT

1,865,066

2,198,700

Administrative expenses

793,811

1,069,792

1,071,255

1,128,908

Other operating income

-

1,866

OPERATING PROFIT

5

1,071,255

1,130,774

Interest receivable and similar income

35,877

1

1,107,132

1,130,775

Interest payable and similar expenses

6

73,987

(153,701

)

PROFIT BEFORE TAXATION

1,033,145

1,284,476

Tax on profit

7

267,949

316,002

PROFIT FOR THE FINANCIAL YEAR

765,196

968,474

Profit attributable to:

Owners of the parent

765,196

968,474

PROFIT FOR THE YEAR

765,196

968,474

OTHER COMPREHENSIVE INCOME

Company purchase of own shares

-

(502,490

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(502,490

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

765,196

465,984

Total comprehensive income attributable to:

Owners of the parent

765,196

465,984

FIXED ASSETS

Tangible assets

9

530,356

557,606

Investments

10

-

-

530,356

557,606

CURRENT ASSETS

Stocks

11

19,141,322

18,577,075

Debtors

12

3,878,452

5,924,213

Cash at bank and in hand

2,025,377

1,031,665

25,045,151

25,532,953

CREDITORS

Amounts falling due within one year

13

15,813,395

19,008,004

NET CURRENT ASSETS

9,231,756

6,524,949

TOTAL ASSETS LESS CURRENT LIABILITIES

9,762,112

7,082,555

CREDITORS

Amounts falling due after more than one year

14

(5,319,011

)

(3,403,640

)

PROVISIONS FOR LIABILITIES

18

(10,650

)

(11,682

)

NET ASSETS

4,432,451

3,667,233

CAPITAL AND RESERVES

Called up share capital

19

112

90

Capital redemption reserve

20

10

10

Retained earnings

20

4,432,329

3,667,133

SHAREHOLDERS' FUNDS

4,432,451

3,667,233

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

M R Roberts - Director

FIXED ASSETS

Tangible assets

9

105,356

132,606

Investments

10

1,601

1,301

106,957

133,907

CURRENT ASSETS

Stocks

11

-

22,400

Debtors

12

3,980,036

6,182,649

Cash at bank and in hand

1,933,272

735,333

5,913,308

6,940,382

CREDITORS

Amounts falling due within one year

13

1,712,737

2,506,899

NET CURRENT ASSETS

4,200,571

4,433,483

TOTAL ASSETS LESS CURRENT LIABILITIES

4,307,528

4,567,390

CREDITORS

Amounts falling due after more than one year

14

-

(329,490

)

PROVISIONS FOR LIABILITIES

18

(10,650

)

(11,682

)

NET ASSETS

4,296,878

4,226,218

CAPITAL AND RESERVES

Called up share capital

19

112

90

Capital redemption reserve

20

10

10

Retained earnings

20

4,296,756

4,226,118

SHAREHOLDERS' FUNDS

4,296,878

4,226,218

Company's profit for the financial year

70,638

1,070,585

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

M R Roberts - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

100

3,201,159

-

3,201,259

Changes in equity

Issue of share capital

(10

)

-

-

(10

)

Total comprehensive income

-

465,974

10

465,984

Balance at 31 December 2023

90

3,667,133

10

3,667,233

Changes in equity

Issue of share capital

22

-

-

22

Total comprehensive income

-

765,196

-

765,196

Balance at 31 December 2024

112

4,432,329

10

4,432,451

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

100

3,658,033

-

3,658,133

Changes in equity

Issue of share capital

(10

)

-

-

(10

)

Total comprehensive income

-

568,085

10

568,095

Balance at 31 December 2023

90

4,226,118

10

4,226,218

Changes in equity

Issue of share capital

22

-

-

22

Total comprehensive income

-

70,638

-

70,638

Balance at 31 December 2024

112

4,296,756

10

4,296,878

Cash flows from operating activities

Cash generated from operations

1

639,783

2,988,953

Interest paid

(73,987

)

153,701

Finance costs paid

-

1

Tax paid

(120,941

)

(258,588

)

Net cash from operating activities

444,855

2,884,067

Cash flows from investing activities

Purchase of tangible fixed assets

(4,496

)

-

Interest received

35,877

-

Net cash from investing activities

31,381

-

Cash flows from financing activities

New loans in year

14,693,707

26,343,749

Loan repayments in year

(12,026,231

)

(29,012,927

)

Amount introduced by directors

-

155

Share buyback

-

(502,500

)

Loans repaid to associates

(2,150,000

)

-

Loans received from associates

-

236,891

Net cash from financing activities

517,476

(2,934,632

)

Increase/(decrease) in cash and cash equivalents

993,712

(50,565

)

Cash and cash equivalents at beginning of year

2

1,031,665

1,082,230

Cash and cash equivalents at end of year

2

2,025,377

1,031,665

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

31.12.24

31.12.23

£

£

Profit before taxation

1,033,145

1,284,476

Depreciation charges

31,747

32,524

Finance costs

73,987

(153,701

)

Finance income

(35,877

)

(1

)

1,103,002

1,163,298

Increase in stocks

(564,247

)

(6,402,430

)

Decrease in trade and other debtors

1,426,177

10,425,623

Decrease in trade and other creditors

(1,325,149

)

(2,197,538

)

Cash generated from operations

639,783

2,988,953

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

2,025,377

1,031,665

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,031,665

1,082,230

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,031,665

993,712

2,025,377

1,031,665

993,712

2,025,377

Debt

Debts falling due within 1 year

(12,264,412

)

(752,107

)

(13,016,519

)

Debts falling due after 1 year

(3,403,640

)

(1,915,371

)

(5,319,011

)

(15,668,052

)

(2,667,478

)

(18,335,530

)

Total

(14,636,387

)

(1,673,766

)

(16,310,153

)

1.	STATUTORY INFORMATION

Blueoak Estates 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.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirement of paragraph 3.17(d).

The parent company's individual statement of cashflows is not presented.

Basis of consolidation

The consolidated financial statements are prepared by combining the results of the parent company and its subsidiaries and eliminating any intra group balances and transactions. The year to 31 December 2022 was the first year that consolidated accounts were required. All subsidiaries have been incorporated by the parent company and there are no subsidiaries that have been acquired as part of a business combination therefore there is no goodwill recognised in respect of the consolidation.

The parent company's accounting policies align with its subsidiaries and no adjustments are required.

Significant judgements and estimates

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 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 estimates is revised where the revision affects only that period , or in the period of the revision and future periods where the revision affects both current and future periods.

Work in progress

Work in progress, initially recognised at cost, subsequently measured on a pro rata basis as it is released to cost of sales in line with the related income.

Work in progress is calculated based on the lower of cost and recoverable amount, recoverable amount being sales price less costs to sell. Work in progress consistent of land acquisition, planning fees, borrowing fees and construction fees and any other costs incurred to enhance the asset and bring the asset to a saleable value.

The carrying value of work in progress at the balance sheet date is £19,141,321 (2023: £19,001,073).

Useful economic lives of intangible and tangible assets.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current carrying value, based on technological advancement, future investments, economic utilisation, and the physical condition of the assets. The value of tangible assets at 31 December 2024 is £530,356.

Turnover

Turnover is measured at the fair value of the consideration received excluding value added tax from the development and sale of residential properties and is recognised on the unconditional exchange of contracts.

Turnover in respect of labour is the fair value of the consideration received, excluding valued added tax and is recognised as the work is carried out.

Rental income, excluding value added tax, is recognised as the rent becomes due.

Cost of sales

Cost of sales represent the cost to construct and sell each development, including borrowing costs. Cost includes all purchases and planning fees incurred in bringing stock to its present location and condition.

Tangible fixed assets

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

Freehold property

-

No deprecation charged

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Tangible fixed assets are recorded at cost less depreciation and any provision for impairment where applicable.

Stocks

Work in progress is valued at the lower of cost and net realisable value. Any impairments are recognised in the income statement as they arise. Work in progress is released to the income statement in a proportionate amount to the sale that it relates to.

In accordance with FRS 102 para 25.2 the company adopts a policy of capitalising borrowing costs that are directly attributable to acquisition, construction, and production of a qualifying asset. Work in progress is an asset that takes a substantial period of time to get ready for its intended use or sale and meets the FRS 102 definition of a qualifying asset.

The carrying value of work in progress pledged as security for other loans is £18,127,050.

Financial instruments

Other loans are initially measured at fair value less transaction costs, and subsequently at amortised cost using the effective interest method. The Group has received several loans in the current and previous period at fixed rates between 7% and 15% per annum. A schedule of loans that fall due after more than one year is given in note 15 to the financial statements.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at 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 and loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice. Cash also includes funds held on behalf of the Group in a solicitors' client account.